Fintech Firms Urge National Committee as Nigeria Seeks to Bridge Regulation and Innovation
Nigeria’s $18 billion fintech industry is pushing for a National Fintech Committee, a platform to unite the Central Bank, SEC, NITDA, and innovators under one regulatory dialogue. With fragmented oversight slowing progress, experts say collaboration could unlock growth, attract investors, and strengthen the country’s position as Africa’s fintech hub.
Favour Oluoma Solomon 
Nigeria's digital economy's future may hinge on its ability to swiftly convene regulators and innovators.
Leading fintech operators across Nigeria called for the establishment of a National Fintech Committee, a joint platform where innovators, regulators, and investors can align on the policies shaping the country’s $18-billion-plus fintech industry. The proposal, highlighted in a recent industry survey by the Fintech Association of Nigeria (FintechNGR), revealed that 75 percent of fintech companies want an institutionalized forum to discuss regulatory developments with bodies such as the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the National Information Technology Development Agency (NITDA).
A Fast-Moving Industry, Slowed by Red Tape
Nigeria’s fintech ecosystem has exploded in the past five years. From payment giants like Flutterwave, Paystack, and Moniepoint to emerging digital lending and remittance startups, innovation has transformed how money moves within and beyond Nigeria. But as growth accelerates, friction between startups and regulators is increasing. Several founders argue that fragmented oversight with different agencies handling payments, lending, data, and FX policies creates uncertainty that stifles innovation.
Recent events prove the tension:
The CBN’s 2024 update to its Digital Lending Guidelines tightens rules on data use and loan recovery.
The SEC’s delayed rollout of crypto asset regulations; and
The NITDA’s revised Nigeria Data Protection Act (NDPA) enforcement drive.
All have left startups juggling overlapping compliance obligations.
A national fintech committee, proponents say, could centralize engagement, foster transparency, and help policymakers better understand the digital finance landscape before drafting new laws.
The Case for Collaboration
Industry analysts agree that better coordination could unlock billions in growth. According to a World Bank 2025 assessment, every 10 percent rise in digital financial inclusion can add up to 2 percent to GDP in emerging markets like Nigeria. Countries such as Kenya and Singapore already run similar consultative councils, proven instrumental in maintaining investor confidence while protecting consumers.
The Stakes for the Economy
Nigeria’s fintech industry directly employs over 50,000 people and indirectly supports hundreds of thousands through agency banking and digital merchant networks. With Nigeria’s population projected to hit 230 million by 2030, the digital economy’s role in job creation and financial inclusion cannot be overstated. However, inconsistent regulation continues to deter foreign investment. According to Partech Africa’s 2024 funding report, venture capital inflows to Nigerian fintechs fell 20 percent year-on-year, largely due to policy uncertainty and FX restrictions
Regulators Respond
While the CBN and SEC have yet to formally endorse the idea, insiders suggest early discussions are underway. The CBN’s Financial Inclusion Department has hinted at exploring “collaborative engagement models” for 2026, while NITDA’s Digital Economy Policy Unit reportedly sees value in coordinated governance of digital financial services. If established, the proposed committee would likely include representatives from regulators, fintech associations, and the private sector, meeting quarterly to evaluate trends, draft policy guidance, and issue joint communiqués.
Looking Ahead: From Tension to Trust
The proposed National Fintech Committee may become one of the most important policy tools of Nigeria’s digital decade. Its success will depend on transparency, consistent dialogue, and the willingness of both sides to see regulation as a pathway, not a punishment.
As Nigeria races deeper into its digital gold rush, one truth stands out: innovation moves faster than bureaucracy. The challenge now is not to slow down progress but to guide it with wisdom and inclusivity. In a world where fintech is rewriting the rules of money, Nigeria’s next big innovation might not be a startup; it might be a system that finally learns to listen.
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