The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has called on financial regulators across Africa to intensify collaboration in addressing cross-border risks, stressing that unity is critical to maintaining stability in the continent’s financial systems.
Cardoso made the call on Tuesday in Abuja during the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum for Financial Sector Regulation and Supervision. He emphasised that as African banking systems grow more interconnected, cooperation among regulators is no longer optional but essential for safeguarding financial stability and promoting shared economic prosperity.
According to him, the pace of regional financial integration is now exceeding that of political coordination, making it imperative for regulators to adopt joint strategies. He urged the adoption of shared prudential frameworks tailored to the continent’s realities, noting that such measures would enhance collective responses to emerging financial vulnerabilities while supporting inclusive growth.
Highlighting Nigeria’s efforts, Cardoso said recent regulatory and supervisory reforms demonstrate proactive leadership. He pointed to the 2024 Banking Sector Recapitalisation Programme as a key initiative designed to strengthen the resilience of Nigerian banks ahead of anticipated economic challenges.
He noted that despite pressures such as subsidy removal and exchange rate reforms, Nigerian banks successfully attracted N4.61 trillion in fresh capital, with nearly 27 per cent coming from foreign investors. He added that the reforms have also enabled banks to expand their presence across African markets, influencing similar initiatives in other countries.
On corporate governance, the CBN governor reaffirmed a firm commitment to strict compliance and accountability within the financial sector. He stated that the apex bank has ended years of regulatory leniency, tightened supervision, and introduced stricter enforcement measures.
As part of these reforms, the CBN has restricted access to banking services for large-scale loan defaulters, a move aimed at strengthening credit discipline, protecting depositors, and preserving financial system stability. Cardoso stressed that the policy reflects a zero-tolerance stance on violations and reinforces accountability across the sector.
He further noted that the CBN remains committed to orthodox monetary policies focused on restoring price stability, strengthening policy credibility, and ensuring consistency in economic management.
Addressing the growing role of technology, Cardoso outlined the bank’s strategy to regulate financial technology firms in a way that encourages innovation while maintaining system stability. He explained that ongoing policy reforms and fintech-focused frameworks are designed to strengthen regulatory capacity in a rapidly evolving digital financial landscape.
He also urged participants at the forum to sustain dialogue and collaboration, describing the platform as vital for sharing insights, analysing common challenges, and developing coordinated responses to global financial trends.
Also speaking, Razafimahefa highlighted the importance of the forum in fostering knowledge exchange among participating countries. He noted that discussions at the 2026 edition focused on emerging risks such as digital finance, fintech expansion, artificial intelligence, and climate-related financial threats.
According to him, addressing these challenges will require coordinated regional efforts, proactive regulatory measures, and continuous engagement among stakeholders to ensure the resilience of Africa’s financial systems.
The forum brought together senior financial regulators, including deputy governors of central banks from six member countries, and reinforced a shared commitment to collaboration in tackling evolving financial stability challenges across the region.
Cardoso Calls for Stronger African Regulatory Cooperation to Manage Cross-Border Financial Risks
