CBN to make international money transfers cheaper for small businesses
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the apex bank is finalising a new Payment System Vision 2028 designed to promote innovation, strengthen financial system stability, and expand access to banking services across the country.
Cardoso spoke in Abuja during the Technical Group Meetings of the Intergovernmental Group of Twenty-Four, where he explained that improving cross-border payments is a major part of the plan and that Nigeria has already recorded measurable progress in that area.
He said the central bank simplified Know-Your-Customer and anti-money-laundering rules for small cross-border transactions to make it easier for businesses to use the Pan-African Payment and Settlement System.
According to him, the move has reduced paperwork and made it easier for Nigerian small businesses to receive payments for goods traded within Africa. He also said the bank’s regulatory sandbox now allows fintech firms to test cross-border payment solutions under supervision so that innovation can grow without putting financial stability at risk.
Cardoso explained that Nigeria launched its National Payment Stack in June 2025 as a real-time payment platform built on ISO 20022 messaging that supports multiple currencies and cross-border transactions. He added that stronger anti-money-laundering rules aligned with international standards now require strict dual screening of international payments to reduce risks.
