By Ayomide Otitoju
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called for coordinated reforms in digital cross-border payments to promote inclusive growth, strengthen financial stability, and deepen global financial integration among developing economies.
Cardoso made the call on Thursday at the G-24 Technical Group Meetings held in Abuja, where he underscored the importance of efficient payment systems in driving economic inclusion. He noted that high remittance costs, settlement delays, fragmented systems, and heavy compliance requirements continue to limit the participation of households and Micro, Small and Medium Enterprises (MSMEs) in global trade.
According to him, global remittance corridors still record average transaction costs exceeding six per cent, with settlement delays lasting several days, thereby excluding millions from modern economic activities.
While acknowledging the transformative potential of digital payments, the CBN governor warned of associated risks, including currency substitution, weakened monetary policy transmission, foreign exchange volatility, capital flow pressures, and regulatory fragmentation.
Highlighting Nigeria’s reform efforts, Cardoso said the CBN has strengthened its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) frameworks in line with the Financial Action Task Force guidelines, mandating strict dual-screening of cross-border transactions.
He added that the apex bank has introduced simplified Know-Your-Customer and AML requirements for low-value cross-border transactions to boost participation in the Pan-African Payment and Settlement System (PAPSS), enabling faster intra-African trade payments for Nigerian SMEs.
Cardoso further disclosed that the CBN has leveraged its Regulatory Sandbox framework to support fintech innovation, allowing payment-focused firms to test secure and instant cross-border solutions under regulatory supervision.
He reaffirmed Nigeria’s commitment to collaborating with G-24 member states, the International Monetary Fund, the World Bank Group, and other partners to build a more inclusive, resilient, and development-oriented global financial system.
The G-24 TGM 2026, themed “Mobilising finance for sustainable, inclusive, and job-rich transformation,” brought together global financial stakeholders to advance reforms supporting emerging and developing economies.
