He emphasized that these vulnerabilities now require “immediate and firm” regulatory intervention to protect national economies.
Cardoso said the growth of digital payment platforms and stablecoins presents both opportunities and systemic risks for emerging economies.
He warned that without proper coordination, these innovations could weaken monetary control and destabilise foreign exchange markets.
“The opportunities of digital payments come with equally significant risks,” he said.”The expansion of private digital payment platforms and stablecoins raises concerns about: Currency substitution and weakened monetary transmission, Increased FX volatility and capital flow pressures, Systemic importance of non-bank payment providers, Regulatory arbitrage and fragmentation.
“Without coordination, digital cross-border payments risk becoming fragmented across jurisdictions, entrenching dominant currencies and platforms, reducing interoperability, increasing costs and undermining the ability of Emerging Market and Developing Economies (EMDEs) to safeguard monetary sovereignty,” Cardoso stated.
The CBN chief stressed that global regulatory alignment is critical to prevent fragmentation that could undermine developing economies’ ability to manage liquidity and exchange rate stability effectively.
In her opening remarks, Director of the G-24 Secretariat, Dr Iyabo Masha, said global growth remains uneven across regions despite pockets of resilience.
She explained that while some countries are driving momentum, overall expansion lacks the strength needed for inclusive transformation.
She said; “In South Asia, countries like India are driving global growth momentum, spurred by strong domestic demand and advancements in digitalization, while Pakistan is cautiously balancing recovery with ongoing reform needs.
“Latin America continues to see modest growth, with some nations, including Mexico contending with weak external demand and sluggish investment.”
“Across all these regions, a clear pattern emerges: while growth exists, it lacks the power needed for sustainable, job-rich economic transformation that would ensure substantial economic progress and convergence.”
She noted that the pattern across developing regions shows growth without the depth required to deliver long-term development gains.
Persecondnews reports that Nigeria has experienced a massive surge in digital payment usage in recent years, reflecting determined moves to expand financial inclusion and upgrade the country’s entire payment architecture.
The CBN revealed that electronic payment transactions had rocketed to N384 trillion in July 2025.
Earlier this year the Nigeria Inter-Bank Settlement System (NIBSS) announced it is developing offline payment options to bring millions of Nigerians with limited data access into the digital fold.
NIBSS Executive Director, Business and Products, Ngover Nwankwo, had disclosed this on January 23, 2026, at the 2026 CHBO Conference in Lagos.
The move underscores the breathtaking speed of Nigeria’s digital payment growth even as regulators grapple with potential macroeconomic dangers.
The G-24 is an intergovernmental body of 29 developing countries that coordinates positions on global monetary, financial and development issues.
It provides a platform for members to align their views on international economic governance.
Headquartered in Washington, DC, the group convenes ministerial-level meetings twice a year on the sidelines of IMF and World Bank gatherings.
Its African members include Nigeria, South Africa, Ethiopia and Côte d’Ivoire.
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