CBN unveils five priorities to drive Nigeria’s next phase of Fintech growth

The Central Bank of Nigeria (CBN) has outlined five key priorities that will shape the next phase of fintech development in the country, stressing that the focus must shift from rapid expansion to building a secure, reliable and inclusive digital financial ecosystem.

CBN Governor, Yemi Cardoso, disclosed this in a goodwill message delivered at the 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026 held in Lagos. He was represented by Dr. Rakiya Yusuf, Director of Payments System Supervision.

Cardoso said Nigeria’s fintech ecosystem must provide digital financial services that are reliable, secure, fair, accessible and resilient, enabling Nigerians to conduct transactions with confidence, even during periods of high demand.

He emphasised the need for transparent pricing, prompt resolution of customer complaints and timely reversal of failed transactions to strengthen public trust in digital payment platforms.

According to the CBN governor, cybersecurity and fraud prevention must remain a shared responsibility among stakeholders, urging financial institutions to continue investing in secure technologies, effective internal controls and customer education.

Speaking on behalf of Dr. Yusuf, Mr. Babatunde Ajiboye, Assistant Director at the CBN, identified fair competition as another critical pillar for the industry’s growth, noting that all qualified operators should have equal access to essential payment infrastructure.

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The apex bank maintained that achieving the desired outcomes would require collaboration among banks, fintech firms, mobile money operators, payment switches, processors, telecommunications companies, consumer advocacy groups and government institutions.

Looking ahead, Cardoso expressed optimism about the future of Nigeria’s digital finance industry, citing the country’s youthful population, growing internet connectivity and the innovative capacity of its financial institutions.

He said with sound regulation, responsible market conduct and sustained investment, Nigeria has the potential to build a digital financial system that could serve as a benchmark for Africa and other emerging markets.

The CBN governor reaffirmed the bank’s commitment to supporting innovations that solve real economic challenges, expand financial inclusion and strengthen the nation’s economy.

He, however, warned that the apex bank would continue to take regulatory action whenever poor governance, anti-competitive practices, operational risks or market misconduct threaten customer interests or financial system stability.

“Our message is simple: innovation is welcome, fair competition is essential, and public trust must remain at the centre of everything we do,” Cardoso said.

He also commended the Business Journal Media Group for organising the roundtable and urged participants to develop practical recommendations that would promote a safer, more inclusive and sustainable digital financial ecosystem in Nigeria..