By Bisi Bamishe
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 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.
He commended Business Journal Media Group for organising the Fintech and Financial Inclusion Roundtable, describing the platform as critical to Nigeria’s economic future. According to him, such engagements provide stakeholders with the opportunity to collectively assess the direction of the country’s financial ecosystem and explore opportunities for sustainable growth.
Kwairanga 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.
He added that countries making the greatest progress in digital finance are those that have embraced technology to strengthen their financial architecture, improve efficiency and broaden financial inclusion, stressing that Nigeria must continue to leverage innovation to build a more resilient and inclusive financial ecosystem.
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.
“Our message is simple: innovation is welcome; fair competition is essential; and public trust must remain at the centre of everything we do,” Yusuf said.
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.
He reaffirmed ISSAN’s commitment to working with fintech companies, banks, telecommunications operators and regulators to ensure that Nigeria’s digital financial future remains innovative, inclusive and secure.
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.
Cookey said the roundtable was convened to examine how fintech can further deepen financial inclusion, strengthen economic growth and prepare the sector for the opportunities and challenges of the next decade.
Participants at the event agreed that while Nigeria has successfully built one of Africa’s most vibrant digital payments ecosystems, the next phase of growth will depend on expanding access to affordable credit, insurance and pension services, strengthening cybersecurity, improving digital infrastructure and sustaining regulatory reforms capable of positioning Nigeria as Africa’s foremost digital financial ecosystem.
