The CBN to make international money transfers cheaper initiative is set to ease cross-border transactions for Nigerian small businesses. The reform is part of efforts to strengthen financial inclusion and support regional trade.
Nijatravel reports that the Governor of the Central Bank of Nigeria, Olayemi Cardoso, disclosed the plan during the Technical Group Meetings of the Intergovernmental Group of Twenty-Four in Abuja. He explained that improving cross-border payments remains a core priority under the new payment reforms.
According to Cardoso, the apex bank’s Payment System Vision 2028 framework focuses on reducing the cost and complexity of international transfers. The strategy aims to make Nigeria’s payment ecosystem more competitive and accessible to smaller enterprises.
The CBN has already simplified Know-Your-Customer and anti-money laundering requirements for small-value cross-border transactions. These changes are designed to remove bureaucratic bottlenecks that previously slowed trade payments.
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Officials said the reforms will enable smoother transactions through the Pan-African Payment and Settlement System. The platform facilitates trade payments within Africa using local currencies, reducing reliance on third-party currencies.
Cardoso noted that early outcomes from the regulatory adjustments have shown measurable improvements in transaction processing. Reduced documentation requirements are helping small businesses settle trade payments more efficiently.
The apex bank is also leveraging its regulatory sandbox framework to encourage fintech innovation. This allows companies to test cross-border payment solutions under supervised conditions.
The CBN to make international money transfers cheaper policy is expected to lower remittance and transaction fees for micro, small, and medium enterprises. Lower transfer costs could significantly improve profit margins and operational flexibility.
Financial analysts say high remittance charges have historically limited participation of smaller firms in global trade. Reducing these barriers may boost Nigeria’s export competitiveness and regional integration.
The initiative aligns with broader global efforts to modernise payment systems in developing economies. Policymakers continue to advocate for faster, safer, and more affordable cross-border transactions.
Stakeholders believe the CBN to make international money transfers cheaper reform could enhance investor confidence. Improved digital payment infrastructure may also attract foreign partnerships and technology investments.
The Central Bank maintains that strengthening digital finance remains central to Nigeria’s economic transformation agenda. Small businesses are expected to benefit from simplified compliance processes and lower international transfer costs.