The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called for stronger collaboration among African financial regulators.
He made the call at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum for Financial Sector Regulation and Supervision in Abuja on Tuesday, March 24.
He warned that growing cross-border linkages in the continent’s banking system demand urgent, coordinated oversight.
Cardoso said regulators must act collectively to manage risks that increasingly transcend national boundaries.
He emphasised that deeper regional integration in finance is outpacing political coordination, making joint regulatory action critical to maintaining stability and fostering shared prosperity.
Cardoso urged the adoption of common prudential standards tailored to Africa, arguing that such a framework would enable authorities to respond more effectively to emerging vulnerabilities.
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The CBN governor also used the forum to highlight Nigeria’s recent banking reforms as a model of proactive supervision.
He cited the 2024 Banking Sector Recapitalisation Programme, which he said strengthened resilience and helped attract ₦4.61 trillion in fresh capital, with nearly 27 per cent coming from foreign investors, even as banks navigated subsidy removal and exchange rate reforms.
Reaffirming the apex bank’s stance on governance, Cardoso signalled a tougher regulatory regime aimed at enforcing discipline within the financial system.
“Our stance on corporate governance is unequivocal: zero tolerance for violations. By ending years of regulatory forbearance, we have reinforced accountability, tightened supervision, and elevated compliance standards across the sector,” he declared.
“In line with this, we have implemented a restriction of banking services to non-performing large-ticket obligors. This decisive step underscores our commitment to credit discipline, financial integrity, and accountability. By curbing access to banking services for chronic defaulters, we are reinforcing the culture of repayment, protecting depositors, and safeguarding the stability of the financial system,” Cardoso added.
On monetary policy, he reiterated that the CBN remains committed to orthodox measures aimed at restoring price stability and strengthening policy credibility.
He also outlined efforts to regulate financial technology firms, noting that the bank is working to balance innovation with financial system stability through its Fintech Policy Report and related reforms.
Earlier, the Director of IMF/AFRITAC West 2, Ivohasina Fizara Razafimahefa, said the forum provides a platform for dialogue between the International Monetary Fund and national regulators to share technical expertise and policy approaches.
Razafimahefa noted that discussions this year focused on emerging threats to financial stability, including digital finance, fintech expansion, artificial intelligence, and climate-related risks, all of which require coordinated regional responses.
The forum, attended by senior officials including central bank deputy governors from six member countries, reaffirmed a commitment to collective action and knowledge-sharing to address Africa’s evolving financial stability challenges.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
