… As Organisers warn Africa losing billions annually to digital fraud, high remittance costs
… CBN says regulation should enable innovation, not stifle growth
The Presidency on Wednesday identified Regulatory Technology (RegTech) as a critical instrument for achieving financial inclusion and building a trusted digital ecosystem capable of driving Nigeria’s economic transformation agenda.
Speaking at the 2026 RegTech Africa Conference and Expo (#RACE2026) held at the State House Conference Centre, Abuja, the Technical Adviser to the President on Economic and Financial Inclusion, Dr. Nurudeen Abubakar Zauro, said President Bola Tinubu’s administration sees digital trust, transparency and inclusive infrastructure as central pillars for delivering the administration’s economic goals.
Delivering a keynote address on behalf of the Presidency, Zauro said the country must move beyond reliance on natural resources and position itself among nations building trusted digital ecosystems capable of expanding opportunities for citizens.
He said the administration’s Renewed Hope Agenda recognises that millions of citizens still remain outside the formal financial system and that sustainable economic growth requires stronger confidence in digital financial systems.
“The world is witnessing a transformation where technology is no longer merely supporting governance; it is redefining it. Nations that succeed will not simply be those with natural resources, but those capable of building trusted digital ecosystems that expand opportunity for every citizen. Nigeria must be one of those nations,” he said.
He described RegTech as “the intelligent bridge between innovation and accountability,” noting that technologies such as artificial intelligence, blockchain, digital identity systems and real-time analytics would improve fraud detection, strengthen consumer protection and lower barriers preventing underserved populations from accessing financial services.
According to him, ongoing interventions under the Presidential Committee on Economic and Financial Inclusion (PreCEFI) are supporting digital public infrastructure, consumer trust frameworks and inclusive onboarding systems to ensure that geographical location, income levels or lack of formal identification do not exclude citizens from participating in the financial system.
Zauro added that achieving Nigeria’s target of becoming a one-trillion-dollar economy by 2030 would require stronger partnerships among regulators, financial institutions, technology firms and development partners.
“The journey toward a one-trillion-dollar economy by 2030 will not be achieved by policy declarations alone. We must collectively build systems that are not only efficient but equitable,” he said.
Earlier, Chairman of the Organising Committee of RegTech Africa Conference and Expo, Cyril Okoroigwe, described the gathering as a strategic platform to address emerging opportunities and risks confronting Africa’s fast-growing digital economy.
Okoroigwe said the conference theme, “Building Trust, Infrastructure, Inclusion and Policy for a Borderless Economy,” reflected urgent priorities for African economies.
He painted a picture of rapid digital expansion across the continent, citing figures showing that over 900 million adults in Africa still lack formal financial accounts despite mobile money accounts surpassing 800 million in 2024.
According to him, Nigeria alone currently accounts for more than 70 million active mobile money and digital wallet users, while over 10 billion instant payment transactions valued above ₦1,000 trillion were processed in the country in 2025.
He however warned that the rapid growth has also exposed vulnerabilities.
“Fraud and financial crime losses across Africa’s digital payment ecosystem are estimated in billions of dollars annually, while cross-border remittance costs remain among the highest globally at over eight per cent,” he said.
He noted that collaboration among government institutions, regulators and private sector players would be critical to addressing challenges around cybersecurity, regulatory fragmentation and financial exclusion.
Okoroigwe commended the Federal Government and PreCEFI for promoting financial inclusion policies and supporting the conference as a platform for practical policy engagement and solutions.
Also speaking, Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, represented by Director of the Payments System Supervision Department, Dr. Rakiya Opemi Yusuf, stressed that effective regulation remains essential for sustainable digital innovation.
Speaking on the theme, “Regulating for Trust and Inclusion in a Digital Economy: The Central Bank of Nigeria’s Policy Vision,” Cardoso said trust remained the foundation upon which digital economies thrive.
“Our objective is not simply to regulate innovation, but to create an environment in which innovation can thrive responsibly; one supported by clear rules, resilient infrastructure, effective oversight and a deliberate commitment to inclusion,” he said.
He said Nigeria’s growing digital ecosystem, driven by mobile banking, fintech innovation and electronic commerce, had expanded access to financial services but also introduced emerging risks including cyber threats, fraud, operational vulnerabilities and data privacy concerns.
The CBN Governor noted that future financial supervision across Africa would increasingly rely on predictive analytics, automation, real-time monitoring and stronger regional cooperation.
He also said the success of continental initiatives such as the African Continental Free Trade Area (AfCFTA) would depend on trusted cross-border payment systems and harmonised regulatory frameworks.
The conference, organised in partnership with PreCEFI and in collaboration with the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA), is expected to deliberate on modernising payment systems, strengthening cybersecurity, improving anti-money laundering frameworks and promoting financial inclusion across Africa.
