The Central Bank of Nigeria (CBN) is looking at regulatory reforms aimed at easing compliance burdens on fintech firms, supporting regional expansion, and deepening financial inclusion, as pressure mounts on operators grappling with rising costs and delayed approvals.

In its 2025 Fintech Report, the apex bank disclosed plans to operationalise a Single Regulatory Window to streamline licensing and supervisory processes across multiple agencies, a move expected to significantly reduce time-to-market for new digital financial products.

“Stakeholders cited delays in approvals and ambiguity in regulatory guidelines as their most pressing concerns,” the report stated, adding that these challenges continue to inflate costs and slow innovation across the ecosystem.

The CBN report acknowledged that compliance costs remain a major drag on fintech growth, with 87.5 per cent of respondents reporting that the cost of meeting regulatory and risk requirements significantly impacts their capacity to innovate.

-Leadership

The National Commissioner of the Nigeria Data Protection Commission (NDPC), Dr Vincent Olatunji, has stated that Data protection-related activities have generated over N16.2 billion for the Nigerian economy, creating employment opportunities for Nigerians in the digital ecosystem.

Speaking at a media training workshop in Lagos on the backdrop of the National Privacy Week 2026 “Privacy in the Era of Emerging Technologies: Trust, Ethics and Innovations” Dr Olatunji stated that this significant revenue is supplemented by additional income from licensing and penalties, describing privacy as a strategic confidence-building tool that will drive Nigeria’s digital transformation and attract investment.

He declared data privacy a fundamental human right and a critical pillar for trust, equity and freedom in Nigeria’s fast-growing digital economy, noting that the rapid adoption of telecommunications, artificial intelligence, robotics and digital platforms makes privacy protection no longer optional, but essential for national development.

The NDPC boss stressed that journalists must first understand the subject deeply before driving public awareness, emphasising that responsible reporting is key to building confidence in digital systems and protecting citizens’ rights.

He, however, traced the evolution of Nigeria’s data protection framework from the launch of the Nigeria Data Protection Regulation (NDPR) in 2019 to the establishment of the NDPC with full legal authority. He explained that the commission is driven by strategic pillars of awareness, human capital development, cooperation, technology-driven systems, strong governance, and sustainable funding.

According to him, these reforms have transformed the sector, growing the number of licensed Data Protection Officers from zero to over 7,000, with more than 23,000 professionals now working across the country’s data privacy ecosystem, supported by local certification programmes and a Virtual Privacy Academy.

He added that compliance in the public sector has improved significantly from an initial four per cent, as sector regulators now lead data protection efforts across their industries.

Olatunji stated that on the global stage, Nigeria is working with more than 40 countries and international data protection bodies, while NDPC is an active member of the Network of African Data Protection Authorities (NAPA), and a recent recipient of the Picasso Award as Africa’s most outstanding data protection authority.

Commenting, legal expert Barr. Alex Onwe, in a comprehensive overview of the Nigeria Data Protection Act (NDPA) 2023, asserted that the new law establishes a critical framework for safeguarding personal information in the digital age.

Onwe stated, “The foremost object of the NDPA is to safeguard the rights and freedoms of data subjects, as guaranteed under the Constitution”

While highlighting the law’s foundation in fundamental human rights, with its application extending to any entity processing the data of individuals in Nigeria, regardless of where the organisation is domiciled.

Barr. Onwe detailed the core principles organisations must follow, including lawful processing and stringent security measures, warning of severe penalties for non-compliance, including fines of up to two per cent of annual revenue.

He urged organisations to develop data privacy policies and ensure rigorous staff training. While adding that proactive adherence is not just a legal duty but essential for building trust, as the NDPC is empowered to enforce the Act through investigations, orders, and substantial penalties.

-Leadership

Chief (Mrs.) Anita Nana Okuribido, President of the Women in Renewable Energy Association (WIRE-A) has described energy poverty as a pressing challenge that disproportionately affects women in Nigeria and across Africa.

She made this known in her remark at the Nigeria Environment Outlook 2025, organised by Environment Africa Magazine, held at the weekend, at the VCP Hotel, Victoria Island, Lagos.

According to the Founder/Chairman of the Smiling Simon Greenbuild Foundation, energy poverty remains “a terrible reality” that has “the face of a woman,”.

She emphasised that women bear the brunt of inadequate energy access as they rely heavily on energy for cooking, household needs, and small-scale enterprises.

“Energy poverty is a terrible reality — and I always say it has the face of a woman,” Okuribido stated. “Women use energy the most — for cooking, for running small and medium enterprises, and for everything that makes life comfortable. When there is energy poverty, it is women who feel it first and suffer it most.”

She further stated that addressing energy poverty and climate change must be intentional and inclusive, aligning with the Sustainable Development Goals (SDGs), particularly Goal 5 (Gender Equality), Goal 7 (Affordable and Clean Energy), Goal 8 (Industry, Innovation and Infrastructure), Goal 13 (Climate Action), and Goal 17 (Partnerships for the Goals).

Dr. Okuribido said, “We cannot talk about sustainability without addressing gender equality and energy access.

“These SDGs connect to shape a greener, more innovative present and a sustainable, resilient future. We have to be deliberate about mitigating climate change.”

Okuribido also called for stronger collaboration among the government, women, and scientists in promoting environmental protection and renewable energy adoption.

“Let us continue to amplify the voices of women, scientists, and innovators,” she urged. “Let us speak with one voice, work with government, and take a clear position that our environment must be protected — even if it begins with simple acts like planting a tree.”

The initiator of the One Nigerian Child One Solar Lamp said, “Together, we can shape not only a greener present but also a more sustainable and resilient future – one illuminated by innovation, inclusivity, and shared prosperity.”