Experts Push Smarter Regulation, Collaboration to Make Nigeria Africa’s Fintech Hub
Quick Reads:
- Nigeria processed ₦1.07 quadrillion in instant payments in 2024, up 79.6% year-on-year
- Financial inclusion rose to 64%, but 28.8 million adults remain unbanked
- OPay and PalmPay’s combined user base has surpassed 90 million
- Experts want stronger cybersecurity and open banking standards
Stakeholders in Nigeria’s financial technology space are calling for smarter regulation, tighter cybersecurity, and deeper trust between regulators and innovators to firmly position Nigeria as Africa’s fintech hub. The call was made at the 3rd Business Journal Fintech and Financial Inclusion Roundtable, held recently in Lagos, where industry leaders agreed that digital payments have soared, but access to credit, insurance, and pensions still lags for millions of Nigerians.
Delivering the keynote, Dr. Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry, described fintech as one of the country’s strongest engines of economic transformation. She argued that Nigeria already has the demographic weight and entrepreneurial energy needed to lead the continent’s digital finance race, the real question is whether the right environment can be built to sustain it.
Citing figures that underline just how fast the sector is scaling, Almona noted that Nigeria processed ₦1.07 quadrillion in instant payments in 2024 alone, a 79.6 percent jump from the year before, with electronic transactions topping an estimated ₦2 quadrillion in the first half of 2025. Formal financial inclusion has also climbed to 64 percent from 56 percent in 2020, though close to 29 million adults remain locked out of the formal system, particularly in rural and northern communities.
She singled out OPay and PalmPay as standout drivers of agency banking, with a combined user base now exceeding 90 million. Still, she flagged poor infrastructure, unreliable electricity, overlapping regulatory demands, and rising cyber fraud as obstacles that could slow Nigeria’s momentum toward becoming Africa’s fintech hub. Her recommendation: sharper sub-national targets under the National Financial Inclusion Strategy and faster rollout of open banking standards.
Dr. Umaru Kwairanga, Group Chairman of the Nigerian Exchange Group, who chaired the event, said fintech is no longer optional for banking, insurance, pensions, or capital markets, it’s now central to how these sectors compete and serve customers.
Representing the Central Bank of Nigeria, Dr. Rakiya Opemi Yusuf stressed that genuine inclusion means more than opening accounts or downloading an app; consumers need dependable, secure services with quick resolution when transactions fail. She confirmed the CBN has introduced new market structure rules to curb excessive concentration and is prioritising beneficial ownership transparency and local data storage to protect consumers.
David Isiavwe, President of the Information Security Society of Africa-Nigeria, warned that as digital finance expands, so does exposure to cyber threats, urging tighter coordination among the CBN, NCC, NAICOM, and NITDA.
Prince Cookey, Managing Director of Business Journal Media Group, credited firms like Moniepoint, OPay, PalmPay, and Flutterwave with reshaping access to financial services nationwide, pushing traditional banks toward faster digital transformation. Participants closed the roundtable agreeing that the next phase hinges on expanding affordable credit and insurance, hardening cybersecurity, and sustaining regulatory reform, all critical if Nigeria is to fully claim its place as Africa’s fintech hub.
