CBN Considers Unified Regulatory Framework to Boost Fintech Expansion by 2025

The Central Bank of Nigeria (CBN) is contemplating a unified regulatory framework to enhance fintech expansion in Nigeria. The proposed changes aim to reduce compliance burdens for fintech operators, encourage regional expansion, and strengthen financial inclusion.

The CBN's 2025 fintech report, posted on its website, highlights the need for a single regulatory window to harmonize licensing and supervisory requirements across multiple regulatory agencies. This initiative is expected to significantly reduce approval timelines and accelerate the launch of new digital financial products.

The report indicates that regulatory processes currently pose a major constraint to innovation, with 62.5% of surveyed fintech firms citing regulatory timelines as a material factor affecting product rollout. The CBN plans to establish a permanent fintech engagement forum to facilitate constructive dialogue and coordination in market development and innovation.

Additionally, the report suggests exploring a model for a single regulatory window to simplify compliance processes, reduce time-to-market, and address industry feedback. The CBN also aims to lower compliance costs, enhance supervisory visibility, and support Nigerian fintech firms seeking to scale across borders.