By Paul Chimodo
The Central Bank of Nigeria, CBN, has identified four major challenges it says are slowing the growth of Nigeria’s fintech industry.
Speaking on behalf of CBN Governor Olayemi Cardoso at the opening of Nigeria Fintech Week 2026 in Lagos, the Head of the CBN’s Innovation Management Division, Abiodun Okunola, identified fragmented regulation, lack of trust, financial exclusion and fear of innovation as key barriers to the sector’s development.
Okunola said Nigeria’s fintech sector is rapidly expanding beyond traditional payment services into areas such as artificial intelligence, open finance, embedded finance, digital assets and cross-border payments.
On regulation, he said fintech companies operating across different areas of financial services often have to deal with multiple regulators, licences and compliance requirements, which can delay the introduction of new products.
He disclosed that the CBN has established an Innovation Management Division to improve coordination among regulators and reduce unnecessary delays.
Okunola also highlighted trust as a major requirement for the continued adoption of digital financial services, saying customers need confidence that their money and personal information are secure and that complaints will be addressed promptly.
He further identified financial exclusion as another challenge, particularly for persons with disabilities and other groups whose needs are not adequately addressed by existing financial infrastructure.
The CBN official also warned that fear of innovation could prevent regulators from responding effectively to new technologies and financial products.
He argued that regulation and innovation should work together, with regulators providing safeguards without creating unnecessary barriers to new ideas.
According to the report, Nigeria currently has more than 430 fintech companies, with the CBN identifying interoperability and stronger coordination among financial institutions, technology companies and regulators as important to the sector’s continued expansion.
