Manny Ita
Nigerian fintech operators have outlined specific expectations from the Central Bank of Nigeria (CBN) as the regulator seeks to shape the next phase of oversight for one of the country’s fastest-growing sectors. On Monday, the CBN released its first Fintech Report titled Shaping the Future of Fintech in Nigeria: Innovation, Inclusion and Integrity, which drew on stakeholder surveys, closed-door workshops, and roundtables held with fintech operators across the country. The report provides rare insight into how industry players assess regulation, infrastructure, and the operating environment.
Feedback from operators reflects a sector at a crossroads. While about half of respondents described the regulatory environment as enabling, the other half said it remains restrictive. Operators highlighted licensing delays, unclear regulatory guidance, and inconsistent application of rules as major sources of friction. Access to capital also emerged as a key constraint, with macroeconomic volatility, delays in foreign investment approvals, and currency risks weighing heavily on investor appetite.
Against this backdrop, fintech operators have called on the CBN to take specific actions to support smoother operations and long-term growth. Among the most requested reforms is the establishment of a permanent engagement forum between the CBN and fintech operators, meeting quarterly or biannually, as envisioned under the Payments System Vision 2025. The platform is intended to enable open dialogue, early identification of market risks, coordination on innovation pilots, and faster resolution of supervisory concerns.
The report and operator feedback underscore the urgent need for improved regulatory clarity, timely licensing, and enhanced support for capital access to sustain Nigeria’s fintech ecosystem. Industry players insist that such measures will foster innovation, attract investment, and strengthen the sector’s contribution to financial inclusion and economic growth in Nigeria.
