The Africa Stablecoin Network has endorsed Central Bank of Nigeria Governor Olayemi Cardoso’s call for reforms to modernise cross-border payments, urging regulators to adopt a harmonised framework that enables stablecoin adoption while safeguarding financial stability.
Cardoso, speaking at the Intergovernmental Group of Twenty-Four Technical Group meeting, highlighted persistent inefficiencies in international payment systems, particularly for developing countries.
“Today, cross-border payments remain too slow, too costly, and too fragmented, especially for developing economies. With global remittance corridors costing over 6.0 per cent, settlement lags of several days, and compliance burdens that exclude MSMEs, millions remain disconnected from global opportunity,” he said.
In a statement issued Tuesday, the Africa Stablecoin Network said it aligns with the apex bank’s vision for faster and more inclusive payment channels. The group argued that stablecoins and blockchain-based settlement infrastructure could significantly reduce transaction times and costs if supported by clear, coordinated regulation.
ASN President Nathaniel Luz said digital stable assets are addressing practical economic challenges across Africa.
“While stablecoins are a luxury for the West, they are a lifeline for Africa. For our continent, the conversation is not about speculation; it is about solving real payment and trade problems,” Luz said.
According to the network, cross-border transfers that currently take two to five days could be completed within minutes using stablecoin infrastructure. It also noted that remittance fees of five to seven per cent through traditional channels could drop below one per cent under blockchain-based systems.
The group said such improvements would benefit micro, small and medium enterprises by easing cash flow pressures, speeding supplier payments and strengthening participation in intra-African trade under the African Continental Free Trade Area.
While acknowledging the Central Bank’s concerns about currency substitution, exchange rate volatility and broader financial stability, ASN maintained that these risks can be mitigated through structured oversight rather than delaying innovation.
The network referenced the Investment and Securities Act 2025, which grants the Securities and Exchange Commission authority to regulate digital assets, as an important step toward regulatory clarity.
It cited remarks by SEC Director-General Dr Emomotimi Agama at the Nigeria Stablecoin Summit 1.0, where he stated that Nigeria is open for stablecoin business “but on terms that protect our markets and empower Nigerians,” adding that the commission’s regulatory sandbox is drawing both local and international interest.
ASN also pointed to the CBN’s Payments System Vision 2025 as a potential framework for collaboration between the Central Bank and the SEC on implementing stablecoins within a regulated ecosystem.
Addressing concerns about the naira, Luz said effective regulation would enhance transparency and formalise economic activity.
“When stablecoins operate within a clear Nigerian regulatory framework, transactions become more transparent, value flows are easier to monitor, and economic activity that currently sits outside formal channels is brought into the system,” he said.
He added that the greater risk lies in “being left behind while others shape the future of money.”
The network called for a unified national strategy involving the SEC, CBN, Nigerian Financial Intelligence Unit, Nigeria Data Protection Commission and other relevant agencies to ensure innovation progresses alongside effective oversight.
“The way forward is not hesitation but coordination, clarity, and forward-thinking regulation. By bringing its regulatory institutions together under a unified framework, Nigeria can turn today’s payment challenges into tomorrow’s economic advantage,” Luz said.
