The Central Bank of Nigeria (CBN) is looking at regulatory reforms aimed at easing compliance burdens on fintech firms, supporting regional expansion, and deepening financial inclusion, as pressure mounts on operators grappling with rising costs and delayed approvals.
In its 2025 Fintech Report, the apex bank disclosed plans to operationalise a Single Regulatory Window to streamline licensing and supervisory processes across multiple agencies, a move expected to significantly reduce time-to-market for new digital financial products.
According to the report, 62.5 per cent of fintech firms surveyed said regulatory timelines materially affect product rollouts, while over one-third noted that it takes more than 12 months to bring a new product to market, largely due to compliance bottlenecks.
“Stakeholders cited delays in approvals and ambiguity in regulatory guidelines as their most pressing concerns,” the report stated, adding that these challenges continue to inflate costs and slow innovation across the ecosystem.
The CBN report acknowledged that compliance costs remain a major drag on fintech growth, with 87.5 per cent of respondents reporting that the cost of meeting regulatory and risk requirements significantly impacts their capacity to innovate.
“These obligations stem from internationally benchmarked AML, cybersecurity, and risk management frameworks,” the report said, noting that while the rules are necessary to protect system integrity, they have placed disproportionate strain on smaller and fast-scaling firms.
The report cited as potential pathways,” establishing a permanent CBN–Fintech Engagement Forum to enable candid and constructive dialogue as well as timely coordination on market developments, innovation pilots, and supervisory concerns.