Nigeria’s fintech sector has logged ₦71.5 trillion in digital payment transactions, spurred by intense competition among platforms and banks seeking to capitalize on the shift toward cashless finance.
The report highlights that fintech firms are pushing aggressive innovations, lower fees, and seamless mobile solutions to capture market share in payments, transfers, and collections.
Banks, responding to the disruption, are integrating APIs, launching digital-only products, and forming partnerships with fintechs to generate revenue from digital transaction volume.
A financial analyst cited by the article warned: “The real battle is for monetizing transaction layers,” noting that controlling infrastructure, data, and payment rails will define which institutions lead the next wave of growth.
The surge underscores Nigeria’s rapid embrace of digital finance and sets the stage for deeper financial inclusion—if challenges like regulation, cybersecurity, and infrastructure resilience are managed.
