The Central Bank of Nigeria (CBN) is set to release a comprehensive fintech survey report on Monday, February 2, offering rare insight into the depth and direction of the regulator’s engagement with Nigeria’s fast-growing digital finance sector.
The nationwide survey, conducted among fintech operators and complemented by stakeholder workshops and policy roundtables held in 2025, was referenced by CBN Governor Yemi Cardoso at a recent Bankers’ Committee meeting as part of the apex bank’s push for responsible innovation.
Speaking on the process, Cardoso said outcomes from the Strategic Fintech Dialogue at the IMF Fall Meetings, which brought together policymakers, innovators and investors, fed into a consultative report expected to shape Nigeria’s next phase of fintech development.
He noted that as digital assets, tokenisation and stablecoins gain prominence globally, the CBN’s approach will prioritise discipline, clarity, consumer protection and financial stability.
Findings from the survey, workshops and closed-door engagements suggest a notable shift in posture—from viewing fintech primarily as a disruptive force to recognising it as core national infrastructure underpinning payments, lending, data management and digital identity systems. While the report stops short of announcing new policies, it points to a more structured, ongoing partnership between the CBN and fintech operators.
Key insights highlight widespread adoption of artificial intelligence for fraud detection and credit scoring. At the same time, Nigeria’s real-time payments infrastructure is widely seen by respondents as a national strength and a potential global model. Fintech firms also expressed strong support for regulatory passporting to enable compliant cross-border expansion.
However, sentiment on regulation remains divided: half of the respondents describe the environment as enabling, while the other half cite licensing delays and policy ambiguity as constraints. This split underscores ongoing tension between innovation and regulatory oversight, with industry leaders calling for clearer rules and faster approvals.
Nigeria’s fintech growth has been driven by high mobile penetration, gaps in traditional banking and a robust instant payments ecosystem. In 2024 alone, nearly 11 billion transactions were processed via instant payment rails, with over 12 million contactless cards now active nationwide. More than 40 fintech firms are currently testing products through the CBN’s regulatory sandbox.
Recent CBN actions, including the upgrade of licences for selected fintechs and microfinance banks with nationwide operations, reinforce signals that fintech is now viewed as critical infrastructure requiring resilience and responsible scaling.
One of the report’s more sobering findings is the financial vulnerability of many Nigerian fintechs. Despite their economic relevance, operators reportedly face difficulties raising domestic capital amid macroeconomic instability and currency risks, while reduced foreign investment has widened funding gaps. Offshore funding remains dominant, increasing exposure to global market volatility.
Fintech operators have called for blended finance models, credit guarantees and secondary markets to unlock long-term capital. While the CBN is not expected to fund fintechs directly, it may act as a convener for partnerships involving capital markets and development finance institutions.
The themes in the forthcoming report align closely with the CBN’s 2026 regulatory priorities, including supporting fintech expansion while safeguarding consumers, strengthening cybersecurity, improving data governance, clarifying digital-asset rules, expanding contactless payments, and deepening local and international regulatory partnerships.
Overall, the report is expected to play a key role in shaping Nigeria’s fintech regulatory trajectory as the CBN sharpens its focus on infrastructure, resilience and collaboration.
