The Central Bank of Nigeria (CBN) has released a new Fintech Report highlighting the rapid adoption of artificial intelligence across Nigeria’s digital finance industry, while warning that regulatory uncertainty could slow the sector’s momentum.
The report, unveiled on Monday, draws on stakeholder surveys, workshops, and consultations with fintech operators nationwide, offering a candid snapshot of innovation gains and structural bottlenecks.
CBN Governor Olayemi Cardoso said digital finance has become a key driver of economic participation, job creation, and financial inclusion, even as global economic pressures persist.
“With improved stability of our currency and domestic economy, it is clearer than ever that financial innovation can advance inclusion at scale,” Cardoso said.
According to the report, fintech firms are increasingly deploying AI for fraud detection and credit scoring, viewing the technology as essential for managing risk and scaling services to millions of users.
Nigeria’s real-time payments infrastructure was also identified as a major competitive strength, described by respondents as a national asset and, in some respects, a global benchmark.
However, sentiment around regulation was evenly split. While half of respondents described the environment as enabling, others cited licensing delays and policy ambiguity as persistent challenges that discourage investment and slow product launches.
Industry leaders, including Flutterwave’s Olugbenga Agboola and Moniepoint CEO Tosin Eniolorunda, welcomed the report’s collaborative tone, describing it as a step toward balancing innovation with trust and regulatory discipline.
