The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has called for a radical overhaul of global digital cross-border payment systems to dismantle the barriers stifling growth in developing economies.
Speaking at the 2026 G-24 Technical Group Meetings (TGM) in Abuja, the Governor emphasized that modernizing these financial conduits is no longer a luxury but a prerequisite for economic inclusion and global stability.
Governor Cardoso drew sharp attention to the punitive costs of global remittances, which currently average over six percent, and the multi-day settlement delays that effectively lock out millions of households and Micro, Small and Medium Enterprises (MSMEs) from international trade.
He argued that these fragmented systems and heavy compliance burdens represent a significant drag on emerging markets, preventing them from fully engaging in the modern economic landscape.
In a showcase of Nigeria’s leadership in financial technology, the Governor detailed the success of the National Payment Stack launched in June 2025.
This next-generation system, built on the advanced ISO 20022 messaging standard, has revolutionized the country’s ability to handle multi-currency and cross-border transactions in real-time.
By simplifying KYC and AML requirements for low-value transfers, the CBN has also significantly deepened Nigeria’s participation in the Pan-African Payment and Settlement System (PAPSS), providing a direct boost to intra-African trade for local SMEs.
The impact of these domestic reforms is already reflected in the data. New remittance channels, such as the Non-Resident Nigerian Investment Account (NRNIA) and the Non-Resident BVN platform, have successfully re-engaged the diaspora, driving monthly inflows to a robust average of $600 million.
While advocating for the transformative power of distributed ledger technology and instant payment systems, Governor Cardoso issued a measured warning regarding the rise of private digital platforms and stablecoins.
He cautioned that without stringent regulation and central bank leadership, these private alternatives could undermine monetary transmission and exchange rate stability.
He stressed that the goal must be to foster innovation without sacrificing the financial resilience or the monetary sovereignty of developing nations.
The G-24 meetings, held under the theme “Mobilizing finance for sustainable, inclusive, and job-rich transformation,” concluded with Governor Cardoso reaffirming Nigeria’s commitment to collaborating with the IMF, World Bank, and G-24 partners.
The objective remains clear: to build a global financial architecture that is more inclusive, resilient, and specifically tailored to the needs of the world’s emerging economies.