Nigerian fintech companies have called on the Central Bank of Nigeria CBN to establish a National Fintech Committee aimed at bridging regulatory gaps, fostering innovation, and deepening financial inclusion across the country. The appeal was detailed in a new CBN report titled which outlines key challenges facing the sector and recommendations to strengthen its growth. According to the report, 75 of fintech respondents support the creation of regular, high-trust engagement forums with regulators, while 100 expressed willingness to collaborate through policy pilots, regulatory sandboxes, or working groups.
The proposed committee would mirror the structure of the Bankers Committee, serving as a platform for collaborative policy formulation and dialogue between fintech operators and regulators. By adopting this approach, the report suggested, Nigeria could foster a more enabling environment for innovation and the sustainable growth of its fintech ecosystem.
Beyond regulatory concerns, the report found that 62.5 of Nigerian fintechs are planning to expand into other African countries, with artificial intelligence and real-time payments identified as the next frontiers driving sectoral growth. However, persistent challenges continue to hinder progress, including poor broadband penetration, limited access to digital identity systems, incomplete data-sharing mechanisms, and high compliance costs. These gaps have constrained innovation and slowed the rollout of new products, with 82.5 of firms reporting that lengthy approval timelines remain a major obstacle.
