The governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has disclosed that with the diaspora remittance inflows now averaging $600 million per month, the apex bank is on course to achieve the $1 billion monthly target in the near term.
Mr Cardoso spoke on Thursday at the 2026 G-24 Technical Group Meetings, held in Abuja, with the theme: “Mobilizing finance for sustainable, inclusive, and job‑rich transformation.”
He attributed this feat to the bold reforms introduced in the sector, which remove the long‑standing bottlenecks and expand efficient corridors.
“On remittances, we worked with domestic and international stakeholders in 2024 to remove long‑standing bottlenecks and expand efficient corridors.
“This has led to the introduction of new instruments such as the Non‑Resident Nigerian Ordinary Account (NRNOA) for remittances and family support, the Non‑Resident Nigerian Investment Account (NRNIA) for diaspora investments, and the Non‑Resident BVN platform to allow Nigerians abroad to open and service accounts digitally.
“As a result of these reforms, remittance inflows now average about $600 million per month, and we are confident of reaching a $1 billion monthly milestone in the near term,” he said.
Speaking on “Digital Cross-Border Payments, Global Finance, and Economic Transformation – Opportunities and Risks,” the CBN governor declared that an economy cannot be more inclusive than its payment system. Explaining that if people cannot move money easily, affordably, and safely, across towns, borders, and continents, then they cannot fully participate in modern economic life.
While applauding Nigeria’s Chairmanship under the strong leadership of the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, for articulating a G-24 vision anchored on modernizing global finance, strengthening domestic capacities, and ensuring that the digital transition becomes a force for shared prosperity, Mr Cardoso said the priorities resonate deeply with the mandate of central banks across the G-24 countries.
He said across the world, cross‑border payments are becoming the backbone of the international monetary and financial system. Noting that for G‑24 economies, inefficiencies in these systems translate directly into higher remittance costs, costly FX transactions, fragmented settlement processes, and barriers to Micro Small and Medium Enterprises’ (MSMEs) participation in global trade.
Cardoso submitted that improving cross‑border payments is not simply a technical reform, but a macroeconomic and development priority. Adding that the channels through which capital, remittances and trade flows move, now form a critical part of global financial stability architecture.
The apex bank governor maintained that cross‑border payments remain too slow, too costly, and too fragmented, especially for developing economies. Affirming that with global remittance corridors costing over 6.0 percent, settlement lags of several days, and compliance burdens that exclude MSMEs, millions remain disconnected from global opportunity. Nevertheless, he said digital innovation presents a historic opportunity to correct these frictions.
“Modern payments infrastructure, instant payment systems, interoperable digital platforms, distributed ledger technology, and robust digital identity frameworks, can: Reduce transaction costs for remittances and trade, Shorten settlement times, Improve transparency, compliance, and auditability, and Expand access for households and MSMEs traditionally excluded from the formal financial system,” he said.
Cardoso noted that interoperable digital systems also strengthen the transmission of monetary policy, expand financial inclusion, and reduce informality, if designed with resilience and strong governance.
He informed the gathering that CBN has systematically modernized its regulatory and supervisory frameworks to keep pace with the rapidly evolving digital financial landscape.
“We strengthened operational oversight of switching and payment infrastructure providers, enhanced agent banking regulations to better address AML/CFT risks, and significantly improved interoperability across payment channels to support efficiency and scale.
“Building on these reforms, we are concluding work on the new Payment System Vision 2028, developed in close collaboration with industry stakeholders and built around five strategic priorities aimed at boosting innovation, strengthening system resilience, and advancing financial inclusion.
“A central part of this agenda is improving the cross‑border payments environment, where Nigeria has made concrete, measurable progress,” he said.
The governor also noted that 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, according to him, has eased transaction processes for Nigerian SMEs by reducing paperwork and enabling faster, more seamless intra‑African trade payments.
“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,” he added.
Cardoso said in June 2025, Nigeria launched the National Payment Stack, the country’s next‑generation real‑time payment system built on ISO 20022 messaging and designed to support multi‑currency and cross‑border transactions.
“We have also strengthened our AML/CFT frameworks in line with FATF guidelines, requiring strict dual‑screening of cross‑border transactions to mitigate risks.,” he said.
In conclusion, Cardoso said without coordination, digital cross-border payments risk becoming fragmented across jurisdictions, entrenching dominant currencies and platforms, reducing interoperability, increasing costs and undermining the ability of Emerging Market and Developing Economies (EMDEs) to safeguard monetary sovereignty.
According to him, G‑24 countries, many with shallow markets and capacity constraints, face amplified vulnerabilities, underscoring the need for carefully sequenced and well‑regulated digital transition.
