Abuja: Mr Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), emphasized the increasing significance of cross-border payments within the global monetary and financial systems. He delivered these remarks during his plenary speech at the G-24 Technical Group Meetings in Abuja, which focused on ‘Mobilising Finance for Sustainable, Inclusive, and Job-rich Transformation’.
According to News Agency of Nigeria, Cardoso highlighted the inefficiencies in cross-border payment systems that directly affect G-24 economies, resulting in higher remittance costs, expensive foreign exchange transactions, fragmented settlement processes, and challenges for micro, small, and medium enterprises (MSMEs) entering global trade. He stressed that addressing these issues is not merely a technical reform but a macroeconomic and developmental priority.
Cardoso pointed out that while cross-border payments are essential for global financial stability, they remain slow, costly, and fragmented, particularly impacting developing economies. With remittance corridors costing over 6% and settlement delays lasting several days, many remain disconnected from global opportunities. He noted that digital innovations present a significant chance to resolve these challenges by modernizing payment infrastructure and implementing interoperable digital platforms.
He further illustrated how countries like India and Brazil are successfully integrating digital payment systems, such as India’s Unified Payments Interface (UPI) with Singapore and the UAE, and Brazil’s PIX system, which has been embraced by over 70% of adults. These systems have significantly reduced remittance costs and enabled real-time settlement, setting a precedent for G-24 members.
Cardoso shared that Nigeria is actively realizing its potential in this arena through deliberate policy actions. The CBN has modernized regulatory frameworks, strengthened oversight of payment infrastructures, and enhanced banking regulations to address financial risks. The CBN is also finalizing its Payment System Vision 2028 to further boost innovation, resilience, and financial inclusion.
In his remarks, Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, called for unity among Global South countries to address global economic fragility. He warned that current economic uncertainties and systemic vulnerabilities could negatively impact trade and debt sustainability.
Earlier, Dr Iyabo Masha, Director and Head of Secretariat of the Intergovernmental Group of the G-24, discussed the global economy’s measured resilience amidst constrained ambitions. She identified themes shaping the economic outlook and stressed the need for medium-term transformation policies and urgent reforms of international financial institutions.