The Central Bank of Nigeria has launched its Fintech Report, a comprehensive assessment of the country’s fast-growing digital finance ecosystem.
The report, released on Monday, built on insights from stakeholder surveys, closed-door workshops, and roundtables with fintech operators across the country.
It captures candid feedback from industry players on innovation, regulation, and infrastructure, offering a snapshot of both the progress made and the bottlenecks holding the sector back as Nigeria’s fintech industry matures.
What they are saying
Commenting on the report, the CBN Governor, Olayemi Cardoso, said digital finance has become a powerful force for economic participation, job creation, and improved livelihoods across Nigeria.
He noted that Nigeria’s fintech landscape has evolved rapidly over the past decade, growing from a handful of startups into one of Africa’s most vibrant innovation ecosystems, even amid global economic headwinds.
“With improved stability of our currency and domestic economy, it is clearer than ever that financial innovation can advance inclusion at scale,” the Governor said, adding that the report reflects the CBN’s commitment to fostering a thriving fintech sector while safeguarding financial system stability.
“By surveying fintech operators, financial institutions, and policymakers, we have gathered candid insights on what is working, what is not, and where we can do better,” he added.
- The CBN Governor explained that the findings highlight both progress and gaps, from modernising regulatory frameworks and payments infrastructure to supporting startups in reaching unbanked communities, while also situating Nigeria’s fintech journey within broader global trends.
- The Governor stressed that innovation remains a strategic imperative for the CBN, but one that must be pursued with strong governance, consumer protection, and risk management to preserve trust in the financial system.
More insights
According to the report, fintech operators reported widespread adoption of artificial intelligence, particularly in fraud detection and credit scoring.
These technologies are increasingly seen as critical tools for managing risk, improving lending decisions, and scaling services to millions of users.
- Nigeria’s real-time payments infrastructure also emerged as a major strength. Respondents described it as a national asset and, in some respects, a global model, underscoring the country’s leadership in instant payments and digital transaction processing.
- Fintech firms also expressed strong support for regulatory passporting, which would allow compliant operators to expand across borders more easily.
- Stakeholders argued that such a framework would enable Nigerian fintechs to scale regionally while maintaining regulatory oversight and consumer protection.
Despite the optimism around innovation, views on regulation were evenly split. Exactly half of the respondents described the current regulatory environment as enabling, while the other half said it remains restrictive.
Those with concerns pointed to licensing delays and policy ambiguity as key challenges, noting that uncertainty can slow product launches, deter investment, and complicate long-term planning for growing fintech firms.
Industry leaders welcome collaborative approach
Reacting to the report, Flutterwave founder Olugbenga Agboola described it as a thoughtful effort that balances innovation with trust, integrity, and financial stability.
He said Flutterwave is encouraged by the openness to engagement and co-creation reflected in the report, adding that it represents an important step in positioning Nigeria as a reference point for responsible fintech innovation globally.
- Moniepoint founder and Group CEO, Tosin Eniolorunda, said the report arrives at a defining moment for the industry, as many Nigerian fintechs cross a decade of operations and shift focus from proving digital finance works to ensuring it is resilient, inclusive, and built on integrity.
- He noted that the CBN’s emphasis on prudent oversight aligns with Moniepoint’s own focus on compliance and governance, describing trust as the most valuable currency in digital finance.
- Similarly, Lemfi CEO Ridwan Olalere said the report comes at a pivotal time as Nigerian fintechs expand across borders. He noted that the shared vision outlined in the report strengthens alignment between regulators and innovators, positioning Nigeria to help shape regional and global fintech standards.
- He added that deeper, more institutionalised collaboration between the industry and the CBN could unlock significant opportunities for scaling innovation while maintaining integrity and inclusion.
What you should know
The fintech report aligns with the broader agenda of the CBN for 2026 anchored on banking system stability, tighter fintech regulation, inflation control, and payments infrastructure modernization.
- The CBN Governor in a statement issued in January, said the bank would promote responsible innovation while ensuring strong consumer protection and financial integrity, emphasising that innovation must be balanced with effective regulation to prevent systemic risks.
- The agenda signals a continuation of the Bank’s reform-driven posture, with emphasis on restoring confidence in the financial system, strengthening macroeconomic stability, and supporting sustainable economic growth.
