Nigeria Must Build Trusted Digital Economy — Presidency

The Presidency on Wednesday said Nigeria must build a trusted digital economy capable of expanding opportunities for citizens, deepening financial inclusion and supporting sustainable economic growth.

Technical Adviser to the President on Economic and Financial Inclusion, Dr. Nurudeen Abubakar Zauro, stated this while delivering a keynote address at the 2026 RegTech Africa Conference and Expo held at the Banquet Hall of the Presidential Villa, Abuja.

Speaking on the role of technology in advancing economic and financial inclusion under President Bola Ahmed Tinubu’s Renewed Hope Agenda, Zauro said nations that would succeed in the emerging global economy would be those capable of building trusted digital ecosystems.

“Today, the world is witnessing a transformation where technology is no longer merely supporting governance; it is redefining it,” he said.

“In this new era, 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 inclusive growth could not be achieved while millions of Nigerians remained outside the formal financial system.

“The Renewed Hope Agenda recognizes that inclusive growth cannot be achieved if millions remain outside the formal financial system. Economic transformation requires trust, transparency, and accessible digital infrastructure. This is where Regulatory Technology becomes indispensable,” he said.

Zauro described Regulatory Technology (RegTech) as “the intelligent bridge between innovation and accountability,” adding that it enables regulators, financial institutions, fintech firms and governments to improve compliance and consumer protection.

“RegTech provides the intelligent bridge between innovation and accountability. It enables regulators, financial institutions, fintechs, and governments to detect fraud faster, strengthen consumer protection, improve compliance, and reduce the cost of onboarding underserved populations into the formal economy,” he said.

According to him, technologies such as artificial intelligence, machine learning, blockchain, digital identity systems and real-time analytics can help Nigeria build “a financial ecosystem that is secure, interoperable, and inclusive.”

The presidential adviser warned that innovation without trust could expose citizens and institutions to risks.

“However, innovation without trust creates vulnerability. Citizens will only embrace digital finance when they are confident that their identities, transactions, and livelihoods are protected,” he said.

“RegTech therefore becomes not just a compliance tool, but a national development instrument.”

He further disclosed that the Presidential Committee on Economic and Financial Inclusion (PreCEFI) was supporting digital public infrastructure, consumer trust frameworks, data governance standards and inclusive onboarding systems.

According to him, the initiatives are aimed at ensuring that “no Nigerian is excluded because of geography, income level, or lack of formal identification.”

Zauro said achieving Nigeria’s target of becoming a one trillion-dollar economy by 2030 would require collaboration across sectors.

“The journey toward a USD 1 trillion economy by 2030 will not be achieved by policy declarations alone. It will require collaboration between regulators, financial institutions, technology providers, development partners, and the private sector,” he said.

“We must collectively build systems that are not only efficient but equitable. Systems that do not merely process transactions, but create trust. Systems that do not only digitise finance, but democratise opportunity.”

Meanwhile, organisers of the conference disclosed that Nigeria processed over 10 trillion transactions valued above N1,000 trillion in 2025 across instant payment systems.

Chairman of the Organising Committee of the RegTech Africa Conference and Expo, Cyril Okoroigwe, disclosed this during his opening remarks at the event.

According to him, the figures demonstrate “both innovation scale and the urgency for robust regulatory frameworks.”

Okoroigwe also said Nigeria accounts for more than 70 million active mobile money and digital wallet users, making it “one of the fastest adopters of digital financial services globally.”

He noted that despite the growth in digital finance, fraud and financial crime losses across Africa’s digital payment ecosystem are estimated to run into billions of dollars annually.

“Cross-border remittance costs in Africa remain the highest in the world at over 8% on average, despite efforts under the African Continental Free Trade Area,” he added.

Speaking further, Okoroigwe said trust remained the foundation of digital finance.

“Trust is the foundation of digital finance — and trust begins with strong, transparent, and inclusive regulation,” he said.

He added that policy must keep pace with innovation “not to stifle it, but to ensure it scales safely, fairly, and sustainably.”

Also speaking at the conference, the Central Bank of Nigeria (CBN) advocated data-driven regulation and stronger collaboration among regulators and financial institutions to support the digital economy.

In a paper titled “Regulating for Trust and Inclusion in a Digital Economy: The Central Bank of Nigeria’s Policy Vision,” presented on behalf of the CBN Governor by the Director of the Payments System Supervision Department, Dr. Rakiya Opemi Yusuf, the apex bank said regulation must evolve alongside rapidly changing digital markets.

“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,” the CBN said.

The apex bank added that regulation must “create confidence without stifling enterprise and promote competition without compromising stability or integrity.”

According to the CBN, sustainable innovation flourishes where regulation creates “clarity, accountability, and confidence.”

“Effective regulation is therefore not the enemy of innovation; it is the foundation of trusted innovation,” the bank stated.

The CBN also stressed the importance of secure and resilient payment systems.

“A nation’s payment system is now critical economic infrastructure. Its efficiency, interoperability, cybersecurity, and operational resilience increasingly determine the competitiveness of the wider economy,” it said.

The apex bank added that the future of supervision would increasingly depend on “data intelligence, predictive analytics, automation, and real-time monitoring.”

The conference was organised in partnership with the Presidential Committee on Economic and Financial Inclusion (PreCEFI) and in collaboration with the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA).