Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the slow and expensive way of moving between developing countries is limiting opportunities for millions of people.

Mr Cardoso spoke on Thursday during G-24 Technical Group Meetings in Abuja.

Some of the countries part of the G-24 are Congo, Cote d’Ivoire, Egypt, Ethiopia, Gabon, Ghana, Guatemala, Kenya, Morocco, Nigeria, South Africa, Asia India, Iran, Lebanon, Pakistan, Philippines, Sri Lanka, Syria, Argentina, and Brazil among others.

According to Mr Cardoso, cross-border payments have become central to the global financial system, and a system with rigged inefficiencies has led to higher costs of remittances.

He said, “Improving cross‑border payments, therefore, is not simply a technical reform, it is a macroeconomic and development priority. The channels through which capital, remittances and trade flows move, now form a critical part of global financial stability architecture.”

He said owing to the reforms being undertaken in Nigeria, “remittance inflows now average about $600 million per month, and we are confident of reaching a $1 billion monthly milestone in the near term.”

Mr Cardoso said the meeting should note that there were risks associated with the opportunities of enhanced digital payments.

He stated, “Digital cross-border payments can become a public good and help rebalance global finance and development, if central banks shape the architecture rather than adapt to it. The task before us is clear: To shape the future of global finance, rather than be shaped by it.”