In a bold move to reshape Nigeria’s financial landscape, the Central Bank of Nigeria (CBN) has reaffirmed its commitment to strengthening its partnership with the fintech sector. This renewed collaboration aims to foster innovation, enhance financial inclusion, and reinforce the integrity of the nation’s financial system.
During a recent fintech stakeholders’ forum in Lagos, CBN representatives highlighted the critical role that financial technology plays in transforming the banking and payments ecosystem. As digital finance continues to evolve rapidly, the apex bank emphasized that strategic alignment between regulators and fintech innovators is essential to ensure sustainable growth and mitigate systemic risks.
“We recognize the fintech industry as a vital partner in building a more inclusive and resilient financial system,” said Dr. Mustapha Haruna, Director of Payments System Management at CBN. “Our focus is to enable innovation while ensuring that all players operate within a framework that upholds transparency, security, and consumer protection.”
Nigeria’s fintech sector has experienced exponential growth in recent years, with startups leading breakthroughs in mobile payments, digital lending, blockchain, and financial literacy tools. The CBN’s proactive regulatory measures—including the introduction of a regulatory sandbox and open banking guidelines—have provided a structured environment for experimentation and innovation.
One of the central pillars of this partnership is enhancing financial inclusion. According to the CBN, over 36% of Nigeria’s adult population remains unbanked. By collaborating with fintechs, especially those targeting rural and underserved populations, the bank hopes to bridge this gap using mobile-based platforms and innovative financial products.
Integrity within the system remains another key priority. In light of increasing cybersecurity threats and fraud cases, the CBN is working closely with fintech firms to enforce stronger Know Your Customer (KYC) and Anti-Money Laundering (AML) standards, ensuring user trust and systemic stability.
Industry leaders have welcomed the CBN’s approach, noting that a collaborative regulatory environment fosters confidence and accelerates progress. As Nigeria moves towards becoming a cashless and digitally empowered economy, this strengthened alliance between the regulator and the innovators is poised to unlock new economic opportunities and reshape the country’s financial future.
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