Omo, Naija fintech sector don burst dey shine for global level as Central Bank of Nigeria (CBN) release one big report wey dey show how we don turn from just African innovators to global trendsetters for digital finance.
This report wey dem call ‘CBN Fintech Report: Shaping the Future of Fintech in Nigeria – Innovation, Inclusion and Integrity’ na serious matter wey dey map out wetin we fit do to balance tech sabi with correct regulation. The report dey talk as fintech don become major player for our economy, and how e fit mix well with traditional banking.
Before now, plenty people dey see fintech as wahala; now dem don come realize say na powerful engine wey fit drive growth and change for Naija economy. Naija firms like Flutterwave dey show face for international scene, and with this policy, e be big time for us.
According to Brand Communicator, this new report dey change the whole fintech game. E dey emphasize say we need structured regulation so that we fit grow together with industry players like fintechs, banks, and telecoms. Fintech no be small thing anymore; dem dey contribute more than 70 percent of electronic payment transactions for Naija.
But wetin dey cause this mad acceleration? Na sharp adoption of real-time payments wey Naija don key into since 2011. This initiative don push us ahead of even ojoro countries like America and many European nations. By 2024, we dey process around 11 billion instant transactions—up from 5 billion in 2022! Na huge leap no be small.
Plus, fintechs like Moniepoint don jump on board, commending the report for promoting collaboration between regulators and innovators. But make we no lie: some fintechs dey fear as regulatory bottlenecks dey slow down their hustle, making things dey tight for them.
CBN talk say dem sabi say challenges dey. Over 87 percent of fintech companies don talk say compliance costs dey affect their ability to innovate. E fit take dem up to one year just to get approval from regulators, and that one dey mess up their chances to compete globally.
CBN no just sit down dey watch; dem dey propose solutions like coordinating regulatory frameworks, modern licensing, and making sure solid cybersecurity dey in place. Dem even introduce something wey dem dey call regulatory sandboxes, where fintechs fit test their new ideas without wahala.
The report dey plan big things o! Naija fit become global benchmark for digital finance governance. As we don exit FATF grey list after massive reforms, confidence don dey boost among global investors. This one na win-win for Naija.
Next level growth go come from AI, cross-border payments, and financial inclusion. E get 87 percent of our fintechs wey don start dey use AI for things like detecting fraud and scoring credits. That one loud! Dem dey push for regulatory frameworks wey go allow dem operate across Africa seamless.
But make we no forget say plenty Nigerians still dey outside the formal financial system. 26 percent of adults no fit access proper financial services, and that number dey go up to 37 percent for rural areas. Na here strategic identity systems and open banking frameworks go come play their role.
Finally, na our compatriots wey dey lead these changes. Companies like Flutterwave dey show Naija talent fit shine for global stage. E don extend operations to over 30 African countries and the way dem do am don give hope for our fellow Naija startups. Naija no go only follow trend, we go set am!
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