Nigeria’s Fintech Sector: Rules & Roadmaps

Published On - September 16, 2025

Vi-M Professional Solutions Finance & Accounting, Tax Technology

Nigeria’s fintech sector is one of the fastest growing in Africa, attracting billions in investment and driving financial inclusion. However, with rapid growth comes increased scrutiny. Regulators are tightening the rules on licensing, compliance, and consumer protection. For fintech firms, staying compliant is no longer optional—it is the key to survival and growth.

1. The Regulatory Landscape

Nigeria’s fintech space is primarily overseen by:

  • Central Bank of Nigeria (CBN) – licensing and supervision of payment service providers.
  • Securities and Exchange Commission (SEC) – regulating digital investment and trading platforms.
  • Financial Reporting Council (FRC) – ensuring compliance with accounting and reporting standards, including the adoption of International Financial Reporting Standards (IFRS) for transparent and consistent reporting.
  • International Financial Reporting Standards (IFRS) – global accounting framework guiding how financial statements are prepared, interpreted, and disclosed, ensuring Nigerian fintechs remain credible and comparable in the global market.
  • Federal Competition and Consumer Protection Commission (FCCPC) – oversight of consumer lending and digital credit providers.
  • Nigerian Data Protection Commission (NDPC) – ensuring data privacy compliance.

2. Key Compliance Issues Facing Fintechs

  • Anti-Money Laundering (AML) & Know Your Customer (KYC): stricter identity verification and monitoring of transactions.
  • Digital Lending Regulations: mandatory listing on the FCCPC’s DEON framework for lending companies.
  • Data Privacy & Protection: compliance with Nigeria Data Protection Act (2023).
  • Cross-border Transactions & Taxation: growing need for e-invoicing and reporting to FIRS.
  • Financial Reporting: adoption of IFRS standards for accurate reporting, improving investor confidence and international comparability.

3. Opportunities in Compliance

  • Building consumer trust through transparency.
  • Attracting global investors who prioritize regulatory adherence.
  • Expanding cross-border trade and remittances under clear compliance frameworks.
  • Leveraging technology (RegTech) to automate reporting and monitoring.
  • Using IFRS-based reporting to strengthen governance and credibility.

4. How Fintechs Can Stay Ahead

  • Proactively engage regulators for clarity.
  • Invest in compliance infrastructure early.
  • Adopt IFRS-compliant financial reporting to attract investors and meet global benchmarks.
  • Seek professional advisory to navigate complex tax and governance issues.
  • Train staff regularly on compliance requirements.

How VI-M Can Help

At VI-M Professional Solutions, we specialize in guiding fintechs through complex regulatory requirements—covering tax planning, compliance audits, IFRS-aligned reporting, governance structures, and financial advisory—ensuring that innovation is backed by compliance.

Conclusion

Fintech is the future of Nigeria’s financial sector, but compliance will define who thrives and who fades. Forward-looking firms must treat regulation as a growth enabler, not a burden.