Nigeria’s fintech regulators seen as neutral referees, not roadblocks, new CBN report finds
- Half of fintech stakeholders view the regulatory landscape as supportive, while the other half see it as restrictive.
- Ambiguity in regulatory guidelines and prolonged approval timelines are the most significant challenges faced by fintechs.
- Regulatory approvals can add up to a year to product launch timelines, impacting business planning.
The regulatory environment for fintech in Nigeria presents both opportunities and challenges. While there is a desire for supportive regulations, the existing ambiguities and delays can stifle innovation and growth. A more streamlined and collaborative regulatory approach could enhance the sector's potential, particularly as stakeholders look to expand beyond Nigeria.
