The Central Bank of Nigeria (CBN) is the country's apex monetary authority, established by the CBN Act of 1958 and officially commencing operations on July 1, 1959
CBN report reveals the top three ways Nigerian fintechs are using AI
87.5% of surveyed fintech companies in Nigeria use AI tools for fraud detection. ₦17.6 billion ($11.2 million) was lost to fraud in Nigeria in 2023.
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.
Compliance Tax Killing Fintech Innovation, Says CBN Report
87.5% of Nigerian fintech firms report that regulatory costs significantly impact their ability to innovate. 62.5% of firms state that regulatory timelines materially affect product rollouts.
How Detty December Surged Nigeria’s Fintech Usage to Record Highs
The festive surge during Detty December pushed electronic payment volumes to unprecedented levels. A 110% increase in electronic money transfer receipts was reported compared to the previous year.
Kuda MFB to expand experience centres after national licence upgrade
Kuda Microfinance Bank received a national banking license from the Central Bank of Nigeria. The new license allows Kuda to expand its physical footprint beyond its previous geographic restrictions.
