Central Bank of Nigeria Advocates for Responsible Fintech Innovation
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has emphasized the importance of integrating technological innovation with robust governance and consumer protection in the fintech sector. His call to action reflects a growing recognition that as innovation reshapes financial services, maintaining integrity and trust in the Nigerian financial system is paramount.
Commitment to Innovation and Governance
During a strategy session with fintech CEOs held as part of the IMF and World Bank 2025 Annual Meetings in Washington, Cardoso reiterated the CBN’s dedication to promoting innovation. However, he pointed out that such advancements must be underpinned by strong governance, effective risk management, and a commitment to consumer protection. He stated, “As we embrace new technologies, it is our responsibility to preserve the integrity of the financial system – maintaining strong governance, consumer protection and risk management so that trust in our institutions remains strong.”
Innovating with Integrity
The session, titled “Shaping the Future of Fintech in Nigeria: Innovation, Inclusion and Integrity,” engaged various stakeholders in the Nigerian financial ecosystem, including fintech founders, investors, regulators, and policy leaders. This closed-door forum served as a vital opportunity for the CBN to gain insights into industry trends and challenges while exploring policy frameworks that balance innovation and financial stability.
Collaboration for Sustainable Growth
Cardoso stressed the significance of collaboration and open dialogue between the CBN and fintech stakeholders in crafting policies that foster sustainable growth and consumer protection. He emphasized that creating an environment where innovative ideas can thrive under careful oversight is essential, and that inclusion should be at the core of these efforts.
Key Focus Areas for Policy Development
During discussions, participants identified five priority themes vital for policy alignment: innovation and responsible growth, infrastructure and interoperability, legal and political authorization, compliance, and financial integrity. By focusing on these areas, the CBN aims to create a regulatory environment that nurtures innovation while preserving market confidence.
Fostering Market Confidence and Investment
The need for a balanced regulatory landscape that enables innovation while ensuring market confidence is seen as essential for advancing Nigeria’s fintech sector. The forum culminated in a shared commitment among CBN and fintech leaders to maintain ongoing engagement and collaboration, aligning regulatory reforms with the nation’s broader financial innovation agenda.
Reassuring Foreign Investors
In a separate meeting, Governor Cardoso reassured foreign investors of Nigeria’s commitment to stabilizing its financial system and fostering an inviting investment climate. He underscored that the increase in external reserves reflects a growing resilience and confidence in Nigeria’s economic framework. Cardoso pointed out that a coordinated strategy between fiscal and monetary authorities positions Nigeria as a premier destination for long-term investments in Africa.
Conclusion
The initiatives led by the CBN highlight the critical balance between technological innovation and governance in Nigeria’s rapidly evolving financial landscape. As stakeholders work together to develop policies that foster inclusion, innovation, and integrity, the future of fintech in Nigeria looks promising.