CBN, Brazil Central Bank Deepen Partnership on Fintech, Remittances, and Financial Stability
Story Rewritten by Okafor Joseph August 30,2025
The Central Bank of Nigeria (CBN) has opened a new chapter of financial cooperation with the Banco Central do Brasil, as Governor Olayemi Cardoso met with his Brazilian counterpart Gabriel Muricca Galípolo to strengthen bilateral ties on fintech innovation, financial stability, and remittances.
The talks, which took place during President Bola Tinubu’s state visit to Brazil, formed part of a broader working mission by the CBN delegation to deepen institutional collaboration with Brazil’s financial regulators.
Focus of the Talks
The high-level meetings covered critical areas including:
- Monetary policy and financial stability
- Digital payments and mobile money systems
- Regulatory cooperation on fintech innovation
- Strategies for boosting remittance flows
Both central banks emphasized the need to leverage technology-driven financial services to promote financial inclusion and create more resilient economic systems.
Cardoso on Building a Stronger Nigerian Financial System
Governor Cardoso said Nigeria is prioritizing reforms to attract capital inflows, boost diaspora remittances, and create a stable environment for trade and investment.
“Nigeria is building a more resilient financial system to attract capital, harness diaspora remittances, and create a stable environment where trade and investment can thrive,” Cardoso said.
He acknowledged Brazil’s remarkable progress in financial inclusion, noting that Nigeria could learn valuable lessons while also sharing insights from its rapidly growing fintech sector.
Cardoso also highlighted the Afro-Brazilian community—the largest population of African descent outside Africa—as a natural bridge between the two nations, with strong potential to expand cultural and economic ties, including remittance flows.
Brazil Welcomes Stronger Ties
Brazil’s central bank governor, Gabriel Muricca Galípolo, welcomed the talks and described the partnership as a strategic step to enhance financial stability and shared prosperity.
The Nigerian delegation included senior CBN directors responsible for currency operations, financial policy regulation, and monetary policy, underscoring Nigeria’s commitment to aligning its financial reforms with international best practices.
Outlook
The renewed partnership between Nigeria and Brazil is expected to:
- Accelerate financial integration between the two nations.
- Improve regulatory frameworks for fintech and digital payments.
- Boost remittances as a key source of foreign exchange.
- Open new channels for trade, investment, and economic cooperation.
The discussions mark another milestone in Nigeria’s broader efforts to modernize its financial infrastructure, encourage innovation, and strengthen global partnerships for sustainable growth.
