CBN, Singapore’s GFTN sign MoU to boost financial innovation

The Central Bank of Nigeria (CBN) has signed a Memorandum of Understanding (MoU) with the Global Finance & Technology Network (GFTN) to strengthen financial innovation and deepen Nigeria’s financial connections with Asian markets.

The agreement was signed in Singapore during a series of high-level engagements by CBN Governor Olayemi Cardoso, which also included discussions with the Monetary Authority of Singapore (MAS) and a Nigeria–Asia Financial Connectivity Dialogue.

The engagements focused on expanding cooperation between financial institutions, improving market connectivity and creating opportunities for investment, trade and financial technology development.

During talks with MAS, the CBN delegation exchanged views on financial-sector development, regulation, market connectivity and emerging technologies, while exploring areas for potential collaboration between both countries.

The CBN-GFTN agreement establishes a framework for cooperation between Nigeria and Singapore’s financial innovation ecosystems, with the aim of identifying practical opportunities for collaboration.

Speaking at the Nigeria–Asia Financial Connectivity Dialogue hosted at J.P. Morgan’s Singapore offices, Cardoso said Nigeria was seeking to build deeper, more liquid and internationally connected financial markets.

He said recent reforms, particularly in the foreign-exchange market, were designed to remove distortions, improve transparency and rebuild confidence in market participation.

“The real test of reform is not whether you can attract capital once; it is whether you create the confidence for capital to stay, return and grow,” Cardoso said.

The CBN governor stressed that credible monetary policy, stronger governance, improved market operations and predictable rules were necessary to attract sustained domestic and international investment.

He added that economic stabilisation should serve as a foundation for broader participation by long-term investors, stronger market infrastructure and deeper integration with international financial markets.

The dialogue brought together investors, financial institutions, businesses and Nigerians living and working across Asia.

A panel discussion moderated by J.P. Morgan’s Chief Economist for Africa, Gbolahan Taiwo, examined Nigeria’s reform programme, capital formation, foreign-exchange market confidence and the development of liquid financial markets.

Other panellists included Nigerian Exchange Group Managing Director and Chief Executive Officer, Temi Popoola; FMDQ Group Managing Director and CEO, Zeal Akaraiwe; CBN Director of Trade and Exchange, Aderinola Shonekan; and the governor’s Special Adviser on Financial Markets and Economic Policy, Olumayokun Ajibade.

Cardoso said Nigeria’s engagement with Asia extended beyond attracting investment to building lasting relationships among financial institutions, markets, businesses and people.

He identified opportunities to strengthen links between Nigerian and Asian banks, improve payment and settlement channels, and expand financial participation among Nigerians living and working across the region.

The governor also highlighted the potential of financial technology and artificial intelligence to improve financial services, strengthen risk management, expand financial inclusion and enhance regulatory capabilities.

The Singapore engagements form part of a broader programme of institutional and market discussions across Asia, with further meetings scheduled in Beijing.