The Governor of the Central Bank of Nigeria, Olayemi Cardoso, is calling on African financial regulators to strengthen collaboration in tackling cross-border risks, as financial systems across the continent become increasingly interconnected.
The call comes during a high-level regulatory forum in Abuja, where Cardoso emphasizes that cooperation among African regulators is now essential to maintaining financial stability and promoting shared economic growth. According to Mediaplusng.com, the forum brings together policymakers and financial experts to address emerging risks in Africa’s financial sector.
Cardoso stresses that the pace of financial integration across Africa is surpassing political coordination, creating vulnerabilities that require joint regulatory action and unified oversight mechanisms.
The CBN Governor calls for the adoption of harmonized prudential guidelines tailored to Africa’s unique economic realities, noting that such frameworks will enable regulators to respond collectively to financial shocks and systemic risks.
According to Mediaplusng.com, Cardoso also underscores Nigeria’s proactive approach to financial sector reforms, presenting the country as a model for regulatory leadership and resilience within the continent.
Cardoso recalls that in 2024, the Central Bank of Nigeria introduced a Banking Sector Recapitalisation Programme designed to strengthen the resilience and capacity of Nigerian banks in the face of economic challenges.
Despite policy shifts such as subsidy removal and exchange rate adjustments, Nigerian banks attract significant capital inflows, including substantial foreign investment, reinforcing confidence in the country’s financial system.
Cardoso reiterates the apex bank’s commitment to enforcing strict corporate governance standards, declaring zero tolerance for regulatory violations and emphasizing accountability across financial institutions.
The CBN implements policies to restrict banking services for chronic loan defaulters, aiming to enforce credit discipline, protect depositors, and strengthen financial system integrity.
The Governor states that the bank remains committed to orthodox monetary policies focused on price stability, policy credibility, and managing inflation expectations through consistent and disciplined actions.
Cardoso highlights the growing role of financial technology, noting that the CBN is actively developing regulatory frameworks that balance innovation with financial stability in Nigeria’s evolving digital economy.
The bank’s fintech policy initiatives are designed to enhance supervisory capacity and ensure that emerging technologies such as digital finance platforms operate within a secure and regulated environment.
Cardoso urges African regulators to leverage platforms like the IMF AFRITAC West 2 forum to exchange knowledge, share experiences, and develop coordinated responses to global financial trends.
The Governor expresses optimism that stronger regulatory cooperation will transform Africa’s financial systems into powerful drivers of sustainable development and economic resilience.
In his remarks, IMF AFRITAC West 2 Director, Dr. Ivohasina Fizara Razafimahefa, notes that the forum provides an opportunity for open dialogue between the International Monetary Fund and national regulators.
Discussions at the forum focus on emerging challenges including fintech expansion, artificial intelligence, and climate-related financial risks, all of which require coordinated regulatory responses.
Participants agree that ongoing collaboration and proactive regulation are critical to safeguarding financial stability across African economies.
The forum concludes with a renewed commitment among participating countries to strengthen partnerships, enhance regulatory frameworks, and address evolving financial risks through shared learning and cooperation.
Observers say the outcomes of the meeting are expected to shape future financial policies and regulatory strategies across Africa.
