BRICS member nations are discussing plans to integrate their national instant payment systems and central bank digital currencies in a move aimed at cutting costs and improving efficiency for cross-border transactions within the bloc.

Reserve Bank of India Governor, Sanjay Malhotra, disclosed the discussions in comments covered by Brazilian media and reported by TV BRICS.

Malhotra said the integration would bring national financial systems that currently operate independently closer together, creating a more seamless payments infrastructure across economies that collectively represent a significant share of global trade and output.

Malhotra said cross-border payment costs are a shared concern across all BRICS members and that the group sees significant potential in reducing them through deeper financial connectivity.

“Cross-border payments are of interest to all of us, including the BRICS countries, as we believe there is great potential here for reducing costs,” he said.

He added that the technical parameters of any possible shared infrastructure have not yet been disclosed, and that both the specific integration model and the timeline for implementation remain under discussion.

India holds the BRICS chairmanship this year and is hosting the group’s annual summit, giving New Delhi significant influence over the agenda for financial integration discussions.

The Reserve Bank of India had recommended earlier in 2026 that the government include the integration of central bank digital currencies on the agenda of the BRICS summit, signalling India’s intent to push the issue toward a concrete outcome during its chairmanship.

BRICS currently comprises ten countries — Brazil, Russia, India, China, South Africa, Egypt, the United Arab Emirates, Ethiopia, Indonesia, and Iran — with each operating distinct financial systems and national currencies, making the technical and regulatory coordination required for payment integration a significant challenge.

Nigeria formally joined BRICS as a partner country in January 2025, after the Brazilian government, which held the bloc’s presidency at the time, announced its admission.

Brazil’s Foreign Ministry said Nigeria’s inclusion reflected shared interests in strengthening cooperation among countries of the Global South and advancing reforms to international institutions.

Nigeria became the ninth BRICS partner country, joining Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda and Uzbekistan.

The partner-country category was created at the 16th BRICS Summit in Kazan, Russia, in October 2024.

Brazil said Nigeria’s large population, position as Africa’s most populous country and role in promoting South-South cooperation made it a natural addition to the expanded BRICS framework.

The partner-country status allows Nigeria and other partner countries to participate in selected BRICS activities and engage with the bloc’s initiatives, potentially opening opportunities in areas such as trade, investment and cross-border financial cooperation.

For Nigeria, the significance of this new development may lie in what comes next. As a BRICS partner country, Nigeria could potentially benefit from a future expansion of the bloc’s payment connectivity if partner countries are incorporated into the system.

The development comes about a year after Nigeria reaffirmed its commitment to the BRICS agenda and its broader push for greater financial and multilateral cooperation among emerging economies.

In April 2025, Nigeria’s Foreign Minister, Yusuf Tuggar, expressed the country’s support for BRICS’ efforts to promote a fairer, rules-based international order during the bloc’s Foreign Ministers’ Meeting in Rio de Janeiro, Brazil.

Tuggar also highlighted Nigeria’s alignment with BRICS’ vision for global financial reform and stronger multilateral cooperation, areas that are now particularly relevant as the bloc explores ways to improve cross-border payments and reduce transaction costs among its members.