February 9, 2026/CSL Update
The Central Bank of Nigeria (CBN) has unveiled an 18-month roadmap to modernise and strengthen the regulatory framework governing the country’s rapidly expanding fintech ecosystem. Outlined in the newly released CBN Fintech Report, the roadmap sets out a series of policy measures aimed at enhancing supervisory oversight while preserving innovation and competition.
At the core of the roadmap is the planned introduction of open banking rules, expected to be rolled out within the next three months. Under this framework, customers will be able to securely share and transfer their financial data across platforms with their consent. We believe this initiative could significantly deepen competition, reduce switching costs for consumers, and stimulate product innovation.
As part of the initial phase, the CBN also plans to establish a structured fintech engagement forum to strengthen dialogue with industry participants. Authorities also intend to commence technical scoping for a single regulatory window and a smart licensing gateway.
In our view, these initiatives could meaningfully reduce regulatory bottlenecks and accelerate approval timelines for both new entrants and existing fintech firms seeking to scale or introduce new products.
The second phase of the roadmap, spanning the three-to-nine-month horizon, places particular emphasis on addressing funding constraints in the sector. Authorities are exploring the establishment of a credit-guarantee programme in partnership with development finance institutions (DFIs). By de-risking lending to fintech firms, such a programme could crowd in private sector financing, improve access to more affordable funding, and support the sustainability of fintech-driven credit models.
In the final phase, spanning nine to eighteen months, the apex bank plans to participate actively in shaping regulatory reforms within the Economic Community of West African States (ECOWAS) regional bloc and African Union. Other initiatives being considered in the final phase include the formalisation of a fintech advisory council and the development of supervisory analytics and early-warning tools, which we believe are aimed at enhancing risk oversight and strengthening risk management frameworks.
Overall, we see this as a supportive step toward fostering a more inclusive and resilient fintech ecosystem in Nigeria. If effectively implemented, the roadmap could attract increased foreign investment, deepen financial inclusion, and strengthen confidence in the country’s digital financial landscape. Notably, Nigerian startups raised over US$520 million in equity funding out of a continental total of US$2.2 billion in 2024, underscoring Nigeria’s position as one of Africa’s leading startup ecosystems by both capital raised and deal activity.
Click here to download full report: CSL Nigeria Daily – 09 February 2026 – Fintech.pdf
