Stakeholders in Nigeria’s financial technology ecosystem have called for smarter regulation, stronger cybersecurity, improved digital infrastructure and deeper collaboration and building trust among public and private sector players to accelerate financial inclusion and position Nigeria as Africa’s leading digital financial hub.
The call was made at the 3rd Business Journal Fintech and Financial Inclusion Roundtable 2026, held on Friday in Lagos, where regulators, industry leaders and technology experts agreed that while Nigeria has recorded remarkable success in digital payments, greater efforts are needed to expand access to credit, insurance, pensions and other financial services for millions of underserved Nigerians.
Delivering the keynote address on “Fintech: Driving the Future of the Digital Financial Ecosystem in Nigeria,” Director-General and Chief Executive Officer of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona, described Financial Technology (Fintech) as one of the country’s strongest drivers of economic transformation, saying Nigeria possesses the demographic and entrepreneurial advantages required to dominate Africa’s digital finance landscape.
She noted that fintech innovations have transformed financial inclusion, SME financing, digital payments, government revenue generation and cross-border trade, stressing that the country’s challenge is no longer whether fintech will shape the future, but whether Nigeria can create the right environment to lead the continent’s digital financial revolution.
According to her, Nigeria processed ₦1.07 quadrillion in instant payments in 2024, representing a 79.6 per cent increase from the previous year, while electronic transactions exceeded an estimated ₦2 quadrillion during the first half of 2025. She added that formal financial inclusion has risen to 64 per cent, compared with 56 per cent in 2020, although about 28.8 million Nigerian adults remain excluded from the formal financial system.
Almona identified fintech firms such as OPay and PalmPay as major drivers of agency banking and financial inclusion, noting that their combined customer base now exceeds 90 million registered users, helping to extend financial services to communities beyond the reach of conventional banking infrastructure.
Despite the progress, she warned that significant gaps remain in access to savings, credit, insurance and pension products, particularly in rural communities and northern Nigeria.
“The future belongs to ecosystems that innovate responsibly,” she said, adding that financial inclusion should evolve beyond account ownership to genuine financial empowerment for individuals and businesses.
She identified artificial intelligence, blockchain, open banking, embedded finance, cloud computing, biometrics and digital identity as technologies that will shape the next phase of financial innovation. Almona, however, listed poor infrastructure, inconsistent broadband access, unreliable electricity, multiple regulatory touchpoints, cybersecurity threats, digital fraud, inadequate funding for innovation and low digital literacy as key challenges confronting the sector. She therefore, urged policymakers to strengthen the National Financial Inclusion Strategy with measurable sub-national targets, accelerate implementation of open banking and API standardisation, expand digital infrastructure and encourage greater investment in credit, insurance technology and pension technology.
Chairman of the occasion and Group Chairman of the Nigeria Exchange Group (NGX Group), Dr. Umaru Kwairanga, underscored the pivotal role of Fintech in transforming Nigeria’s financial services industry, saying the sector can no longer thrive without technological innovation. He noted that Fintech has become central to improving operational efficiency, service delivery and customer experience across the insurance, banking, pension and capital market sectors.
Commending Business Journal Media Group for organising the Fintech and Financial Inclusion Roundtable, and described the theme of this year’s edition, “Fintech: Driving the Future of the Digital Financial Ecosystem in Nigeria,” as timely and significant, noting that technology is not only simplifying the delivery of financial services but also reshaping economic growth, improving access to capital for businesses and expanding participation in economic activities.
Speaking at the event, Director of Payments System Supervision Department, Central Bank of Nigeria (CBN), Dr. Rakiya Opemi Yusuf, said financial inclusion goes beyond opening bank accounts or downloading applications.
Dr. Yusuf who was represented at the event by Mr. Babatunde Ajiboye, Assistant Director, CBN, stressed that consumers must enjoy reliable, affordable and secure financial services backed by prompt resolution of failed transactions and strong protection of personal information.
According to Yusuf, the CBN remains committed to maintaining a balance between encouraging innovation and protecting consumers.
She said the apex bank has continued to strengthen the regulatory framework by licensing new categories of operators, supporting digital payment channels and promoting fair competition across the payments ecosystem.
The CBN official disclosed that the Bank has introduced new market structure requirements to prevent excessive market concentration and ensure no operator gains unfair competitive advantage. She also highlighted the regulator’s emphasis on beneficial ownership transparency and local storage of payment transaction data to enhance data protection and regulatory oversight.
In his goodwill message, President of the Information Security Society of Africa-Nigeria (ISSAN), Dr. David Isiavwe, warned that the rapid expansion of Nigeria’s digital financial ecosystem has also increased exposure to cyber threats.
He described cybersecurity as the foundation of sustainable financial inclusion, noting that trust remains the most critical asset in digital finance.
Isiavwe advocated proactive security architecture, stronger regulatory collaboration among agencies including the CBN, Nigerian Communication Commission (NCC), National Insurance Commission (NAICOM) and National Information Technology Development Agency (NITDA), as well as continuous capacity building for cybersecurity professionals.
Earlier in his Opening Remarks, Managing Director and Editor-in-Chief of Business Journal Media Group, Prince Cookey, said Nigeria’s fintech success stories, including Moniepoint, OPay, PalmPay and Flutterwave, have transformed access to financial services and accelerated financial inclusion.
He noted that fintech companies have fundamentally changed Nigeria’s financial services landscape by introducing faster, cheaper and more accessible digital payment, lending and investment solutions while compelling traditional banks to embrace digital transformation.
Featured Picture: L-R: Mr. Emmanuel Ovaga, MD/CEO, PufferPay Ltd; Sola Longe-Okenimkpe, COO, Nuvu Africa; Prince Cookey, Publisher/Editor-in-Chief, Business Journal; Mr. Jide Orimolade, President/Chairman of Council, CIIN; Dr. Chinyere Almona, DG/CEO, LCCI; Dr. Umaru Kwairanga, Group Chairman, NGX; Mrs. Idu Okeahialam, GMD/CEO, Royal Exchange Plc; Mr. Babatunde Ajiboye, Assistant Director, CBN; Dr. Muda Yusuf, CEO, CPPE; David Isiavwe, President, ISSAN) and Mr. Wale Oshodi, NCRIB at the Business Journal Fintech & Financial Inclusion Roundtable 2026 held in Lagos last Friday.
