CBN Charts Clearer Direction for Nigeria’s Fast-Growing Fintech Sector

Nigeria’s digital finance industry has reached a defining moment as the Central Bank of Nigeria (CBN) has published its first Fintech Report, offering what it calls the most extensive review yet of the country’s innovation landscape. The document sets out a long-term plan for improving financial inclusion, upgrading infrastructure and ensuring that rapid innovation remains safe and well-regulated.

The CBN described the publication as a shared guide for regulators, banks, fintech operators, investors and development partners, noting that it reflects months of consultations across the industry. Insights were drawn from a nationwide operator survey, a technical workshop held in June 2025 and the Fintech Roundtable the Bank convened in October of the same year. According to the report, these engagements helped shape an assessment based on “evidence, measurable outcomes and practical experience from the ecosystem.”

A Sector Expanding at Global Pace

The report places Nigeria’s progress within wider international trends, pointing to areas where the country has matched or surpassed global peers. One such example is the country’s real-time payments growth. Nearly 11 billion transactions were completed on the NIBSS Instant Payments platform in 2024 — more than double the 2022 volume. This performance strengthens Nigeria’s position as one of Africa’s most active real-time payments markets.

Yet, despite strong adoption rates and a maturing innovation ecosystem, the CBN acknowledges several persistent challenges. Fintech operators highlighted regulatory uncertainty, slow approval timelines for new products, the cost of compliance, restricted access to shared infrastructure and difficulties in expanding across borders. These gaps, the report warns, could limit future growth if not addressed.

CBN: What the Roadmap Prioritises

To keep the sector on a sustainable growth path, the CBN proposes reforms aimed at creating a more predictable regulatory environment while supporting innovation. The roadmap recommends stronger engagement between regulators and industry players, improvements to supervisory capacity, and policies that encourage capital access, data sharing and better regional interoperability.

It also stresses the need for dependable digital infrastructure to broaden financial inclusion. The annex of the report outlines the mechanisms for implementing these steps, emphasising that coordinated execution across institutions will be essential. The CBN argues that the long-term stability of the digital finance sector will depend on disciplined follow-through from all stakeholders.

In the Bank’s words, the report is intended to serve as a “common reference point to support confidence and coordinated action across Nigeria’s digital financial ecosystem.” The Bank frames fintech not as a competitor to traditional institutions, but as a complementary force capable of driving efficiency, strengthening inclusion and boosting long-term economic growth.