FinTech call for establishment of national committee

By Olakunle Oke

Nigerian fintech companies are advocating for the establishment of a National Fintech Committee to streamline regulation, foster innovation, and accelerate financial inclusion across the country.

This call is detailed in a new report released by the Central Bank of Nigeria (CBN) titled “Shaping the Future of Fintech in Nigeria: Innovation, Inclusion and Integrity,” which addresses key challenges facing the sector in scaling operations and maintaining compliance.

The proposed National Fintech Committee is envisioned to model the structure of the existing Bankers’ Committee, a high-level forum that brings together the CBN and chief executives of Nigerian banks to resolve systemic issues such as IT infrastructure and power supply.

The committee would provide a formal, structured platform for fintech operators and regulatory bodies to engage, co-create policies, and address industry-specific concerns. By institutionalizing this collaborative model, the committee is expected to play a pivotal role in shaping a more conducive environment for fintech growth in Nigeria.

The CBN report indicated strong industry support for this initiative: 75% of surveyed fintech operators expressed support for regular, high-trust engagement forums with regulators, and a full 100% showed willingness to collaborate through regulatory sandboxes, policy pilots, or working groups.

The report also highlights the sector’s ambitious plans for expansion and reliance on emerging technologies. A notable 62.5% of Nigerian fintech firms plan to expand into other African countries, underscoring a growing interest in cross-border operations.

Artificial Intelligence (AI) and real-time payments were identified as the primary drivers of the next wave of growth. Fintechs are leveraging these tools specifically for enhanced fraud detection, improved credit scoring, and faster transactions.

The report also stressed that "There is strong support for regulatory passporting frameworks to enable seamless, compliant expansion into peer African markets."

Despite the rapid expansion of the sector, the report pointed out that Nigeria’s fintech ecosystem continues to grapple with major infrastructure deficits. These operational hurdles are cited as key factors that drive up operational costs for fintechs and affect the overall reliability of digital financial services. Specific challenges include limited broadband access, weak open-data systems, lack of universal digital ID verification, and incomplete data-sharing frameworks.