Nigeria and Brazil have begun high-level talks aimed at strengthening cooperation in financial technology, mobile money expansion, and digital inclusion, signaling a new phase of economic collaboration.

The discussions, which took place in Brasília during President Bola Tinubu’s state visit to Brazil, brought together the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and his Brazilian counterpart, Gabriel Galípolo, at the Banco Central do Brasil headquarters.

The meeting underscored a shared commitment to deepen financial sector reforms, broaden inclusion, and unlock new trade and investment opportunities.



According to a statement released by the CBN, the engagement focused on payments systems, fintech regulations, and the potential to accelerate mobile money adoption across both countries.

Nigeria, Africa’s largest economy, is already recognized as a fintech hub with mobile money platforms driving financial access for millions of unbanked citizens.

Brazil, on the other hand, has become a global case study for financial inclusion with its successful Pix instant payment system, launched in 2020.

Cardoso highlighted the significance of such cooperation, stressing that Nigeria is working toward building a more resilient financial system that can attract investment, harness diaspora remittances, and provide a stable environment for business.

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



The CBN Governor also pointed to cultural and demographic connections as enablers of stronger bilateral financial ties.

With Brazil’s Afro-Brazilian community—the largest population of African descent outside Africa—Cardoso suggested new opportunities to boost remittance flows and strengthen financial linkages between the two nations.

Analysts believe this angle could prove vital. Nigeria is one of the top remittance destinations in Africa, with inflows of over $20 billion annually.

Establishing easier, cheaper, and faster payment channels with Brazil could unlock new remittance corridors, benefiting families and businesses on both sides.



Brazil’s central bank chief, Gabriel Galípolo, welcomed the initiative, describing the talks as a timely step toward deepening institutional collaboration.

He said enhanced cooperation between the two central banks would not only strengthen financial stability but also promote shared prosperity in both regions.

“Closer ties with Nigeria can support financial resilience and create new pathways for innovation in digital finance,” Galípolo stated.

He added that Brazil is keen to broaden regulatory cooperation, drawing on Nigeria’s fintech strengths while sharing lessons from Pix, which now has over 160 million users and accounts for more than 70% of all electronic payments in the country.



The Nigeria-Brazil dialogue comes at a time when both countries are seeking new economic frontiers.

Nigeria is pushing for a $1 trillion economy by 2030 under its economic reform agenda, with digital finance seen as a key driver.

Brazil, Latin America’s largest economy, is also investing heavily in digitization and financial inclusion to reduce poverty and boost competitiveness.

Experts note that this partnership could also enhance trade, given that both countries are major emerging markets with complementary strengths in agriculture, energy, and services.

For Nigeria, mobile money integration could also help smallholder farmers, artisans, and SMEs access credit and expand operations.



Beyond the high-level meeting, the Nigerian delegation participated in several technical sessions with Brazilian officials covering monetary policy frameworks, financial stability, and regulatory standards.

Senior CBN directors overseeing currency operations, financial policy regulation, and monetary policy were part of the team, underscoring the broad scope of the engagement.

This collaboration could pave the way for joint fintech projects, regulatory sandboxes, and even bilateral investment in digital financial services, industry stakeholders said.



As global economies transition toward digital-driven finance, the Nigeria-Brazil initiative is seen as a step in the right direction.

By sharing expertise, tapping cultural ties, and aligning regulatory practices, both countries hope to fast-track financial inclusion for millions of citizens who remain excluded from formal banking services.

If successfully implemented, the collaboration could not only accelerate mobile money adoption but also unlock new channels for trade, remittances, and investment across Africa and South America.