The Central Bank of Nigeria (CBN) has reaffirmed its commitment to promoting responsible innovation in the country’s rapidly evolving fintech sector, emphasizing that sustained growth must be anchored on trust, compliance, and consumer protection.
Olayemi Cardoso, CBN governor, made this known at the Nigeria FinTech Week 2025 held in Lagos, on Tuesday.
Cardoso, who was represented by Yusuf Rakiya Opeyemi, the director of payment system supervision, CBN, commended the Fintech Association of Nigeria (FintechNGR) for creating a platform that continues to unite regulators, innovators, and investors to chart the course of Nigeria’s digital future.
He said the theme of the week, “Fintech Ecosystem Symphony: Orchestrating Nigeria’s Digital Future”, aptly captures the delicate harmony required between innovation and regulation in building a safe and inclusive financial ecosystem.
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“Like an orchestra, our fintech ecosystem requires harmony between innovators and regulators, between inclusion and security, and between competition and collaboration. Only through such balance can we orchestrate a future that advances innovation, strengthens trust, and enhances financial inclusion,” he said.
The CBN governor noted that innovation remains the lifeblood of the digital economy, as fintech products, from mobile payments to AI-driven financial services, continue to expand access and convenience for millions of Nigerians.
However, he cautioned that technological progress must not outpace the safeguards necessary to protect consumers and the financial system. “The Central Bank embraces responsible innovation. We provide space for creativity while safeguarding financial stability. Regulatory compliance is not an obstacle but a precondition for sustainable growth,” Cardoso added.
He disclosed that the apex bank has taken several steps to ensure this balance, including the adoption of ISO 20022 messaging standards for payment interoperability, and geofencing and geotagging of terminals to enhance transaction traceability and combat fraud. These measures, he said, are part of broader efforts to build a more resilient, transparent, and trusted digital payment infrastructure.
Cardoso also highlighted the CBN’s ongoing work on the open banking framework, which allows the secure sharing of financial data, with customer consent, between banks and fintechs. He described the initiative as a significant milestone in Nigeria’s financial innovation journey, one that would encourage collaboration, competition, and customer-centric product development.
However, he noted that implementation would be gradual to ensure the right safeguards are in place. “Our approach to open banking remains measured. We are ensuring that the necessary controls around fraud prevention and data protection are firmly established before full rollout,” he explained.
On financial inclusion, CBN governor said that despite the rapid rise of mobile wallets, agent banking, and USSD services, technology alone cannot close the financial access gap. He called for stronger collaboration between fintech companies, banks, and government agencies to extend literacy, build consumer trust, and reach underserved rural communities.
“A symphony is incomplete if some instruments are missing. Likewise, national progress suffers when communities are excluded. Our collective commitment must be that no region or community is left behind in Nigeria’s digital transformation,” he said.
The CBN’s data, he said, reflects growing public confidence in digital payments. The total number of electronic transactions increased from 3.9 billion valued at N280 trillion in August 2024 to 4.12 billion valued at N384 trillion by July 2025. “This sustained growth underscores the Nigerian public’s confidence in digital platforms and the depth of consultation within our payment ecosystem,” he added.
To sustain that momentum, the apex bank continues to strengthen cybersecurity frameworks, enhance fraud detection systems, and collaborate with the Nigerian Electronic Fraud Forum (NeFF) and other enforcement agencies to safeguard consumers.
Cardoso urged fintech founders and innovators to view regulators as partners rather than obstacles, stressing that both parties share a common goal, which is to build a financial system that is inclusive, transparent, and trusted. “Innovation thrives where there is trust. We must build a compliance-based trust, a trusted business is a sustainable business. Trust is the bridge between technology and transformation. Without it, innovation will not deliver its full promise,” he affirmed.
In his welcome address, Dr. Stanley Jacob, president of the Fintech Association of Nigeria (FintechNGR), said this year’s conference theme: “Orchestrating the Future of Finance”, reflects the sector’s shared responsibility to harmonize innovation, policy, and impact.
“The fintech ecosystem is no longer a collection of startups working in silos. It is a movement of innovators, regulators, investors, and educators working together to transform Nigeria’s economy. Collaboration is the rhythm that sustains our symphony of progress,” Jacob said.
Jacob outlined FintechNGR’s strategic initiatives, including its Policy Innovation (PI) Agenda, capacity-building programmes, and expansion of Nigeria FinTech Week to more cities across Africa. He added that the association now represents over 600 member institutions, spanning banks, technology firms, investors, and universities, demonstrating the depth of Nigeria’s innovation ecosystem.
Dr. Segun Aina, president of the Africa Fintech Network (AFN), emphasized the need for harmonised regulations across African markets to enable startups to scale beyond their borders. “Africa cannot compete globally if its fintech innovators remain confined by fragmented national regulations. Our goal is to create a single African fintech market, driven by trust, interoperability, and shared standards,” Aina said.
He revealed that the AFN is working with regional bodies to introduce a cross-border licensing framework that would allow fintechs to operate across multiple African jurisdictions with a single approval process.
For her part, Dr. Jameelah Sharrief-Ayedun, CEO of CreditRegistry and chairperson of the FintechNGR Nigeria FinTech Week Committee, said the industry must ensure that consumers are not left behind in the digital transformation journey.
“Fintech is not just about innovation, it is about inclusion. As we adopt artificial intelligence, blockchain, and open banking, we must make sure these innovations serve real human needs, protect data, and inspire confidence,” Sharrief-Ayedun stated.
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Sharrief-Ayedun also urged delegates to turn networking opportunities into tangible collaborations that move Nigeria’s fintech ecosystem forward. “Every connection made here must contribute to something bigger, partnerships that make finance safer, smarter, and more inclusive,” she added.
The Nigeria FinTech Week 2025, hosted by FintechNGR in partnership with the CBN, the Africa Fintech Network, and other ecosystem stakeholders, attracted participants from over 20 countries, including regulators, startups, investors, and technology firms.
Panel sessions at the event explored topics such as open banking adoption, digital identity, cybersecurity, cross-border payments, and AI in financial services, with experts agreeing that regulation and innovation must evolve together.
