Compliance Tax Killing Fintech Innovation, Says CBN Report
- 87.5% of Nigerian fintech firms report that regulatory costs significantly impact their ability to innovate.
- 62.5% of firms state that regulatory timelines materially affect product rollouts.
- Over one-third of firms take more than 12 months to launch new products due to compliance bottlenecks.
The current regulatory environment in Nigeria's fintech sector poses a significant threat to innovation and growth. A reevaluation of compliance requirements is essential to ensure that the industry can continue to thrive and maintain its position as a leader in financial technology in Africa.
