Nigeria’s fintech sector has continued to thrive and expand its influence across the economy, demonstrating resilience and innovation amid a broader downturn in tech funding across Africa. According to EnterpriseNGR’s State of Enterprise 2025 report, the country’s fintech ecosystem remains a key driver of financial inclusion, capital access, and digital efficiency for individuals and businesses alike.
This growth stands out even as African tech funding plunged by 53.5% in 2024. In sharp contrast, Nigeria emerged as a continental leader, raising $331.64 million in startup investments—representing nearly 30% of all African tech funding for the year. A substantial portion of this capital was channeled into fintech startups, reflecting sustained investor confidence in the sector’s long-term potential.
Key innovations highlighted in the report include:
- Rapid adoption of automated payroll systems and digital payment platforms
- Expansion of the Buy Now Pay Later (BNPL) market, projected to hit $2.61 billion by 2030
- Growth of over 400 digital lenders, extending credit to underserved populations and SMEs
- Increased inflow of remittances through mobile-first financial platforms
These developments have had a direct impact on transaction volumes. The Nigeria Inter-Bank Settlement System (NIBSS) recorded ₦1.07 quadrillion in instant payments in 2024. POS and mobile money usage also surged, marking a deeper shift toward cashless transactions nationwide.
While funding challenges persist across the continent, Nigeria’s fintech sector is increasingly seen as a beacon of innovation, financial empowerment, and digital transformation.
