The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has called for coordinated reforms in digital cross-border payments to promote inclusive growth, strengthen financial stability, and deepen global financial integration across developing economies.
Speaking at the 2026 G-24 Technical Group Meetings (TGM) in Abuja, Governor Cardoso highlighted that efficient payment systems are crucial for economic inclusion.
He observed that high remittance costs, settlement delays, fragmented systems, and heavy compliance burdens continue to restrict the participation of households and Micro, Small and Medium Enterprises (MSMEs) in global trade.
He observed that global remittance corridors still cost over six per cent on average, with settlement delays of several days, thereby excluding millions from fully engaging in modern economic activity.
According to him, digital innovation, through interoperable platforms, instant payment systems, distributed ledger technology, and robust digital identity frameworks, offers a historic opportunity to lower transaction costs, reduce settlement times, and broaden financial inclusion.
Highlighting Nigeria’s reforms, the CBN Governor stated that the Bank has strengthened its regulatory and supervisory frameworks, improved oversight of payment infrastructure providers, and enhanced interoperability across payment channels.
He also revealed that Nigeria launched the National Payment Stack in June 2025, a next-generation real-time payment system built on ISO 20022 messaging to support multi-currency and cross-border transactions.
Governor Cardoso further noted that Nigeria has implemented simplified KYC/AML requirements for low-value cross-border transactions to encourage broader participation in the Pan-African Payment and Settlement System (PAPSS), thereby supporting intra-African trade payments for Nigerian SMEs.
Additionally, new remittance channels, including the Non-Resident Nigerian Ordinary Account (NRNOA), the Non-Resident Nigerian Investment Account (NRNIA), and the Non-Resident BVN platform, have increased engagement with the diaspora and boosted inflows, which now average about $600 million each month.
While emphasising the transformative potential of digital cross-border payments, the Governor warned that the growth of private digital platforms and stablecoins could pose risks to monetary transmission, exchange rate stability, and financial system resilience if not properly regulated.
He stressed the importance of strong governance, regulatory coordination, and central bank leadership to protect monetary sovereignty and financial stability.
Governor Cardoso also reaffirmed Nigeria’s commitment to working with G-24 members, the IMF, the World Bank Group, and other partners to build a more inclusive, resilient, and development-oriented global financial architecture.
The G-24 Technical Group Meetings, held under the theme “Mobilising finance for sustainable, inclusive, and job-rich transformation,” brought together finance ministers, central bank governors, and global financial stakeholders to discuss modernising global finance in support of emerging and developing economies.
