The Central Bank of Nigeria (CBN) is spearheading reforms in cross-border digital payments to drive growth and financial inclusion for Micro, Small, and Medium Enterprises (MSMEs) nationwide. Governor Olayemi Cardoso emphasized that reliable payment systems are essential to economic participation, but current challenges—like high remittance fees, slow settlement times, and fragmented infrastructure—limit opportunities for households and small businesses alike. Coordinated reforms, he explained, will create a seamless ecosystem benefiting businesses, institutions, and everyday Nigerians.
Speaking at the G-24 Technical Group Meetings in Abuja, Cardoso highlighted the need for policies that encourage investment, innovation, and secure management of cross-border transactions. He noted that average global remittance costs exceed six percent, with many transactions taking several days, a bottleneck that excludes millions from participating fully in the modern economy. By reducing these barriers, the CBN aims to foster broader participation in global commerce, particularly through the Pan-African Payment and Settlement System.
Nigeria’s recent removal from the Financial Action Task Force (FATF) grey list reinforces the country’s reform trajectory. Cardoso described the delisting as a testament to Nigeria’s strengthened anti-money laundering frameworks and commitment to global financial standards. The decision not only restores investor confidence but also opens new opportunities for domestic and foreign capital, strengthening the credibility and resilience of Nigeria’s financial system.
The CBN has also accelerated fintech innovation to support its reforms. Over 40 fintech companies now operate in a regulatory sandbox testing secure cross-border payment solutions. With more than 12 million contactless payment cards in circulation and increased integration among domestic payment networks, Nigeria is emerging as one of Africa’s most advanced digital payment markets. This growth has translated into job creation, improved financial access, and a more inclusive economy.
Governor Cardoso reaffirmed that innovation must go hand-in-hand with stability. He stressed that fintech solutions should reach all Nigerians—from urban centers to rural communities—while safeguarding the financial system and consumer protection. By combining technology, disciplined monetary policy, and forward-looking regulation, the CBN aims to ensure that Nigeria’s MSMEs thrive in a digital economy, unlocking growth and positioning the country as a leader in Africa’s financial landscape.
source: punch