Fintech operators across Nigeria are calling for the creation of a dedicated growth fund and clearer regulatory guidelines, citing capital access as a major barrier according to a new comprehensive survey by the Central Bank of Nigeria (CBN).
The survey reveals that 37.5% of fintech companies find raising capital within the country difficult, while opinions are evenly split on the regulatory environment, with half viewing it as enabling and the other half as restrictive due to perceived delays and inconsistent rule application.
Okay News reports that the nationwide survey, which included stakeholder workshops, highlights a significant consensus for policy intervention, with 87.5% of operators supporting the establishment of a fintech-specific growth fund or credit guarantee scheme.
Participants suggested such a fund, potentially involving institutions like the Development Bank of Nigeria, would de-risk lending and unlock the long-term capital necessary for scaling innovation in the sector, which is currently discouraged by macroeconomic volatility and currency risks.
Operators also proposed practical measures to improve ecosystem liquidity, including the development of a secondary market for fintech debt instruments to provide more funding options. The report underscores that beyond domestic reforms, Nigeria’s improved international regulatory standing, particularly its exit from the Financial Action Task Force (FATF) grey list, is crucial for attracting patient foreign capital and improving global risk perception.
The CBN’s findings come alongside its recent move to upgrade the licenses of select fintech companies and microfinance banks to national status, aligning regulatory frameworks with their actual nationwide operational footprint. This reform addresses the mismatch for digital platforms like Kuda Bank and OPay that built national user bases under regional licenses, aiming to ensure oversight reflects the scale and systemic importance of these fast-growing institutions.
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