10 things Nigerian fintechs want from CBN to be successful

Nigeria’s fintech operators have laid out clear expectations for the Central Bank of Nigeria as the regulator charts the next phase of oversight for one of the country’s most dynamic sectors.

On Monday, the CBN released its first Fintech Report titled Shaping the Future of Fintech in Nigeria: Innovation, Inclusion and Integrity.

The report draws from stakeholder surveys, closed-door workshops and roundtables held with fintech operators across the country, offering rare insight into how industry players assess regulation, infrastructure and the operating environment.

The feedback reflects a sector at a crossroads. While half of the respondents described the regulatory environment as enabling, the other half said it remains restrictive.

Operators pointed to licensing delays, unclear guidance and inconsistent application of rules as key sources of friction.

Access to capital also emerged as a major constraint, with macroeconomic volatility, foreign investment approval delays and currency risk weighing heavily on investor appetite.

Against this backdrop, Nairametrics outlines specific actions fintech operators want the CBN to take to support smoother operations and long term growth.

Here are the 10 key requests. 

Establish a permanent CBN–Fintech engagement forum 

Operators want a standing engagement platform between the CBN and fintechs, meeting quarterly or biannually, as envisioned under the Payments System Vision 2025. The goal is to enable open dialogue, early identification of market risks, coordination on innovation pilots and faster resolution of supervisory concerns.

Create a single regulatory window for compliance 

Fintechs are asking the CBN to explore a single regulatory window that simplifies interactions with multiple regulators. Such a framework would reduce duplicative compliance requirements, cut approval timelines and improve time to market for new products.

Review licensing timelines and regulatory guidance 

Delays and ambiguity around approvals featured prominently in the feedback. Operators want clearer operational guidelines and more predictable timelines, arguing that uncertainty increases costs and discourages both innovation and investment.

Help unlock access to capital through structured support 

Access to finance remains a major bottleneck. While acknowledging that the CBN cannot run venture funds, the fintechs want the CBN to convene public-private stakeholders to assess the feasibility of a fintech-specific growth fund, credit guarantee scheme, or blended finance model.

They want the CBN to convene partners such as the Development Bank of Nigeria or InfraCredit to structure blended finance and risk sharing models aligned with PSV2025.

Improve access to digital identity infrastructure 

Fintechs want the CBN to work closely with identity management agencies to expand access to digital ID systems via APIs at affordable costs. They also want minimum service levels and contingency arrangements to reduce disruptions that affect onboarding and transaction processing.

Develop shared compliance tools for regulated fintechs 

Operators are pushing for shared infrastructure, such as a Compliance as a Service model. This would allow regulated fintechs to plug into standardised compliance tools, lowering costs while improving regulatory consistency and oversight.

Strengthen fraud intelligence sharing frameworks 

Fraud remains a systemic risk across the ecosystem. Fintechs want a secure, centralised infrastructure for fraud intelligence sharing, backed by mandatory reporting standards, to improve early detection and coordinated responses across institutions.

Expand the GSI framework to more lenders 

Respondents want the Global Standing Instruction framework extended beyond traditional banks to include regulated fintech lenders and microfinance institutions. This, they argue, would strengthen credit discipline and reduce defaults across digital lending markets.

Revisit PSB guidelines to support inclusion 

Payment Service Banks are seen as critical to financial inclusion, but operators believe current lending restrictions limit their impact. Fintechs want the CBN to review PSB operational guidelines to find a balance between prudent risk oversight and broader credit access.

Pilot a regulatory passporting programme across Africa 

Finally, fintechs are urging the CBN to explore a regulatory passporting framework in partnership with other African central banks. Such a programme would allow mutual recognition of licences, initially on a bilateral or sub regional basis, to support cross border expansion for eligible firms operating in multiple jurisdictions.