The Central Bank of Nigeria (CBN) has disclosed a remarkable increase in the number of transactions processed on the NIBSS Instant Payments Platform (NIP), showing a 120 percent surge from N5 billion transactions in 2022 to N11 billion transactions in 2024.
This information was shared in the first edition of the CBN Fintech Report, titled "Shaping the Future of Fintech in Nigeria" – Innovation, Inclusion, and Integrity. The report provides an extensive evaluation of Nigeria's fintech environment along with a strategic plan for its ongoing growth.
According to the report, it presents the most thorough analysis so far of Nigeria’s fintech sector, highlighting key strengths, new opportunities, and significant reforms necessary to maintain innovation while ensuring financial stability, consumer confidence, and the integrity of the system.
The CBN emphasizes its perspective of fintech as an essential complementary strand of the financial framework, promoting inclusivity, operational efficiency, and long-term economic advancement in conjunction with traditional banking methods.
The report highlights that nearly 11 billion transactions were executed through the NIBSS Instant Payments (NIP) platform in 2024, a rise from five billion in 2022, positioning Nigeria among the top global adopters of real- time payment systems and leading the way in Africa.
Developed from thorough collaboration with stakeholders, the report integrates insights drawn from a nationwide survey of fintech operators, a specialized workshop conducted in June 2025, and the CBN Fintech Roundtable held in October 2025.
These consultations have led to a pragmatic evaluation of the progress made, ongoing challenges, and priority policy initiatives needed to accelerate the next stage of digital financial growth.
Despite these advancements, the report also identifies major challenges including the need for regulatory clarity, the lengthy process of market introductions for new products, issues with access to shared infrastructure, compliance expenses, and hurdles in cross-border operations.
To tackle these issues, the report articulates a clear strategic vision intended to facilitate innovation within a coherent regulatory framework, enhance financial inclusion through improved digital infrastructures, and bolster system integrity alongside Nigeria’s international reputation.
Policy recommendations are proposed to enhance the interaction between regulators and the industry, simplify regulatory mechanisms, strengthen supervisory capabilities, and address challenges related to capital access, data sharing, and regional interoperability.
The CBN expressed that this report is designed to act as a collective reference for regulators, financial institutions, fintech companies, infrastructure vendors, investors, and development partners to encourage coordinated efforts and foster sustained confidence in Nigeria's digital finance ecosystem.
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