Governance Challenges in Digital and Fintech Companies in Nigeria: Board Readiness and Regulatory Compliance

This study examines governance challenges in digital and fintech companies in Nigeria, with particular focus on board readiness and regulatory compliance. The Nigerian fintech sector has experienced rapid expansion, generating regulatory interest from the Central Bank of Nigeria, the Securities and Exchange Commission, and the Nigerian Communications Commission. Governance in fintech companies presents unique challenges given the fast-paced nature of technology innovation, the complexity of regulatory requirements across multiple oversight bodies, and the relative youth of many fintech boards. Drawing on technology governance theory and startup governance literature, this study investigates board readiness for governance responsibilities, compliance management, and risk oversight in twenty registered fintech companies across Lagos and Abuja. A mixed-method design is adopted, combining surveys administered to fifty fintech governance officers with document analysis of corporate governance charters. Board readiness is assessed across dimensions of technology literacy, regulatory knowledge, risk appetite governance, and stakeholder engagement. The study anticipates that governance gaps are most pronounced in technology risk oversight and multi-regulatory compliance management. Findings will assist fintech founders, investor boards, and Nigerian regulators in developing governance frameworks appropriate for the digital financial services sector. Keywords: fintech governance, board readiness, regulatory compliance, digital companies, Nigeria.