CBN Governor Seeks Coordinated Digital Payment Reforms

By Modupe Gbadeyanka

To drive inclusive growth, strengthen financial stability, and deepen global financial integration across developing economies, there must be coordinated reforms in digital cross-border payments.

This was the submission of the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, at the G‑24 Technical Group Meetings in Abuja on Thursday, February 19, 2026.

According to him, high remittance costs, settlement delays, fragmented systems, and heavy compliance burdens still limit the participation of households and Micro, Small and Medium Enterprises (MSMEs) in global trade.

The central banker emphasised that efficient payment systems are essential for economic inclusion, highlighting that global remittance corridors still incur average costs above 6 per cent, with settlement delays of several days, excluding millions from modern economic activity.

Mr Cardoso cautioned that while digital payments present significant opportunities, they also carry risks such as currency substitution, weakened monetary transmission, increased FX volatility, capital-flow pressures, and regulatory fragmentation.

The G-24 TGM 2026, themed Mobilising finance for sustainable, inclusive, and job-rich transformation, convened global financial stakeholders to advance the modernisation of finance in support of emerging and developing economies.

The CBN chief 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.

“We have strengthened our AML/CFT frameworks in line with FATF guidelines, requiring strict dual-screening of cross-border transactions to mitigate risks.

“To deepen regional integration, the CBN introduced simplified KYC/AML requirements for low-value cross-border transactions to encourage broader participation in PAPSS, easing processes for Nigerian SMEs and enabling faster intra-African trade payments.

“We have also embraced fintech innovation through our Regulatory Sandbox, allowing payment-focused fintechs to test secure, instant cross-border solutions under close CBN supervision,” he disclosed.