Cardoso Advocates for Cross-Border Payment Reforms

During a plenary speech at the G-24 Technical Group meeting held in Abuja, Mr. Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), highlighted that cross-border payments are essential to the international monetary and financial systems.

He noted that inefficiencies in these systems lead to higher remittance costs and hinder participation from micro, small, and medium enterprises (MSMEs) in global trade. Cardoso discussed the need for digital innovations to modernize payment infrastructures, reduce transaction costs, and improve compliance and transparency.

He referenced successful models from countries like India and Brazil, which have implemented systems that significantly lower remittance costs and enhance real-time settlement. Cardoso concluded by outlining the CBN's vision for 2028, focusing on five strategic priorities aimed at boosting innovation and strengthening the resilience of the financial system, while also addressing anti-money laundering and counter-financing of terrorism risks.