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The Central Bank of Nigeria (CBN) has identified five strategic priorities that will shape the next phase of fintech development in the country, stressing that sustainable growth will depend on building a digital financial ecosystem that is secure, inclusive, competitive, and trusted by consumers.
The apex bank made the disclosure during the 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026held in Lagos, where it reaffirmed its commitment to supporting innovation while safeguarding financial stability and consumer protection.
Delivering a goodwill message on behalf of the CBN Governor, Olayemi Cardoso, the Director of the Payments System Supervision Department, Dr. Rakiya Yusuf, said Nigeria’s rapidly expanding fintech sector must evolve in a manner that delivers reliable and accessible digital financial services to individuals and businesses.
According to the CBN, the country’s next phase of digital finance growth should focus on ensuring that financial services remain dependable, secure, transparent, competitive, and inclusive.
Reliable and customer-focused digital financial services
The Central Bank noted that Nigerians should be able to access digital payment services confidently, including during periods of peak transaction volumes, without disruptions or service failures.
It emphasised the need for payment service providers to improve customer experience by ensuring pricing remains transparent, customer complaints are resolved promptly, and failed transactions are addressed efficiently.
The regulator also stressed that institutions must strengthen customer protection by adopting fair market practices and improving service delivery across the digital financial ecosystem.
“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 stated.
Stronger cybersecurity and fraud prevention
The apex bank identified cybersecurity as another critical pillar for sustaining confidence in Nigeria’s digital payments ecosystem.
According to the CBN, financial institutions, fintech companies, and other payment service providers must continue investing in secure digital infrastructure, robust internal controls, fraud prevention systems, and customer awareness initiatives to mitigate evolving cyber threats.
The bank maintained that protecting consumers and strengthening operational resilience must remain a shared responsibility across the financial services industry.
Promoting fair competition
The Central Bank also underscored the importance of maintaining an open and competitive digital payments landscape where qualified operators can compete on equal terms.
Speaking during the event, Assistant Director at the CBN, Babatunde Ajiboye, who represented Dr. Yusuf, said all eligible participants should have fair access to essential payment infrastructure to support innovation and market development.
“Competition must remain open and fair, with qualified participants having equal access to essential payment infrastructure,” he said.
The regulator reiterated that while innovation should be encouraged, no institution should be allowed to distort competition or create barriers that limit consumer choice or undermine market efficiency.
Industry-wide collaboration
The CBN acknowledged that achieving these objectives will require stronger collaboration among stakeholders across the financial ecosystem.
According to the apex bank, banks, fintech companies, mobile money operators, payment processors, switching companies, telecommunications providers, consumer advocacy groups, and government institutions all have important roles to play in building a resilient digital financial system.
The regulator stressed that collective action will be essential to improving financial inclusion, strengthening trust, and ensuring the long-term sustainability of Nigeria’s digital economy.
Building Africa’s leading digital finance ecosystem
Looking ahead, the CBN expressed optimism about the future of Nigeria’s fintech industry, citing the country’s youthful population, expanding digital connectivity, and growing capacity for innovation.
The bank noted that with appropriate regulation, responsible business conduct, and sustained investment in technology, Nigeria has the potential to build one of Africa’s most advanced digital financial ecosystems.
“The future of Nigeria’s digital financial ecosystem is promising. Our population is young, entrepreneurial, and increasingly connected. Our financial institutions have demonstrated a strong capacity for innovation. With appropriate regulation, responsible conduct, and sustained investment, Nigeria can build a digital financial system that serves as a model for Africa and the wider world,” the CBN said.
The regulator reaffirmed its commitment to supporting innovations that solve real economic challenges, expand access to financial services, and strengthen Nigeria’s economy.
It also emphasised that it would continue to take appropriate regulatory action where poor governance, unfair market practices, excessive market concentration, or operational weaknesses threaten consumer protection or financial system stability.
“Innovation is welcome, fair competition is essential, and public trust must remain at the centre of everything we do,” the CBN added.
The apex bank commended the organisers of the Business Journal Fintech & Financial Inclusion Roundtable and encouraged participants to contribute practical recommendations that will help advance a safer, more inclusive, and resilient digital financial ecosystem in Nigeria.
Driving sustainable fintech growth
The CBN’s roadmap reflects the regulator’s broader strategy of balancing innovation with effective oversight as Nigeria’s fintech sector continues to expand.
Industry experts believe that strengthening cybersecurity, promoting fair competition, improving customer protection, and enhancing collaboration among stakeholders will be critical to sustaining digital financial inclusion and reinforcing Nigeria’s position as one of Africa’s leading fintech markets.
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