Nigeria’s financial sector regulator, the Central Bank of Nigeria (CBN), has continued to make a case for expanded banking services, explaining policies and its directions.
Speaking during the opening ceremony of the Nigeria Fintech Week 2025 in Lagos, the CBN, Mr. Olayemi Cardoso noted that such policies, such as the proposed Open Banking policy, when operational, will foster new opportunities for collaboration, ensuring customers benefit from competitive, tailored services by balancing innovation.
Open Banking, which is a system that allows customers to securely share their financial data with authorized third-party providers (TPPs) through APIs (Application Programming Interfaces), enables them to access innovative financial products and services like consolidated account dashboards, personal finance management tools, and more convenient payment methods.
Cardoso, who was represented by CBN’s Director of Payment System Supervision, Rakiya Opemi Yusuf, said that as Nigeria advances towards a cashless economy, the foundation of progress in our payment system must remain Trust. “Innovation loses its meaning if consumers are not confident in the safety of their money or the protection of their data”, she buttressed.
Noting other ingredients to a reformed financial transformation, Yusuf said: “Initiatives, such as Agent banking and microfinance expansion, target the grassroots community solutions like mobile wallets and USSD services, lowering barriers; but technology alone cannot close it, we must combine innovation with collaboration across government, industry and communities to build trust, improve literacy and extend financial services to rural and underserved areas. Our collective commitment must be that no regional community is left out of the Digital transformation”.
She further highlighted the growth trajectory in e-Payment over the last year, stating that the sector has seen strong adoption of digital channels with total electronic payments reaching over 4.12 billion transactions valued at N384 trillion by July 2025, compared to 3.9 billion transactions valued at N280 trillion in August 2024.
Further on the CBN Governor’s speech read by Yusuf, Cardoso noted that the apex bank has continued to work closely with the Nigeria Electronic Fraud Forum and law enforcement agencies to combat digital crime and protect consumers.
“By balancing innovation with prudent oversight, we allow new technologies to flourish while protecting consumers and the broader financial system. A symphony is incomplete if some instruments are silent,” he said in reference to the theme of the forum.
In his opening address at the event, President of the Fintech Association of Nigeria (FintechNGR), Dr. Stanley Jacob, described this year’s theme, “The FinTech Ecosystem Symphony: Orchestrating Nigeria’s Digital Future”, as a call to collective action.
“This is not merely an event; it has become a statement of intent,” Jacob said, urging participants to seize the opportunity to forge partnerships and make impactful deals that will shape the sector’s future.
Also speaking, Vice President of the Association and Chair of the 2025 NFW, Dr. Jameelah Sharrief-Ayedun, noted that for the first time, besides having diverse sector participation, the NFW is happening concurrently in more than one city.
She disclosed that the event is simultaneously held in Abuja, Delta and Enugu.
