Fintech operators in Nigeria are calling for the creation of a dedicated growth fund or credit guarantee scheme as capital constraints intensify across the sector according to a new survey by the Central Bank of Nigeria (CBN).
The findings are drawn from a nationwide survey conducted by the apex bank, alongside stakeholder workshops and policy roundtables held in 2025.
The survey shows that 37.5% of fintech operators described raising capital within Nigeria as difficult or very difficult.
According to the report, half of respondents view the regulatory environment as enabling, while the other 50% find it restrictive. This divergence stems from perceived delays in licensing, lack of clarity in guidance, and inconsistent application of rules.
The survey highlights access to capital as one of the most significant barriers to scaling innovation, with macroeconomic volatility, regulatory delays, and currency risks discouraging both local and foreign investment.
What the report is saying
Against this backdrop, the report notes that support for targeted policy intervention across the fintech ecosystem was overwhelming, reflecting a shared view that existing financing channels are inadequate for the sector’s growth needs.
According to the report, about 87.5% of fintech operators surveyed supported the creation of a fintech-specific growth fund or a credit guarantee scheme.
- The respondents said such mechanisms would help de-risk lending and unlock long-term capital for the industry.
- Stakeholders suggested the CBN could play a catalytic role by convening partners to structure blended finance, credit guarantees, or risk-sharing models.
- Institutions such as the Development Bank of Nigeria and InfraCredit were identified as potential vehicles for these interventions.
- These proposals align with the objectives of the Payments System Vision 2025.
- Participants also proposed measures to improve liquidity across the ecosystem, including the development of a secondary market for fintech debt instruments.
According to operators, this would deepen domestic capital markets and provide well-governed fintech firms with additional funding options while operating within Nigeria’s regulatory framework.
Beyond domestic reforms, stakeholders stressed the importance of Nigeria’s international standing in attracting long-term capital.
They noted that stronger global visibility of regulatory progress, particularly in anti-money laundering enforcement and Nigeria’s exit from the Financial Action Task Force grey list, could significantly improve external risk perception and support the mobilisation of patient foreign capital.
What you should know
The CBN recently announced the upgrade of licences for selected fintech companies and Microfinance Banks (MFBs) with nationwide operations to national status.
The move is aimed at aligning licensing structures with the actual operational footprint of fintechs and MFBs.
- Many operators initially licensed under unit, tier-one, or tier-two frameworks expanded nationwide through mobile technology and agent banking models.
- Digital platforms such as Kuda Bank, Opay, Moniepoint, and Palmpay built national user bases despite regional licence limitations.
- According to the CBN, the mismatch between licence scope and operational reality created regulatory risks, prompting reforms to ensure that oversight frameworks accurately reflect the scale and systemic importance of fast-growing fintech institutions.
