CBN releases fintech report, maps growth, opportunities, risks in Nigeria’s digital finance sector

The Central Bank of Nigeria (CBN) has released its Fintech Report, providing a comprehensive assessment of the country’s fast-growing digital finance ecosystem while outlining the achievements recorded over the years and the challenges that must be addressed as the sector matures.

The report, unveiled on Monday, is based on extensive stakeholder surveys, closed-door workshops and roundtable engagements with fintech operators across the country.

It captures candid feedback from industry players on innovation, regulation and infrastructure, offering a detailed snapshot of how Nigeria’s fintech industry has evolved and the constraints slowing its growth.

Speaking at the launch, the CBN Governor, Mr. Olayemi Cardoso, described digital finance as a major catalyst for economic participation, job creation and improved livelihoods in Nigeria.

He noted that over the past decade, the fintech landscape has undergone a remarkable transformation, growing from a small group of startups into one of Africa’s most vibrant innovation ecosystems, despite prevailing global economic pressures.

Cardoso said recent improvements in currency stability and overall domestic economic conditions have further strengthened the role of financial innovation in driving inclusion at scale.

According to him, the report reflects the apex bank’s commitment to supporting a thriving fintech sector while safeguarding the stability and integrity of the financial system.

“By surveying fintech operators, financial institutions and policymakers, we have gathered candid insights on what is working, what is not, and where we can do better,” the Governor said.

He explained that the findings reveal both progress and gaps across critical areas such as regulatory modernisation, payments infrastructure and efforts to support startups in reaching unbanked and underserved communities, while also placing Nigeria’s fintech journey within a broader global context.

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The CBN Governor stressed that while innovation remains a strategic priority for the Bank, it must be balanced with strong governance, effective consumer protection and sound risk management to preserve trust in the financial system.

Industry leaders have welcomed the report, describing it as timely and balanced. Flutterwave founder, Mr. Olugbenga Agboola, said the document strikes an important balance between encouraging innovation and upholding trust, integrity and financial stability.

He added that the openness to engagement and co-creation reflected in the report positions Nigeria as a potential global reference point for responsible fintech innovation.

Similarly, Moniepoint founder and Group Chief Executive Officer, Mr. Tosin Eniolorunda, said the report arrives at a defining moment for the industry, as many Nigerian fintech companies cross a decade of operations.

He noted that the sector is shifting its focus from proving that digital finance works to ensuring it is resilient, inclusive and built on strong governance. According to him, the CBN’s emphasis on prudent oversight aligns with Moniepoint’s focus on compliance, adding that trust remains the most valuable currency in digital finance.

Lemfi Chief Executive Officer, Mr. Ridwan Olalere, also described the report as timely, particularly as Nigerian fintechs increasingly expand beyond the country’s borders. He said the shared vision outlined in the document strengthens alignment between regulators and innovators, positioning Nigeria to play a role in shaping regional and global fintech standards.

Olalere added that deeper, more institutionalised collaboration between the industry and the CBN could unlock significant opportunities for scaling innovation while maintaining integrity and inclusion.

Overall, the report signals the CBN’s intent to deepen engagement with the fintech ecosystem, support sustainable innovation and ensure that Nigeria’s digital finance sector continues to grow in a manner that is inclusive, resilient and trusted.