Nigeria, Brazil Central Banks Deepen Fintech, Remittance Ties

‎By Oluwakemi Kindness

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‎Nigeria and Brazil are charting a new path in economic cooperation, as the Central Bank of Nigeria (CBN) and the Banco Central do Brasil have agreed to deepen collaboration in fintech, remittances, and financial inclusion.

‎The agreement followed high-level talks between CBN Governor, Olayemi Cardoso, and his Brazilian counterpart, Gabriel Muricca Galípolo, in Brasília, during President Bola Tinubu’s recent state visit to Brazil.

‎According to a statement at the weekend, both governors pledged to strengthen institutional ties across monetary policy, financial stability, and regulatory frameworks, while also exploring opportunities in mobile money, payments systems, and digital Innovation.

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‎Cardoso emphasized Nigeria’s drive to build a resilient financial system capable of attracting capital, harnessing diaspora remittances, and creating a stable environment for trade and investment.

He noted that Brazil’s successful model of financial inclusion offers valuable lessons for Nigeria, while Nigeria’s vibrant fintech ecosystem presents unique insights for Brazil.

‎“Brazil’s experience in financial inclusion offers important lessons, just as Nigeria’s fintech sector has insights of its own,” Cardoso said.

“Our goal is to create a stable, resilient financial system that supports capital inflows, leverages remittances, and enables trade and investment to thrive.”

‎The CBN governor also highlighted Brazil’s Afro-Brazilian population—the largest African diaspora community outside Africa—as a cultural and economic bridge with the potential to boost remittance flows between both nations.

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‎For his part, Galípolo welcomed the partnership, describing closer engagement as a step toward financial stability and shared prosperity for both economies.

‎Cardoso was accompanied by senior CBN directors in charge of currency operations, financial policy regulation, and monetary policy, who held technical sessions with their Brazilian counterparts to map out areas of practical collaboration.

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