February 02, (THEWILL) — The Central Bank of Nigeria (CBN) has issued a comprehensive fintech industry assessment, signalling a new strategic phase for the country’s rapidly evolving digital finance ecosystem. The report, titled “Shaping the Future of Fintech in Nigeria: Innovation, Inclusion and Integrity”, maps the scale of fintech growth and outlines policy priorities to sustain innovation while safeguarding financial stability.
According to the report, Nigeria’s fintech landscape has matured significantly, driven by widespread adoption of real-time payments, mobile wallets, and automated credit systems. The NIBSS Instant Payments platform, a central backbone of the ecosystem, has processed millions of transactions, positioning Nigeria among the global leaders in real-time payment volumes.
Informed by nationwide surveys, stakeholder workshops and direct engagement with fintech operators, banks and regulators, the CBN outlined practical policy recommendations to boost regulatory clarity, strengthen supervisory capacity and support responsible innovation, including for cross-border expansion under frameworks such as regulatory “passporting”.
While the report celebrates Nigeria’s fintech progress, it acknowledges persistent challenges. Half of survey respondents describe the current regulatory environment as enabling, but the other half flag unresolved bottlenecks, such as licencing delays, policy ambiguity and compliance costs that slow product rollouts.
The fintech community also emphasised capital constraints, with 37.5 percent of operators reporting difficulty accessing financing domestically, and 87.5 percent calling for targeted policy support, including growth funds or credit guarantee schemes to de-risk lending and deepen domestic capital markets.
The report positions fintech as a complementary force in Nigeria’s financial system expanding access to services, improving efficiency and deepening inclusion while advocating proportional regulation and effective execution as critical enablers of sustainable ecosystem development.
CBN Governor, Olayemi Cardoso, described the publication as part of the bank’s ongoing engagement with the sector, stating that digital finance has become a key driver of economic participation, job creation and improved livelihoods across Nigeria. He stressed that innovation must be pursued with strong governance, consumer protection and systemic risk management to preserve confidence in the financial system.
Industry leaders welcomed the report. Flutterwave founder, Olugbenga Agboola, called it “a thoughtful effort that balances innovation with trust and integrity”, while Moniepoint CEO, Tosin Eniolorunda, said the report arrives at a defining moment as Nigerian fintechs seek sustainable growth beyond early phase disruption.
The CBN said the fintech report will serve as a reference for regulators, financial institutions, infrastructure providers and investors and marks the first in a series of periodic publications designed to track sector performance and inform policymaking as Nigeria strengthens its role in the regional and global fintech landscape.
Ogochukwu Onwaeze
