In recent years, Nigeria has established itself because the undisputed leader in Africa’s fintech revolution.
Between 2018 and 2022 by myself, fintech startups in the nation attracted greater than $1.3 billion in funding, making Nigeria the #1 destination for fintech investment during Africa.
In 2024, Nigeria’s fintech industry experienced a heroic 70% increase from the earlier one year. This lisp is pushed by an increasing selection of Nigerians adopting digital funds and financial services, combined with a young, tech-savvy inhabitants involved to embody novel technology.
Nigeria changed into house to greater than 430 fintech companies as of February 2025, marking a great increase from the 255 companies mapped in January 2024.
The file categorizes these companies into 12 verticals, with the largest being business funds and detestable-border transactions; credit infrastructure and digital lending; and use administration, purchase now, pay later (BNPL) and merchant alternate concepts; with 56, 54, and fifty three companies, respectively.
Industry leaders spotlight the role the businesses play in growing Nigeria’s economy. Olugbenga Agboola, CEO of Flutterwave, says, “We allow businesses to scale, and after they scale, that permits us as successfully to grow our business.”
Equally, Paystack’s co-founder, Shola Akinlade, notes their main aim as “simplifying funds for businesses,” reflecting fintech’s mission to streamline on every day foundation financial transactions.
As we eye forward, projections for Nigeria’s fintech sector remain stable. Experts contain fintech will likely be critical for Nigeria in achieving its heroic aim of reaching a $1 trillion GDP by 2026.
The collaboration between aged banks and fintech companies is anticipated to be mandatory for hitting this milestone.
Furthermore, the growing intersection between fintech and man made intelligence (AI) also signals promising increase. Nigeria’s AI market by myself is anticipated to reach $434.4 million by 2026, growing abruptly at a rate of over 44% every body year.
This presentations that technology-pushed financial alternate concepts will continue to be mandatory in shaping the nation’s financial future.
