The Central Bank of Nigeria (CBN) has reaffirmed its steadfast commitment to fostering financial innovation, fortifying regulatory collaboration, and deepening financial inclusion across the nation. This commitment is being pursued through sustained engagement with Nigeria's rapidly evolving fintech industry. This position was notably emphasized during a high-level Executive Fintech Roundtable, convened by CBN Governor Olayemi Cardoso in Washington D.C. The roundtable, held on the sidelines of the IMF–World Bank Annual Meetings, aimed to strategically align Nigeria’s fintech transformation with ongoing global policy and investment conversations.

Under the theme “Shaping the Future of Fintech in Nigeria: Innovation, Inclusion, and Integrity,” the closed-door session brought together senior CBN officials and prominent Nigerian fintech executives. Over two hours of intensive dialogue, participants focused on critical strategies for building a resilient and globally competitive digital finance ecosystem.

During her opening remarks, the Director of Payment System Management highlighted that Nigeria’s impressive fintech growth is a direct result of a supportive policy environment. She noted a significant surge in transaction volumes, which escalated from $2.6 billion in 2019 to an estimated $46.6 billion in 2024. This remarkable growth reflects the CBN's consistent efforts to strike a delicate balance between fostering innovation and ensuring financial stability. She clarified that the session was primarily a “listening session,” designed for the Governor to gather insights directly from the innovators shaping the industry and to collaboratively design the next chapter of Nigeria’s fintech success story.

Discussions during the roundtable delved into five core thematic areas: Innovation and Responsible Growth, Infrastructure and Interoperability, Cross-Border Licensing and Passporting, Compliance and Financial Integrity, and Market Confidence and Sustainable Capital Flows. CBN leadership underscored that the Bank’s regulatory philosophy is continuously evolving towards a partnership-driven oversight model. This approach is specifically designed to stimulate innovation effectively without compromising the stability or integrity of the financial system.

In his closing address, Governor Cardoso commended all participants for their invaluable insights, reiterating that fintech companies are vital partners in achieving Nigeria’s ambitious financial inclusion and digital transformation goals. He articulated the CBN's approach as “pro-innovation but risk-aware,” affirming the Bank’s dedication to cultivating an environment where innovation can thrive responsibly, while simultaneously safeguarding the integrity of Nigeria's financial system.

Governor Cardoso also disclosed that the CBN is actively reviewing existing frameworks governing digital assets and stablecoins. This review is being conducted through a high-level inter-governmental committee, ensuring that Nigeria remains aligned with global standards while diligently maintaining its monetary sovereignty. He acknowledged that while perceptions of the regulatory environment currently remain mixed, the CBN’s ultimate objective is to significantly enhance clarity, transparency, and predictability in all its engagements with the dynamic fintech sector. His goal is to elevate the industry's view of regulation as enabling from the current 50% to a full 100%.

Furthermore, the Governor reiterated the Bank’s ongoing efforts to consolidate its regulatory structures. He highlighted the strategic creation of a new Compliance Department, which integrates anti-money-laundering (AML/CFT), cybersecurity, and market conduct supervision under one unified and streamlined structure. Ms. Shola Phillips, Special Adviser to the Governor on compliance and risk, elaborated on the Bank’s evolving approach to supervision, emphasizing its aim to strengthen trust and enhance competitiveness across the entire financial system. She stated, “We are repositioning compliance as a competitiveness advantage for Nigerian fintechs. By embedding integrity into innovation, we strengthen confidence among investors, partners, and consumers while ensuring that growth remains sustainable and secure.”

Supporting the Governor’s remarks, the Deputy Governor for Economic Policy stressed that the CBN’s comprehensive economic reform journey has successfully stabilized the macroeconomic environment. This stability provides a robust platform for digital innovation to accelerate economic growth. He concluded, “The next phase of Nigeria’s growth will be powered by technology, data, and collaboration. That is why these conversations are critical; they allow us to co-design solutions that sustain innovation while reinforcing financial resilience.” The roundtable concluded with a strong shared commitment between the CBN and fintech stakeholders to continue these structured engagements, which are expected to translate into actionable policies and collaborative frameworks.