The Central Bank of Nigeria is set to release a fintech survey report that signals a quiet but important shift in how the regulator relates to Nigeria’s growing digital finance sector.

Expected on Monday, February 2, the report is based on a nationwide survey of fintech operators, alongside workshops and policy discussions held throughout 2025. According to Nairametrics, which has reviewed details of the document, the findings reflect a more deliberate effort by the apex bank to understand how fintechs operate and scale, rather than treat them solely as regulatory outliers.

For much of the past decade, fintech firms have operated under rules designed primarily for traditional banks, often leading to friction, uncertainty, and slow approvals. The tone emerging from the survey suggests that this approach is evolving. Fintech is increasingly being recognised as core infrastructure, supporting payments, lending, data systems, and digital identity across the economy. While the report does not introduce new policies, it points to a more structured and continuous relationship between the CBN and fintech operators as digital finance expands.

CBN Governor Yemi Cardoso offered an early signal of this direction during remarks at a recent Bankers’ Committee meeting. He referenced discussions held at the Strategic Fintech Dialogue during the IMF Fall Meetings, where policymakers, innovators, and investors examined the future of digital finance. According to Cardoso, those conversations resulted in a consultative report intended to guide the next phase of Nigeria’s fintech development, with innovation anchored on consumer protection and financial stability as digital assets, and tokenisation as stablecoins gain prominence globally.

A growing sector, still uneasy with regulation

Beyond its softer tone, the survey also highlights the unresolved tensions within Nigeria’s fintech ecosystem. Responses show a sector divided in its experience of regulation. Some operators describe the environment as enabling, while others point to licensing delays and policy uncertainty that continue to slow growth. This contrast reflects an industry expanding faster than the rules governing it, with increasing calls for clearer and more predictable frameworks.

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The report also underscores how far the sector has matured. Real-time payments infrastructure is widely viewed as a national strength, while the use of artificial intelligence in fraud detection and credit scoring has become common practice. Many firms also support regulatory passporting as a way to enable compliant cross-border expansion.

Funding pressures remain

Despite its importance to the economy, the report points to the financial vulnerability of many Nigerian fintech firms. Nairametrics reports that raising capital locally remains difficult due to macroeconomic instability and currency risks, while reduced foreign investment has widened funding gaps. Offshore funding continues to dominate, exposing firms to global volatility.

Fintech operators advocate blended finance structures, credit guarantees, and deeper capital markets to support long-term growth. While the CBN is not expected to fund fintechs directly, the report suggests the regulator may act as a convenor, bringing together capital market participants and development finance institutions.

Taken together, the findings align with the CBN’s broader regulatory priorities, including supporting innovation while strengthening consumer protection, improving cybersecurity, tightening data governance, and clarifying digital asset rules. The survey suggests the central bank is repositioning itself not just as an enforcer, but as a steward of financial infrastructure in a rapidly digitising economy.

Meiza Nigeria