Nigeria’s fintechs are calling for the creation of a National Fintech Committee to bridge regulatory gaps, promote innovation, and deepen financial inclusion across the country.
This was contained in a Central Bank of Nigeria (CBN) report titled “Shaping the Future of Fintech in Nigeria: Innovation, Inclusion and Integrity,” which highlights major challenges facing the sector in scaling operations.
“75% of respondents favour the creation of regular, high-trust engagement forums with regulators. 100% expressed willingness to collaborate through policy pilots, regulatory sandboxes, or working groups,” the report stated.
The proposed National Fintech Committee shares similarities with the Bankers’ Committee, a regulator-led group comprising the Central Bank of Nigeria and the chief executives of Nigerian banks. The Bankers’ Committee collaborates to address systemic challenges in the banking sector, such as shared IT infrastructure and power supply issues.
Similarly, the National Fintech Committee would provide a structured platform for fintech companies and regulators to engage, co-create policies, and address sector-specific challenges.
By emulating the collaborative approach of the Bankers’ Committee, the National Fintech Committee could play a pivotal role in shaping a conducive environment for fintech innovation and growth in Nigeria
Challenges in the sector
The report showed that 62.5% of Nigerian fintechs plan to expand into other African countries, showing a growing interest in cross-border growth. It noted that AI and real-time payments are driving the next wave of growth, with fintechs using these tools for fraud detection, credit scoring, and faster transactions.
“There is strong support for regulatory passporting frameworks to enable seamless, compliant expansion into peer African markets,” it stated.
However, Nigeria’s fintech ecosystem continues to face persistent infrastructure gaps, including limited broadband penetration, lack of universal access to digital ID verification, incomplete data-sharing systems, and weak open-data frameworks. These challenges, it noted, continue to affect the cost and reliability of fintech operations.
The report revealed that 87.5% of respondents believe that compliance costs significantly impact their capacity to innovate. In addition, 82.5% said lengthy regulatory approval timelines delay product rollouts, with some firms spending over a year to bring new products to market.
CBN proposals
The Central Bank of Nigeria (CBN) has proposed a set of frameworks to streamline interactions between regulators and fintech operators
Regulatory Engagement Platform (REP): A dedicated platform for structured dialogue between regulators and fintechs. It would host quarterly working groups, provide early feedback on proposals, and resolve implementation challenges. Outputs would be public, guided by a calendar of engagement.
Smart Licensing and Supervisory Gateway (SLSG): A centralized digital portal for multi-agency onboarding, licensing, and reporting. It would digitize forms, track workflows, include a helpdesk, and use European protocols and analytics for continuous improvement.
Open Finance Lab (OFL): A sandbox for open finance initiatives, covering data portability, ethics, and novel digital services. Banks, payment providers, and fintechs could test solutions under supervision, track outcomes, and refine open banking practices. It may align with the CBN’s Financial Services Innovation Hub.
Fintech Trust and Safety Charter (FTSC): A voluntary charter setting standards for data protection, responsible AI, fair competition, and grievance redress. Participating firms could be publicly listed and gain fast-track access to pilot programs.
Fintech Credit Guarantee Window (FCGW): A blended-finance mechanism to de-risk MSME lending by fintechs, particularly for youth- and women-led enterprises. Administered alongside development finance institutions, it aims to expand inclusive credit while complementing national guarantee efforts.