2026: Cardoso reads riot act to irresponsible Fintechs, vows crackdown on poor governance

...as CBN pledges refined inflation-targeting framework

By Seun Ibiyemi

The Central Bank of Nigeria (CBN) has signaled a tougher regulatory stance for the financial technology sector in 2026, warning that it will enforce strict measures to curb irresponsible practices and poor governance among fintech operators.

Setting the tone for the new fiscal year, the CBN Governor declared that while the apex bank remains committed to fostering innovation, such growth must be anchored firmly on consumer protection and financial integrity.

The directive indicates a move to sanitize the digital banking space, ensuring that fintech proliferation does not compromise the stability of the financial system or expose depositors to undue risks.

In a statement outlining the Bank’s strategic priorities for 2026, the Governor emphasised that the era of loose oversight is over.

The apex bank plans to strengthen the broader banking system through rigorous supervision and sound governance, a move expected to flush out weak links and enforce compliance across traditional banks and digital challengers alike.

Beyond regulatory compliance, the Governor identified the battle against inflation as a critical priority for the year.

The CBN has committed to refining its inflation-targeting framework to deliver what the Governor described as durable price stability. This signals a shift towards more aggressive or sophisticated monetary policy tools designed to tame persistent inflationary pressures that have eroded purchasing power in recent years.

The Governor noted that reform is a process rewarding consistency and discipline, stressing that the focus for 2026 remains steady: to protect trust, sustain stability, and entrench the foundations for disciplined, lasting economic growth in Nigeria.

To achieve these ambitious targets, the CBN is looking inward to overhaul its own operations. The Governor disclosed plans to build institutional capacity by leveraging data and Artificial Intelligence (AI) enabled tools.

This technological upgrade is aimed at supporting faster, more responsive, and higher-quality execution" of monetary policies and supervisory functions.

Cardoso also revealed that the Bank intends to modernise the national payments infrastructure to improve efficiency and financial inclusion, ensuring that the benefits of a digital economy reach the unbanked while maintaining system integrity.

Concluding the agenda for the year, the Governor reiterated the need to deepen strategic partnerships to reinforce Nigeria’s credibility as a trusted and forward-looking central bank.