By Aduragbemi Omiyale

To ease regulatory compliance burdens on financial technology (fintech) companies, the Central Bank of Nigeria (CBN) is considering some strategic reforms through a policy known as the Single Regulatory Window.

In its 2025 Fintech Report, the central bank said this scheme will significantly reduce time-to-market for new digital financial products by streamlining licensing and supervisory processes across multiple agencies.

The CBN said there would be a shared regulatory infrastructure in form of a Compliance-as-a-Service model to cut down duplicative reporting, ease the burden on regulated fintechs, and enhance supervisory visibility.

The apex bank said it came up with this idea after being aware of some challenges stakeholders, especially operators, go through in the ecosystem.

The bank said fintech firms remain a critical leg in its financial inclusion drive in Nigeria and must be supported to expand their operations to achieve the goal.

The CBN report showed that 62.5 per cent of fintech firms lamented how regulatory timelines materially affect product rollouts, while over one-third noted that it takes more than 12 months to bring a new product to market, largely due to compliance bottlenecks.

“Stakeholders cited delays in approvals and ambiguity in regulatory guidelines as their most pressing concerns,” a part of the report disclosed.

The report recommended “exploring models for a Single Regulatory Window to simplify multi-agency compliance processes and reduce time-to-market.”

It was also suggested that to address the issues, the bank must review “approval timelines and operational guidelines.”

In addition, the central bank was advised to either review the PSB framework or introduce a dedicated digital banking licence that would enable inclusive lending under stronger prudential oversight.

“A dedicated digital bank licence may be a more effective pathway for inclusive lending than expanding the PSB mandate,” the respondents suggested.

As for digital assets, the CBN signalled a shift towards a more nuanced regulatory framework for cryptocurrency, balancing innovation with financial integrity rather than imposing blanket restrictions, as fintechs acknowledged crypto’s potential to drive cost-effective cross-border transactions and strengthen remittance channels, while also warning of risks linked to illicit flows and consumer protection.

“There was broad agreement on the need for a risk-based, activity-focused regulatory framework,” the report stated, adding that regulators must avoid equating all crypto activity with criminality, especially as many scams originate offshore.

By Modupe Gbadeyanka

A platform to enable cross-border intra-Africa payments for individuals, merchants, and traders in Nigeria and Ghana is being designed by Onafriq Nigeria Payments Limited in partnership with the Pan-African Payment and Settlement System (PAPSS).

The platform, currently in its pilot stage, is the first wallet-based outbound payments scheme, which is fully in Naira and instant, without relying on hard currency conversion.

The parties are working together with banks and mobile money operators in the West Africa nations.

The Central Bank of Nigeria (CBN) has already approved this initiative, which will benefit small and medium enterprises (SMEs), the real engine of intra-African trade, as they will now have access to a faster, cheaper way to reach customers and suppliers across the border.

By reducing barriers to cross-border trade, the new service will allow these businesses to grow their addressable markets and activity. From December 1, this service will be fully operational for a 6-month period.

Through the partnership with PAPSS, Onafriq, which is a CBN licensed payment service provider, is supporting the operationalization of the Africa Continental Free Trade Area (AfCFTA) mandate. The mandate itself is driving tariff-free trade for the 54 member states of AfCFTA. Within the partnership itself, Onafriq provides the mobile money rails, with an ecosystem consisting of over 1 billion mobile wallets.

Meanwhile, PAPSS brings a network of over 160 commercial banks, representing an ecosystem of more than 400 million bank accounts across its 19 African countries of operation. The two partners are essentially seamlessly connecting two worlds: mobile money and banking. As a consequence, intra-African trade transactions will take place more easily and opportunities will be created.

Currently, Africa is made up of bank and mobile-led markets, with siloes often inhibiting transactions between these economies. However, this partnership will remove these boundaries. With over one billion mobile wallets and 500 million bank wallets across Africa, this partnership will allow for cross-border collaboration at scale.

This partnership builds on Onafriq and PAPSS’ existing partnership for payments into Ghana, announced earlier this year.

“Our work with PAPSS shows what collaboration at scale can unlock—seamless, secure connections between banking systems and mobile money ecosystems. This is how we open bi-directional trade corridors, reduce costs for businesses, and give African enterprises the rails they need to trade with confidence in their own currencies. The vision is continental, but it starts with practical steps like this one,” the Managing Director for Anglophone West Africa, Mxolisi Msutwana, said.

The Chief Information Officer for PAPSS, Ositadimma Ugwu, added, “Too often, African businesses and individuals see borders as roadblocks instead of opportunities. With this step, we’re challenging that mindset, giving Nigerians the ability to send value next door with the same ease as sending a text message. Our vision is simple: make Africa’s borders invisible to payments. This pilot makes that a reality, moving us closer to a continent where payments don’t pause at the border.”

By Adedapo Adesanya

Mrs Ifeyinwa Osime has been appointed as the chairman of the board of Access Bank Plc, following the retirement of Mr Paul Usoro on January 29, according to a statement to the Nigerian Exchange (NGX) Limited.

Mrs Osime, an accomplished legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired the Board Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee.

This role made her contribute significantly to bank’s corporate governance, leadership development, and sustainability initiatives.

In addition to her role at Access Bank, Mrs Osime is a Director at Ebudo Trust Limited and a Partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, Women Corporate Directors, Nigeria Chapter, and Chartered Institute of Directors Nigeria, where she serves on the Executive Committee of the Women Sectorial Group.

Beyond her professional responsibilities, Mrs Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.

Speaking on her appointment, the chairman of Access Holdings, Mr Aigboje Aig-lmoukhuede, said: “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the Bank’s vision and mission, and I am confident that, under her leadership, the Bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African Bank.”

He also congratulated Mr Usoro on the completion of his tenure and for his exemplary leadership, dedication and significant contribution to the Group, saying he remains a valued member of the Access Bank family.