Inside CBN’s ambition to shape the future of global digital finance

Nigeria is no longer just one of Africa’s largest fintech markets, but it now has the scale, infrastructure, and regulatory framework to shape the future of global digital finance, according to a recent policy report released by the Central Bank of Nigeria (CBN).

The 2025 ‘CBN Fintech Report: Shaping the Future of Fintech in Nigeria – Innovation, Inclusion and Integrity’ positions Nigeria as a potential global reference point for financial technology, citing its early adoption of real-time payments, deep innovation ecosystem, and rapidly growing digital economy.

The report noted that with Nigeria’s scale, technical capability, and regulatory evolution, the country can move beyond being Africa’s fintech capital to becoming a global reference model for digital finance governance.

It stated that Nigeria can transition from being a fintech frontrunner to becoming a global rule-setter, provided regulatory reforms, infrastructure upgrades, and industry collaboration are accelerated.

Nigeria’s real-time payments system is among the world’s most advanced

One of the report’s strongest findings is Nigeria’s leadership in real-time payments. The country launched nationwide instant payments as early as 2011, years ahead of advanced economies such as the United States and many European markets.

By 2024, Nigeria processed about 11 billion real-time transactions, up from just 5 billion in 2022, placing the country among the world’s largest instant payments ecosystems, it noted.

More than 25 percent of all electronic transactions in Nigeria now flow through real-time rails operated by NIBSS.

The CBN describes Nigeria’s payments infrastructure as one of the most mature and widely adopted globally, giving the country a strategic advantage in shaping how emerging economies design modern financial systems.

From adoption leader to global fintech rule-setter

Beyond transaction volumes, the report highlights Nigeria’s growing regulatory experience as a major competitive asset.

As fintech becomes systemic to everyday economic life, Nigeria is developing policy frameworks that could serve as models for other emerging markets.

With innovations spanning payments, lending, digital identity, artificial intelligence, and regulatory technology, Nigeria now sits at the centre of Africa’s digital financial transformation.

“Nigeria is increasingly positioned not just as a fast-growing fintech market, but as a regulatory reference for peer emerging economies,” the report noted.

This status is reinforced by Nigeria’s successful exit from the Financial Action Task Force (FATF) grey list, following sweeping reforms in anti-money laundering, consumer protection, and digital financial supervision.

The move has restored global investor confidence and strengthened Nigeria’s credibility in international finance.

AI, Cross-border expansion, and Financial inclusion to drive next growth

The report identifies artificial intelligence, cross-border payments, and financial inclusion as the main drivers of Nigeria’s next fintech growth wave.

“More than 87 percent of Nigerian fintech firms already deploy AI, primarily for fraud detection, credit scoring, customer onboarding, and transaction monitoring.

“Regulators and operators alike see AI governance as central to protecting system integrity while accelerating innovation.”

Similarly, over 62 percent of Nigerian fintech firms plan to expand across Africa, pushing the case for regulatory passporting frameworks that would allow companies licensed in Nigeria to operate seamlessly in other African markets.

While highlighting financial inclusion, the report noted that fintech continues to bridge deep structural gaps. Despite progress, 26 percent of Nigerian adults remain financially excluded, rising to 37 percent in rural areas.

The report argues that digital identity systems, open banking frameworks, and tiered KYC models can significantly accelerate access for underserved populations.

Regulatory bottlenecks

Despite Nigeria’s progress, the CBN acknowledges persistent challenges that threaten fintech growth.

Over 87 percent of fintech firms said compliance costs significantly impact innovation, while more than 60 percent cite regulatory delays and approval timelines as major obstacles to product launches.

Some startups report waiting more than 12 months to receive regulatory approvals which is slowing time-to-market and reducing global competitiveness.

The report recommends faster licensing processes, expanded regulatory sandboxes, compliance-as-a-service platforms, and deeper collaboration between regulators and innovators.

Strategic vision

To consolidate Nigeria’s leadership, the CBN has outlined three strategic pillars which are innovation-friendly regulation, inclusive digital infrastructure, financial integrity and trust.

Innovation-friendly regulation will include faster approvals, regulatory clarity, and digital supervision tools.

Inclusive digital infrastructure will include affordable identity verification, open banking, and resilient payment systems.

Financial integrity and trust includes strong AML enforcement, fraud prevention, and consumer protection.

According to the CBN, success will depend on structured collaboration between regulators, fintech firms, banks, telecom operators, and policymakers.

The CBN stated that Nigeria could shape regulatory standards, infrastructure design, and trust frameworks for emerging markets worldwide if the recommended reforms are implemented.