CBN Questions ‘Pay Small Small’ Credit Offered by Non-Bank Businesses

The Central Bank of Nigeria has raised concerns about non-bank businesses offering customers instalment payment options, commonly known as “pay small small.” Speaking at Nigeria Fintech Week 2026 in Lagos, CBN Governor Olayemi Cardoso said embedded finance is becoming more common as businesses use customer data to provide financial services. He cited airline and travel-booking platforms that allow customers to spread payments over time. The CBN is considering how such arrangements should be regulated when the companies involved are not licensed credit providers. The bank also warned that customers may be uncertain about where to seek redress if their rights are violated. Buy Now, Pay Later services are expanding rapidly in Nigeria, alongside tighter consumer-protection rules for digital lenders.

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