CBN’s FinTech assessment report highlights sustainable innovation, system integrity

*The Central Bank of Nigeria released a comprehensive assessment of the West African country’s Financial Technology ecosystem, outlining practical policy directions to improve regulatory coordination, innovation, and strengthen system integrity

Gbenga Kayode | ConsumerConnect

For championing innovation as a complementary force within the financial system, the Central Bank of Nigeria (CBN) has released a comprehensive assessment of the West African country’s Financial Technology (FinTech) ecosystem.

ConsumerConnect reports the FinTech space has been expanding access, supporting efficiency, and ensuring reach to underserved consumers of financial products and services in Nigeria.

LG Funds: Osun Assembly accuses Minister of illegality, warns UBA Plc of complicity in financial crime

The CBN, in the report, outlined the priorities needed to sustain the current wave of innovation, strengthen system integrity, and support the next phase of digital financial growth in the ecosystem.

The Bankers’ Bank, in a statement, also noted that the report “examines the scale and maturity of Nigeria’s FinTech ecosystem, highlighting the country’s leadership in real-time payments and the structural factors shaping recent growth.

READ ALSO Health Alert: Nigeria Activates Initiative To Address Growing Concerns About Greenhouse Gas Emissions

Food Safety: Company Recalls Baby Biscuits Over Potential Plastic Contamination (See Full List)

NCC, Lagos Strengthen Collaboration For Sustainable Growth Of Telecoms Sector

“It positions FinTech innovation as a complementary force within the financial system, expanding access, efficiency, and reach, while preserving stability and resilience.”

The Nigerian banking sector regulator further explained the assessment effort was informed by surveys and extensive stakeholder engagement.

The report outlined practical policy directions to improve regulatory coordination, stated the CBN.

The Bank said: “It also outlines policies to strengthen supervisory capability, and support responsible innovation, including cross-border scale.

“It underscores interoperability, proportional regulation, and effective execution as critical enablers of sustainable ecosystem development.”

The regulator further stated: “This publication forms part of an ongoing series through which the CBN will continue to engage the financial sector, provide clearer regulatory direction, and support more coordinated execution.”

In respect of the core objective of the exercise, the Bank disclosed the report was intended to serve as “a shared reference point” for banks, FinTech firms, regulators, infrastructure providers, investors, and partners.

The CBN added: “This will help Nigeria to consolidate its position within the regional and global FinTech landscape.”

Kindly Share This Story