CBN identifies 40 million Nigerians with disabilities as untapped fintech market

The Central Bank of Nigeria (CBN) has identified approximately 40 million Nigerians living with disabilities as a largely untapped segment of the financial system, presenting considerable opportunities for fintech companies. CBN Governor Olayemi Cardoso, accompanied by Abiodun Okunola, the Head of Innovation Management Division at the CBN, made this statement at Nigeria Fintech Week 2026 in Lagos.

He emphasized that the financial system has not adequately developed technology and services catering to the unique needs of persons with disabilities. Cardoso urged fintech companies to explore solutions that address these challenges, stating that the CBN's collaboration with the National Agency for Persons with Disabilities has highlighted the gaps in the financial system's ability to serve this group.

The Governor cited difficulties faced by visually impaired customers in accessing their bank accounts and the broader issue of how financial institutions interact with customers with disabilities. He noted the inadequacy of fingerprint identification for some customers, particularly those affected by leprosy who may no longer possess fingerprints.

Cardoso highlighted that millions of Nigerians remain excluded from the financial system due to the lack of tailored fintech solutions, describing exclusion as the third obstacle to overcome, alongside fragmentation and trust deficit. He called on fintech organizations to develop solutions addressing the financial needs of people with disabilities, emphasizing the size of the underserved population as a significant opportunity for such companies.

The CBN's remarks align with ongoing efforts by financial institutions and regulators to expand access to financial services among underserved groups. FirstBank recently announced plans to offer tailored financial services for visually impaired, partially sighted, and physically challenged customers, following the CBN's broader initiative to raise financial inclusion to 95% of the adult population by 2028 through digital payments and fintech.