Nigerian fintech companies have called on the Central Bank of Nigeria (CBN) to establish a National Fintech Committee aimed at bridging regulatory gaps, fostering innovation, and deepening financial inclusion across the country. The appeal was detailed in a new CBN report titled “Shaping the Future of Fintech in Nigeria: Innovation, Inclusion and Integrity,” which outlines key challenges facing the sector and recommendations to strengthen its growth. According to the report, 75% of fintech respondents support the creation of regular, high-trust engagement forums with regulators, while 100% expressed willingness to collaborate through policy pilots, regulatory sandboxes, or working groups.
The proposed committee would mirror the structure of the Bankers’ Committee, serving as a platform for collaborative policy formulation and dialogue between fintech operators and regulators. By adopting this approach, the report suggested, Nigeria could foster a more enabling environment for innovation and the sustainable growth of its fintech ecosystem.
Beyond regulatory concerns, the report found that 62.5% of Nigerian fintechs are planning to expand into other African countries, with artificial intelligence and real-time payments identified as the next frontiers driving sectoral growth. However, persistent challenges continue to hinder progress, including poor broadband penetration, limited access to digital identity systems, incomplete data-sharing mechanisms, and high compliance costs. These gaps have constrained innovation and slowed the rollout of new products, with 82.5% of firms reporting that lengthy approval timelines remain a major obstacle.
