The Central Bank of Nigeria (CBN) has published a consultative policy report, Shaping the Future of Fintech in Nigeria: Innovation, Inclusion and Integrity. Published on 2 February, the report sets out a phased roadmap of proposed institutions and reforms.
The report draws on a nationwide ecosystem survey, a closed-door stakeholder workshop in June 2025, and the CBN Fintech Roundtable in October 2025. It concludes that, with frameworks such as the 2023 Open Banking Guidelines and the 2021 sandbox already in place, "the challenge is not policy absence but implementation gaps". Nearly nine in ten fintech firms report compliance costs curbing innovation, while over six in ten grapple with regulatory ambiguity and approval delays, with more than a third saying a new product can take over a year to reach market.
PROPOSED ENGAGEMENT FORUM
First among the report's ten priority policy options is a Standing Fintech Engagement Forum, slated for the roadmap's immediate phase (0–3 months). It could build on models such as the Bankers' Committee, while a separate proposed Regulatory Engagement Platform would have rotating co-chairs from the public and private sectors and a public calendar of engagement. The report says collaboration "cannot be ad hoc" and proposes an institutionalised platform for two-way engagement between regulators and fintech operators. Within the first three months, the roadmap proposes beginning technical scoping for a Single Regulatory Window to coordinate multi-agency licensing. In the 3–9 month phase, it proposes launching a pilot cohort for a Regulatory Sandbox 2.0 including AI and RegTech use cases; separately, it recommends widening the sandbox to areas such as AI, cross-border payments and embedded finance.
TACKLING FINANCIAL EXCLUSION
Some 26% of Nigerian adults were still financially excluded as of 2023, rising to 37% in rural areas, according to the report. The blueprint points to accelerated open banking, better digital identity infrastructure and compliance-as-a-service utilities, while some stakeholders argued that a dedicated digital bank licence may be a more effective pathway for inclusive lending. The survey found AI is already widely used in fraud detection and credit scoring.
The report also proposes a ‘test-then-codify’ approach, under which sandbox learnings would be converted into formal playbooks and proportionate rules.
POST-GREY-LIST MOMENTUM
The report highlights Nigeria's exit from the FATF grey list, announced on 24 October 2025, as central to restoring investor confidence and global reputation. It says the exit marks a significant milestone in restoring international confidence and reducing compliance frictions for cross-border finance.
Nigeria's NIBSS Instant Payment system processed close to 11 billion transactions in 2024, up from 5 billion in 2022, according to the report. In its 9–18 month phase, the roadmap proposes formalising a Fintech Advisory Council to oversee implementation.
FUNDING AND INCLUSION
According to the report, Nigerian startups raised over US$520 million in equity funding in 2024, out of a continental total of US$2.2 billion.
The report warns that without a dedicated implementation team there is a high risk that implementation efforts stall. It argues Nigeria can lead not just in adoption but in the design of the global fintech future, provided it enhances collaboration between regulators and innovators.
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