For years, Nigeria’s fintech sector outpaced the rules meant to govern it.
As innovation surged and digital finance spread, regulators struggled to keep up.
Now, a new Central Bank of Nigeria (CBN) report suggests that gap may finally be closing.
A Shift In Regulatory Tone
On Monday, February 2, the CBN will release its fintech survey.
The report offers rare insight into how the apex bank currently views the sector.
Importantly, it draws on a nationwide survey and stakeholder engagements conducted throughout 2025.
According to sources, the CBN is building a more deliberate partnership with fintech firms.
Although the report introduces no new rules, it clearly signals a shift in tone.
Rather than treating fintech as disruptive, the regulator now positions it as core financial infrastructure.
Fintech As National Infrastructure
Meanwhile, CBN Governor Yemi Cardoso reinforced this message at a recent Bankers’ Committee meeting.
He explained that IMF discussions helped shape a roadmap for Nigeria’s fintech evolution.
At the same time, he stressed that innovation must advance with discipline and protect consumers.
In addition, the report captures feedback from surveys, workshops, and closed-door roundtables.
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Many fintechs actively deploy AI for fraud detection and credit scoring.
Nigeria’s real-time payments system also stands out as a national strength.
Furthermore, respondents strongly support regulatory passporting for cross-border expansion.
Growth Meets Funding Pressure
However, regulatory opinions remain divided.
While half of respondents describe the environment as enabling, others point to licensing delays and policy uncertainty.
As a result, fintech leaders continue to push for clearer rules and faster approvals.
Nigeria’s fintech growth stems largely from mobile adoption and gaps in traditional banking.
In 2024 alone, instant payment platforms processed nearly 11 billion transactions.
At the same time, over 12 million contactless cards remain active, and more than 40 fintechs are testing products in the CBN sandbox.
Despite this momentum, funding challenges persist.
Many fintechs struggle to raise local capital as foreign investment slows.
Consequently, offshore funding still dominates, exposing firms to global volatility.
Although the CBN will not fund fintechs directly, it may instead convene capital market partnerships.
Ultimately, the report aligns with the CBN’s 2026 priorities, which emphasise infrastructure, resilience, and collaboration.
