CBN Unveils Inaugural Fintech Assessment Report: A Strategic Roadmap for Nigeria’s Digital Finance
Governor of the Central Bank of Nigeria,Olayemi Cardoso
The Central Bank of Nigeria (CBN) officially released its inaugural fintech assessment report, titled “Shaping the Future of Fintech in Nigeria: Innovation, Inclusion, and Integrity,” on Monday, 2 February 2026. The comprehensive document provides a detailed evaluation of the nation’s digital finance ecosystem, identifying regulatory bottlenecks while outlining a policy roadmap to sustain Nigeria’s leadership in global real-time payments.
The report, developed through extensive surveys and stakeholder engagements throughout 2025, positions fintech as a "complementary pillar" of the national financial system, essential for achieving the government's broader economic goals.
Key Findings: Growth vs. Regulatory Friction
The report highlights Nigeria's status as a continental leader, noting that nearly 11 billion transactions were processed through the NIBSS Instant Payments (NIP) platform in 2024 more than double the volume recorded in 2022. However, this rapid expansion has created a "supervisory gap" that the apex bank now seeks to close.
Major challenges identified by industry operators include:
Compliance Costs: 87.5% of fintech firms cited high compliance costs as a significant barrier to innovation.
Approval Delays: Over 60% of operators reported that slow regulatory timelines materially delay the launch of new products.
Regulatory Fragmentation: Inconsistent application of rules across different agencies has created a "mixed sentiment" in the market, with half of the sector viewing the environment as restrictive.
Strategic Priorities for 2026 and Beyond
To address these hurdles, the CBN outlined several high-priority policy directions aimed at fostering a more predictable and agile environment:
Single Regulatory Window: A new initiative to harmonise multi-agency processes and reduce regulatory overlap between the CBN, NCC, NITDA, and the SEC.
Compliance-as-a-Service (CaaS): The deployment of shared compliance utilities to lower the entry barrier for smaller firms while enhancing visibility for supervisors.
Cross-Border Scale: Establishing "regulatory passporting" frameworks to help Nigerian fintechs expand seamlessly into other African markets.
Digital Identity Integration: Collaborating with the National Identity Management Commission (NIMC) to provide more affordable and developer-friendly NIN APIs.
Enhancing Global Credibility
The report also addresses Nigeria’s international standing. Following a series of national reforms, the CBN confirmed that Nigeria has officially exited the Financial Action Task Force (FATF) "grey list." This milestone is expected to reduce friction for cross-border finance and restore international investor confidence in Nigerian digital assets.
“Nigeria’s challenge is no longer a lack of ideas or adoption, but the need to translate policy intent into faster execution and deeper trust between regulators and innovators,” the report concludes.
