CBN Sets Five-Point Agenda for Sustainable Fintech Growth, Pledges Stronger Consumer Protection
The Central Bank of Nigeria (CBN) has outlined a five-point agenda to guide the next phase of financial technology (fintech) development in the country, stressing that innovation must be anchored on reliability, security, fairness and accessibility to ensure sustainable growth and deepen financial inclusion.
The apex bank said while Nigeria has made significant progress in digital financial services over the past decade, the industry’s continued expansion must be driven by stronger consumer protection, robust cybersecurity, fair competition and collaboration among stakeholders.
Governor of the CBN, Mr Yemi Cardoso, stated this in a goodwill message delivered at the 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026 held in Lagos.
Cardoso, who was represented by the Director of Payments System Supervision, Dr Rakiya Yusuf, said the next stage of fintech development should focus on delivering outcomes that strengthen public confidence in Nigeria’s digital financial ecosystem.
According to him, Nigerians must be able to access digital financial services that are dependable and efficient irrespective of transaction volumes.
He said: “Nigeria’s fintech development must deliver digital financial services that are reliable, secure, fair and accessible. Nigerians should be able to transact with confidence, including during periods of high demand.”
The CBN governor further stressed the need for greater transparency in pricing and more effective consumer protection mechanisms.
“Charges should be clear, complaints resolved promptly and failed transactions addressed without unnecessary hardship to customers. Cybersecurity and fraud prevention must remain a shared responsibility. Institutions must continually invest in secure technology, effective controls and practical customer education,” he said.
Speaking on behalf of Yusuf, Assistant Director at the CBN, Mr Babatunde Ajiboye, identified another critical pillar of the strategy as ensuring an open and competitive payments ecosystem.
According to him, innovation can only flourish where all qualified participants enjoy equal access to payment infrastructure.
“Competition must also remain open and fair, with qualified participants having equal access to essential payment infrastructure,” Ajiboye said.
The CBN emphasised that achieving these objectives would require collective efforts across the financial services industry, noting that regulators alone cannot build a resilient digital payments ecosystem.
It said banks, fintech firms, mobile money operators, payment switches, processors, telecommunications companies, consumer advocacy groups and government institutions all have critical roles to play in delivering a secure and inclusive financial system.
Looking ahead, the apex bank expressed confidence in Nigeria’s prospects as one of Africa’s leading digital finance markets.
“The future of Nigeria’s digital financial ecosystem is promising. Our population is young, entrepreneurial and increasingly connected. Our financial institutions have demonstrated a strong capacity for innovation. With appropriate regulation, responsible conduct and sustained investment, Nigeria can build a digital financial system that serves as a model for Africa and the wider world,” Cardoso said.
He assured stakeholders that the CBN would continue to encourage innovation capable of solving practical problems, broadening financial access and supporting economic growth.
“We will also continue to support innovation that solves real problems, expands access and strengthens the economy. We will also continue to act where market conduct, concentration, weak governance or operational risks threaten customers or the stability of the system. Our message is simple: innovation is welcome, fair competition is essential and public trust must remain at the centre of everything we do,” he added.
Cardoso commended the Business Journal Media Group for organising the roundtable, describing it as an important platform for dialogue on the future of financial inclusion and digital finance in Nigeria.
He urged participants to engage constructively and develop practical recommendations that would contribute to building a safer, fairer and more inclusive digital financial ecosystem.
Nigeria has witnessed rapid growth in fintech over the past decade, driven by increased smartphone penetration, expanding internet access and the adoption of digital payment platforms.
According to industry estimates, the country accounts for a significant share of Africa’s fintech investment and is home to several globally recognised fintech companies.
The CBN has also introduced a number of regulatory frameworks in recent years aimed at strengthening payment systems, enhancing consumer protection and promoting financial inclusion while safeguarding the stability of the financial sector.
The latest policy direction underscores the regulator’s determination to strike a balance between encouraging innovation and ensuring that Nigeria’s rapidly evolving digital financial ecosystem remains secure, transparent and resilient for businesses and consumers alike.
