The Central Bank of Nigeria (CBN) has stressed the importance of regulatory compliance for financial technology (Fintech) players in the country.
CBN Governor, Olayemi Cardoso, said this is necessary to guarantee more innovations from the sub-sector and further boost trust in the system among Nigerians.
Cardoso, who also noted that innovation, collaboration and confidence will shape Nigeria’s digital financial future, stated this yesterday, at the opening of the ongoing Nigeria Fintech Week 2025 organised by Fintech Association of Nigeria (FintechNGR) in Abuja.
The CBN Governor, who was represented by the Director, Payments System Supervision at CBN, Dr Rakiya Opemi Yusuf, disclosed that there has been huge adoption of electronic payments in the country.
He disclosed that while there were 3.9 billion volumes of electronic payment transactions as of August 2024, valued at N280 trillion, “compared to 4.12 billion volumes amounting to N384 trillion as of July 2025. This shows increased traction and we must build trust in the system.”
The Apex Bank boss explained that the Nigerian Fintech ecosystem would require harmony between innovators and regulators, between inclusion and security, and between competition and collaboration, adding that only through such balance can Nigeria orchestrate a future that advances innovation, strengthens trust, and enhances financial inclusion.
“Innovation is a catalyst of Fintech and the lifeblood of Nigeria’s digital economy. From mobile payments to AI-driven services, Fintech innovations are reshaping access to finance. The Central Bank of Nigeria embraces responsible innovation, providing space for creativity, while safeguarding financial stability. By balancing innovation with good data oversight, we allow new technologies to flourish while protecting consumers and the broader financial system. An economy is incomplete if some instruments are silenced. Likewise, national progress suffers when communities are excluded,” Cardoso said.
According to him, financial inclusion remained central to the sensitivity in achieving the mandates. He said initiatives such as agent banking and microfinance expansion target the grassroots communities, adding that fintech solutions like mobile wallets and USSD services are lowering barriers, but technology alone cannot close the gap.
Cardoso therefore called for a combined innovation with collaboration across government, industry, and communities to build trust, improve literacy, and extend financial services to rural and urban-settled Nigerians.
Chairman, Senate Committee on Banking and Insurance, Abiru Adetokunbo, reiterated the Senate’s commitment to supporting the growth of digital solutions and access to opportunities to all, recognising the pivotal role that digital innovation plays in driving economic growth, improving governance and enhancing the quality of life for all Nigerians.
He spoke about the InnovationLab he founded a few years ago to shape the digital future and provide an enabling environment for young people to gain access to free training in tech skills that would enable them to compete favorably in the global markets.
According to him, the InnovationLab has trained over 9,000 Nigerians in digital skills, in the areas of data science, game development, software development, digital marketing and digital training skills for teachers and STEM training for students in secondary schools across the country.
Group Executive, First Bank of Nigeria, Callistus Obetta, in his keynote address, said the Fintech sector has experienced exponential growth, driven by rapid technological advancements, evolving customer expectations and the seamless integration of finance and technology.
President, Fintech Association of Nigeria (FintechNGR), Dr Stanley Jacob, said: “Over the years, Nigeria has established itself as a leading Fintech hub on the African continent, driven by visionary entrepreneurs, forward-looking regulators, committed investors, and an ever-growing community of innovators. The progress reflects our collective resolve to deepen financial inclusion, strengthen trust, and unlock new opportunities for sustainable growth. The symphony we envision is one where every stakeholder plays a vital role and where collaboration amplifies individual efforts into shared prosperity.”
Vice President, FintechNGR, Dr Jameelah Sharrieff-Ayedun, said the Nigeria Fintech Week has evolved into a global stage where thought-leaders, innovators, regulators, investors, and industry stakeholders converge to exchange ideas, showcase solutions, and foster partnerships that drive transformation.
