CBN launches Fintech report spotlighting growth 

The Central Bank of Nigeria (CBN) 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.

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.

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.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.

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.

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.