CBN Governor Cardoso Urges Stronger Cross-Border Cooperation Among African Regulators
The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has called for deeper collaboration among African financial regulators to address growing cross-border risks. Speaking at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum for Financial Sector Regulation and Supervision in Abuja on Tuesday, Cardoso emphasized that strong partnerships are essential to maintaining financial stability across the continent.
Highlighting the rapid integration of African financial systems, Cardoso warned that cooperation among regulators is no longer optional. “As African banks and financial systems become increasingly interconnected, collaboration among regulators is essential to safeguard stability and ensure shared prosperity,” he stated, urging the adoption of shared prudential frameworks tailored to Africa’s unique economic realities.
The CBN governor showcased Nigeria’s proactive regulatory reforms as an example for the continent. He noted that the 2024 Banking Sector Recapitalisation Programme strengthened the resilience of Nigerian banks, attracting approximately N4.61 trillion in fresh capital, with nearly 27% coming from foreign investors. Cardoso also stressed the apex bank’s zero-tolerance approach to governance breaches, asserting that stricter enforcement and restricted banking access for chronic defaulters are key to reinforcing accountability and financial discipline.
Addressing the role of monetary policy and digital finance, Cardoso reiterated the CBN’s commitment to orthodox measures that stabilize prices and enhance policy credibility. He also emphasized a balanced regulatory approach to fintech, highlighting the Bank’s Fintech Policy Report and ongoing structural reforms aimed at supporting innovation while safeguarding the financial system.
Earlier in the forum, IMF AFRITAC West 2 Director, Ivohasina Fizara Razafimahefa, underlined the importance of regional coordination in confronting emerging threats, including digital finance, fintech growth, artificial intelligence, and climate-related financial risks. Both speakers stressed that continued dialogue and cooperation among African regulators are crucial for promoting resilient and inclusive financial systems across the continent.
source: Leadership