Nigeria’s fintech sector continued to assert its dominance in 2024, driving financial inclusion, improving business efficiency, and attracting significant investor interest even as overall tech funding across Africa declined by more than half.
According to the State of Enterprise 2025 report by EnterpriseNGR, Nigeria led the continent in tech funding last year, securing $331.64 million, nearly 30% of Africa’s total. This performance stood out amid a 53.5% drop in African tech funding overall, highlighting Nigeria’s fintech ecosystem as a rare bright spot in a challenging investment environment.
The sector’s growth has been fuelled by widespread adoption of digital platforms that support everything from real-time payments to embedded finance and automated payroll systems. The rapid expansion of “Buy Now Pay Later” (BNPL) offerings is particularly notable, with the market projected to reach $2.61 billion by 2030. At the same time, over 400 digital lending platforms are now operating in the country, providing critical access to credit for individuals and small businesses often excluded from traditional banking systems.
Nigeria’s digital financial landscape has also contributed to a rise in remittance inflows and broader usage of mobile-first banking tools. These advances have supported the growth of new financial behaviours across a more diverse range of users, particularly in underserved communities.
Transaction data underscores the depth of this digital transformation. Instant payments processed through the Nigeria Inter-Bank Settlement System (NIBSS) reached ₦1.07 quadrillion in 2024, reflecting a surge in digital transactions. Usage of Point-of-Sale (POS) terminals and mobile money platforms also increased sharply, confirming a structural shift in how Nigerians interact with financial services.
Despite the difficult funding climate across Africa, investor confidence in Nigeria’s fintech sector remains strong. A substantial share of the capital raised last year was channelled into fintech startups, reinforcing the country’s position as a regional innovation hub and signaling long-term growth potential for its digital finance ecosystem.
The State of Enterprise report positions fintech as a cornerstone of Nigeria’s economic evolution, with digital platforms reshaping how capital is accessed, transactions are made, and value is created across sectors. As regulatory clarity improves and infrastructure scales, the sector is poised to continue its outsize contribution to national development and regional leadership in financial technology.
