*The Central Bank of Nigeria urges the next stage of Financial Technology development must focus on five important outcomes towards delivering digital financial services that are reliable, secure, fair, accessible to consumers, and sustainable
Alexander Davis | ConsumerConnect
In achieving sustainable growth of the initiative, the Central Bank of Nigeria (CBN) has said the next stage of Financial Technology (FinTech) development in the country must focus on five important outcomes.
Mr. Yemi Cardoso, Governor of CBN, said this in a goodwill message delivered Friday, July 31, 2026, at the 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026, in Lagos.
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Cardoso said Nigeria’s FinTech development must deliver digital financial services that are reliable, secure, fair and accessible.
The CBN Chief, represented by Dr. Rakiya Yusuf, Director of Payments System Supervision, also explained that Nigerians should be able to transact with confidence, including during periods of high demand.
He stated: “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.”
Mr. Babatunde Ajiboye, Assistant Director at CBN, who also stood in for Yusuf, said another major strategy is to ensure that “competition must also remain open and fair, with qualified participants having equal access to essential payment infrastructure.”
The Bankers’ Bank said it could not achieve these strategies alone, saying that banks, FinTech companies, mobile money operators, switches, processors, telecoms companies, consumer groups, and government institutions all have important roles to play to realise the outcomes.
Looking ahead, the CBN said: “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.”
The CBN Governor further pledged that the Bank would 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 welcome, fair competition is essential and public trust must remain at the centre of everything we do.”
Cardoso as well commended the Business Journal Media Group for organising the Roundtable.
He encouraged participants to engage openly, and develop practical recommendations that would advance a safer, fairer and more inclusive digital financial ecosystem in Nigeria.