CBN lays groundwork for financial inclusion in Nigeria
Nigeria's Central Bank (CBN) released a February 2026 Fintech Policy Insight Report revealing 11 billion instant payments processed through NIP in 2024, double 2022's 5 billion. This positions Nigeria among the world's most active real-time payments markets. However, 26% of adults remain financially excluded, rising to 37% in rural areas and 47% in northern Nigeria. Despite world-class payments infrastructure established since 2011, fintechs face four key constraints: costly digital identity verification (BVN/NIN integration), fragmented system interoperability, infrastructure stress during peak times, and regulatory limits on lending. Stakeholders identify open banking APIs and national digital ID authentication as critical enablers. The CBN's next focus is extending credit access beyond Payment Service Banks (PSBs) to reach underserved communities.