Fintechs ask CBN for growth fund, regulator says it can only play matchmaker
- Fintech operators are pushing for a dedicated growth fund or credit guarantee scheme to unlock capital for innovation and expansion.
- The Central Bank of Nigeria (CBN) stated it cannot directly establish venture-style financing.
- Access to finance is identified as a significant constraint on fintech growth in Nigeria.
The CBN's reluctance to directly fund fintech initiatives may hinder the sector's growth potential, especially in a challenging economic environment. However, the emergence of government-backed programs like iDICE could provide necessary support, albeit indirectly. A more proactive approach from the CBN in facilitating partnerships with private capital could enhance the fintech landscape in Nigeria.
