Nigeria, India Eye Fintech Innovation to Boost Cross-Border Trade
Nigeria and India are betting on fintech innovation to unlock billions of dollars in stalled trade and investment between both countries. This was the major takeaway from a business forum hosted in Lagos by global B2B fintech firm Verto, in partnership with Donias Group, where executives examined how digital payment infrastructure can deepen economic ties between Africa’s largest economy and one of Asia’s fastest-growing markets.
According to stakeholders at the event, payment delays, foreign exchange challenges and limited access to efficient financial infrastructure continue to hinder trade growth between Nigeria and India, despite a relationship described as worth billions of dollars.
Donias Group Director, Dinesh Mishra, said the firm currently works with more than 1,000 companies globally and has facilitated the registration of nearly 500 businesses in Nigeria. He also disclosed plans to facilitate up to $2.4 billion in investments from India into Nigeria, stressing that efficient payment systems will be central to achieving that target.
Mishra pointed to software company Zoho as an example, noting it recorded stronger growth in Nigeria after switching to local naira pricing, arguing that businesses can’t keep pricing in dollars in a market with fluctuating exchange rates.
Verto General Manager, Adeyemi Adeboyejo, said fintech innovation has cut transaction times that once took days or weeks down to near real-time payments, while improving transparency for businesses. He added that companies increasingly want a single platform to manage payments, monitor liquidity and track settlements.
Daraju Group’s Group CFO, Dr. Pravin Kumar, also flagged forex volatility and payment delays as major headaches for firms trading internationally, noting that timely payments are critical since delays can disrupt supply chains and rattle cash flow.
Speakers at the forum agreed that fintech innovation will shape the future of Nigeria-India trade by cutting costs, speeding up payments and boosting investor confidence, provided tech firms, banks and manufacturers keep working together.
