The Central Bank of Nigeria (CBN) is preparing to release a landmark fintech survey report on Monday, offering the first comprehensive, data-driven insight into the regulator’s evolving relationship with Nigeria’s rapidly expanding digital finance sector.
The report, based on a nationwide survey of fintech operators, stakeholder workshops, and policy roundtables conducted throughout 2025, highlights a noticeable change in tone: fintech is increasingly viewed not as a disruptive outsider but as foundational infrastructure for payments, lending, credit scoring, identity systems, and broader financial inclusion.
CBN Governor Yemi Cardoso referenced the forthcoming document during his remarks at the recent Bankers’ Committee meeting, describing it as a product of “the Strategic Fintech Dialogue” held at the IMF Fall Meetings. “Innovation must proceed responsibly, anchored in consumer protection and financial stability,” Cardoso stated, reinforcing the central bank’s commitment to thoughtful, disciplined engagement with the sector.
Key findings from the survey, shared by people familiar with the document, include:
– Widespread adoption of artificial intelligence for fraud detection and credit scoring among operators
– Strong recognition of Nigeria’s real-time payments infrastructure as a national strength and potential global model
– Broad support for regulatory “passporting” to enable compliant cross-border expansion
– A near-even split in perception: exactly 50% of respondents view the regulatory environment as enabling, while the other half describe it as restrictive due to licensing delays and policy uncertainty
The divergence underscores an ongoing tension between the pace of innovation and the need for robust oversight. Fintech leaders have called for clearer rules, faster approvals, and greater regulatory certainty to support scaling.
The report also exposes persistent funding challenges facing Nigerian fintechs. Many operators struggle to raise capital domestically due to macroeconomic instability and currency risk, leaving offshore funding as the dominant source — and exposing firms to global volatility. Respondents advocated for blended finance structures, credit guarantees, and secondary markets to mobilise long-term domestic capital.
While the CBN does not plan to provide direct funding to fintech companies, the report is expected to position the bank as a convener, facilitating partnerships with capital markets and development finance institutions.
The findings align closely with the CBN’s stated 2026 priorities, which include:
– Supporting fintech expansion while strengthening consumer protection and cybersecurity
– Promoting better data governance and stricter licensing standards
– Developing clearer guidelines for digital assets, tokenisation, and stablecoins
– Expanding contactless payments and improving digital financial rails
– Deepening collaboration with local and international stakeholders
Recent actions — including the upgrade of selected fintechs and microfinance banks to national status — already reflect this more collaborative stance.
As Nigeria’s fintech ecosystem continues to grow, the report is expected to serve as a critical guidepost for regulatory direction in 2026. With digital finance now deeply embedded in everyday transactions, the CBN’s shift toward structured engagement and greater clarity could prove pivotal in balancing innovation with financial stability.
