CBN: Five pillars for next-generation Fintech growth in Nigeria - ITREALMS

The Central Bank of Nigeria (CBN) has declared that the next phase of fintech development in the country must center on five strategic outcomes to drive sustainable expansion, consumer confidence, and economic resilience, reports ITREALMS.

Speaking in Lagos at the 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026, CBN Governor Mr. Olayemi Cardoso stated that Nigeria’s evolving digital financial ecosystem must consistently deliver services that are reliable, secure, fair, and widely accessible.

Cardoso was represented at the event by Dr. Rakiya Yusuf, Director of Payments System Supervision.

Highlighting the apex bank's vision for the sector, Cardoso noted that customers must be empowered to transact with absolute confidence, even during periods of peak market demand.

“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,” the CBN Governor emphasized.

Reinforcing these remarks, Mr. Babatunde Ajiboye, Assistant Director at the CBN, who represented Dr. Yusuf, stressed that maintaining an open and fair competitive landscape is equally vital, ensuring that qualified industry participants retain equal access to essential payment infrastructure.

The apex bank acknowledged that achieving these strategic objectives requires a collaborative multi-stakeholder framework. Banks, fintech firms, mobile money operators, switches, processors, telecommunications companies, consumer advocacy groups, and government bodies all share critical roles in solidifying the ecosystem.

Looking ahead, the CBN expressed profound optimism regarding Nigeria's digital financial future, driven by a young, entrepreneurial, and increasingly connected demographic coupled with strong domestic institutional capacity for innovation.

“We will 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 is welcome, fair competition is essential and public trust must remain at the centre of everything we do,” the CBN assured.

The high-profile roundtable convened key regulatory chiefs, financial industry captains, and corporate executives in Lagos, drawing leaders such as Dr. Umaru Kwairanga, Group Chairman of the Nigerian Exchange Group (NGX); Dr. Chinyere Almona, Director-General/CEO of the Lagos Chamber of Commerce and Industry (LCCI); and Prince Cookey, Publisher/Editor-in-Chief of Business Journal, alongside prominent figures from the insurance, banking, and private enterprise sectors.