FRI FEB 20 2026-theGBJournal| The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, at the 2026 G-24 Technical Group Meetings (TGM) held in Abuja on Thursday, called for coordinated reforms in digital cross-border payments to promote inclusive growth, strengthen financial stability, and deepen global financial integration across developing economies.
Governor Cardoso emphasised during the meeting that efficient payment systems are vital for economic inclusion. He noted that high remittance costs, settlement delays, fragmented systems, and heavy compliance burdens still hinder the participation of households and Micro, Small and Medium Enterprises (MSMEs) in global trade.
He noted that global remittance corridors still incur average costs of over six per cent, with settlement delays of several days, thereby excluding millions from fully participating in modern economic activities.
Governor Cardoso cautioned that the opportunities of digital payments come with equally significant risks, such as currency substitution, weakened monetary transmission, increased FX volatility,capital flow pressures, and regulatory arbitrage and fragmentation.
“We have also strengthened our AML/CFT frameworks in line with FATF guidelines, requiring strict dual‑screening of cross‑border transactions to mitigate risks.” – Cardoso
“To deepen regional integration, the CBN introduced the simplified KYC/AML requirements for low‑value cross‑border transactions to encourage broader participation in PAPSS. This has eased transaction processes for Nigerian SMEs by reducing paperwork and enabling faster, more seamless intra‑African trade payments.” – Cardoso
“We have also embraced fintech innovation to drive the next generation of secure, instant cross‑border payments. Our Regulatory Sandbox now allows payment‑focused fintechs to test new cross‑border solutions under close CBN supervision, ensuring innovation proceeds without compromising stability,” – Cardoso
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 global financial stakeholders to discuss modernising global finance in support of emerging and developing economies.
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