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Fintech Growth in Nigeria
Nigeria’s fintech industry has grown into one of Africa’s most vibrant ecosystems. It recorded over $200 million in investments between 2011 and 2018 and expanded by 70% year-on-year in 2024. These were submissions of experts at the 2nd Business Journal Fintech & Financial Roundtable 2025.
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Despite this exponential rise, adoption remains relatively low due to challenges such as poor financial literacy and weak infrastructure. Other factors are poor policy frameworks and inefficient technology deployment by financial institutions.
Dr. Umaru Kwairanga, Group Chairman of the Nigerian Exchange Group (NGX), who chaired the event, noted that fintech has transformed Nigeria’s financial services landscape with mobile payments, digital lending, and wealth management solutions.
“At NGX, we see fintech not as a disruption but as an opportunity to democratise investment and deepen participation in the capital market,” he said.
NGX’s Role in Driving Inclusion
Kwairanga highlighted NGX initiatives such as API-driven market data solutions, and regulatory sandboxes. Equally important are digital trading apps that enable fintech companies to integrate capital market access for retail investors. He stressed that these efforts were designed to make fintech inclusion in the capital market a tangible reality, not just aspiration.
Policy Harmonisation and Regulation
Stakeholders agreed that harmonisation of regulations among the CBN, SEC, NDIC, NAICOM, and NIMC is essential to mitigate operational risks and boost public confidence.
Dr. Olayinka Odutola, DG/CEO of the Association of Enterprise Risk Management Professionals (AERMP), highlighted the risk-factor. He warned about risks linked to greed, cyber fraud, and identity theft. He urged regulators to prioritise data privacy, ethical hacking, and information sharing.
Fintech, Insurtech and Insurance Penetration
Fintech and insurtech were also identified as critical drivers for expanding insurance penetration in Nigeria.
- Dr. Jeff Duru, MD/CEO of Universal Insurance Plc, stressed that fintech and insurtech can close financial inclusion gaps in rural communities by improving speed, trust, and accessibility in insurance services.
- Mrs. Bukola Ifemade, former Chairperson of the Lagos Area Committee of NCRIB, echoed the need for fintech collaboration to deepen insurance penetration.
The Role of Communication and Media
Beyond infrastructure and regulation, communication was spotlighted as a key enabler. Ms. Maureen Chigbo, President of the Guild of Corporate Online Publishers (GOCOP), stressed the importance of credible communication to combat misinformation and disinformation in fintech adoption.
“Trust is essential in the system. Online publishers can help fintech firms market services and fight misinformation while supporting human capital development through financial literacy programs,” she said.
Collaboration to fuel sustainability of Nigeria’s fintech ecosystem
The roundtable concluded that sustainable growth in Nigeria’s fintech ecosystem hinges on collaboration among regulators, operators, insurers, and the media. Stronger regulatory harmonisation and improved communication are essential. No less important is wider financial literacy to accelerate financial inclusion and unlock the sector’s full potential.
