Oluwatobi Adu 
ABUJA, Nigeria – Central Bank of Nigeria Governor Olayemi Cardoso warns that costly and slow cross-border payment systems are choking economic growth across developing nations.
Addressing the G-24 meetings in Abuja on Thursday, Cardoso says excessive fees and settlement delays inflate remittance costs and restrict trade for small businesses.
“Improving cross-border payments is not merely technical; it is a macroeconomic and development priority,” he states.
Drawing on Nigeria’s reforms, Cardoso reveals that remittance inflows now average $600 million monthly, with expectations of reaching $1 billion soon.
He urges central banks to actively shape digital payment systems, warning that innovation without oversight could introduce systemic risks. “The task is to shape the future of global finance, rather than be shaped by it,” he says.
The call reflects growing momentum among emerging economies for cheaper, interoperable digital payment systems.
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Oluwafunbi Bello 
Korede Abdullah 