Cardoso: Fintech Innovation, Collaboration Will Orchestrate Nigeria’s Digital Financial Future
Emma Okonji
The Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has stressed the need for Fintech innovation, collaboration and trust that will shape Nigeria’s digital financial future, while insisting on regulatory compliance among Fintech players.
Cardoso said this during his keynote address at the opening ceremony of the ongoing Nigeria Fintech Week 2025 in Lagos, themed: ‘The Fintech Ecosystem Symphony: Orchestrating Nigeria’s Digital Future’, organised by Fintech Association of Nigeria (FintechNGR).
CBN Governor, who was represented by the Director, Payments System Supervision at CBN, Dr. Rakiya Opemi Yusuf, explained that the Nigerian Fintech ecosystem would require harmony between innovators and regulators, between inclusion and security, and between competition and collaboration, adding that only through such balance can Nigeria orchestrate a future that advances innovation, strengthens trust, and enhances financial inclusion.
“Innovation is a catalyst of Fintech and the lifeblood of Nigeria’s digital economy. From mobile payments to AI-driven services, Fintech innovations are reshaping access to finance. The Central Bank of Nigeria embraces responsible innovation, providing space for creativity, while safeguarding the financial stability. By balancing innovation with good data oversight, we allow new technologies to flourish while protecting consumers and the broader financial system. Economy is incomplete if some instruments are silenced. Likewise, national progress suffers when communities are excluded,” Cardoso said.
According to him, financial inclusion remains central to the sensitivity in achieving the mandates. Initiatives such as agent banking and microfinance expansion, target the grassroots communities. Fintech solutions like mobile wallets and USSD services are lowering barriers, but technology alone cannot close the gap.
Cardoso therefore called for a combined innovation with collaboration across government, industry, and communities to build trust, improve literacy, and extend financial services to rural and rural-settled Nigerians.
“Our collective commitment must be that no regional community is left out of Nigeria’s digital transformation. Innovation must rise from a foundation of trust and compliance. Products built on compliance and trust, attract investors. We encourage entrepreneurs to see regulators not as obstacles, but as partners in building a responsible Fintech ecosystem,” Cardoso further said.
Chairman, Senate Committee on Banking and Insurance, Abiru Adetokunbo, reiterated the Senate’s commitment in supporting the growth of digital solutions and access to opportunities to all, recognising the pivotal role that digital innovation plays in driving economic growth, improving governance and enhancing the quality of life for all Nigerians.
He spoke about the InnovationLab he founded few years ago to shape the digital future and provide an enabling environment for young people to gain access to free training in tech skills that would enable them to compete favorably in the global markets.
According to him, the InnovationLab has trained over 9,000 Nigerians in digital skills, in the areas of data science, game development, software development, digital marketing and digital training skills for teachers and STEM training for students in secondary schools across the country.
Group Executive, First Bank of Nigeria, Callistus Obetta, in his keynote address, said the Fintech sector has experienced exponential growth, driven by rapid technological advancements, evolving customer expectations and the seamless integration of finance and technology.
“In Nigeria, mobile penetration and digital adoption are accelerating financial inclusion with millions, from urban professionals to rural traders, transacting securely via mobile platforms. The progress, however, brings new challenges, escalating cyber threats, subsidised fraud schemes and the risk of eroding trust if customers feel insecure or disconnected in the digital domain. In a new world of banking, trust is the currency that underpins everything else,” Obetta said.
At First Bank, AI is fundamentally altering our value-building model. We are using data-driven insights to personalise recommendations and create seamless customer transactions, Obetta further said, adding that collaboration with Fintechs, regulators and telecoms operators is essential to reduce the activities of cyber criminals that are also innovating using the same technology tools.
President, Fintech Association of Nigeria (FintechNGR), Dr. Stanley Jacob said: “Over the years, Nigeria has established itself as a leading Fintech hub on the African continent, driven by visionary entrepreneurs, forward looking regulators, committed investors, and an ever-growing community of innovators. The progress reflects our collective resolve to deepen financial inclusion, strengthen trust, and unlock new opportunities for sustainable growth. The symphony we envision is one where every stakeholder plays a vital role and where collaboration amplifies individual efforts into shared prosperity.”
Vice President, FintechNGR, Dr. Jameelah Sharrieff-Ayedun, said the Nigeria Fintech Week has evolved into a global stage where thought-leaders, innovators, regulators, investors, and industry stakeholders converge to exchange ideas, showcase solutions, and foster partnerships that drive transformation.
“We have created an ecosystem that doesn’t just respond to change, but drives it. We have established a platform that doesn’t just facilitate dialogue alone, but also helps to shape policies. We now have a community that doesn’t just celebrate success, but is a type of success in itself.”
Chairman, FintechNGR, Dr. Segun Aina, thanked speakers and participants of the Fintech Week 2025 and spoke about the Africa Fintech Network that is made up of 48 countries, Nigeria inclusive, that is advancing the development of Fintech in Africa.
