CBN identifies 40 million Nigerians with disabilities as untapped fintech market

LAGOS, Nigeria — The Central Bank of Nigeria has identified about 40 million Nigerians living with disabilities as an underserved segment of the financial system that could open new opportunities for fintech companies.

Kanyi Daily reports that CBN Governor Olayemi Cardoso, represented by Abiodun Olalekan Okunola, head of the Innovation Management Division, delivered the remarks at Nigeria Fintech Week 2026 in Lagos.

Cardoso said the financial system has not developed enough technology and services to meet the specific needs of persons with disabilities. He urged fintech firms to design solutions that address the challenges this group faces.

The governor noted that collaboration with the National Agency for Persons with Disabilities had highlighted gaps in how banks and other institutions serve these customers. “Many people may not know that there are about 40 million Nigerians that are persons living with disability. Our financial system, we have not innovated to take care of them,” he said.

He cited the experience of visually impaired customers who hold bank accounts yet encounter difficulties when they visit branches. The problem, he added, goes beyond technology to the way staff treat customers with disabilities. “Blind people have money in their accounts. They go to the bank. When they get to the bank teller, the first thing they see is somebody coming to beg, even if that person has N20 million in their account, they do not treat them well,” Cardoso said. He called on financial institutions to train staff to respond appropriately.

Cardoso also pointed to biometric barriers. People affected by leprosy, he said, may no longer have fingerprints, making fingerprint-based identification unusable. The system must therefore explore alternatives such as iris recognition. “They don’t have fingerprints. So what that means is that we also must innovate so that perhaps we start using their, you know, irises or something to do identity,” he said.

Millions of Nigerians remain excluded, he argued, because existing financial technology has not been designed around their needs. The size of the population also represents a commercial opportunity. “So 40 million people excluded, not having targeted technological solutions to meet their needs. I’m sure you’re thinking already, there’s a lot of money to be made there,” Cardoso said. He described exclusion as the third major barrier that must be removed, after fragmentation and the deficit of trust.

The comments come as banks and regulators expand efforts to reach underserved groups. FirstBank announced in September 2025 that it was developing tailored services for blind, partially sighted and physically challenged customers. In June 2026 the CBN restated that its Payment System Vision 2028 aims to lift financial inclusion to 95 percent of the adult population by 2028, potentially bringing 50 million additional Nigerians into the formal financial system.