CBN to strengthen fintech oversight
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that the apex bank is moving to strengthen its oversight of the fintech sector.
Cardoso emphasized that while innovation continues to transform financial services, maintaining strong governance, consumer protection, and effective risk management must remain top priorities for the industry.
Cardoso made the statement during a strategic session with fintech CEOs on the sidelines of the 2025 IMF/World Bank Annual Meetings in Washington, D.C.
He reaffirmed the CBN’s commitment to fostering innovation while simultaneously maintaining stability and trust within the nation’s financial system.
The CBN Governor explained that the bank is focused on creating an environment where new ideas can flourish under prudent oversight.
He stressed the importance of upholding the integrity of the financial system, stating, "As we embrace new technology, it is our responsibility to uphold the integrity of the financial system maintaining strong governance, consumer protection, and risk management so that trust in our institutions remains firm.”
Cardoso further noted that financial inclusion remains a central element of Nigeria’s economic development goals.
He underscored that collaboration and open dialogue between the CBN and fintech stakeholders are crucial in shaping policies that encourage innovation without compromising the safety and resilience of the financial system.
Beyond the domestic fintech agenda, Cardoso assured foreign investors of Nigeria’s commitment to stabilizing its financial system and fostering a more attractive investment climate.
He pointed to the recent rise in external reserves as evidence of renewed investor confidence and improved resilience in the country’s economic framework.
According to the Governor, a coordinated approach between fiscal and monetary authorities is successfully positioning Nigeria as one of Africa’s leading destinations for sustainable and long-term investment.