General Information

Population

238M

Online population

107M

Currency

NGN

Market overview

Population - 238M

In early 2025, 55.4 % of Nigeria’s population lived in urban centres, whereas 44.6 % lived in rural areas.

Internet penetration - 45.4%

There were 107M internet users in Nigeria at the start of 2025.

FinTech Outlook: Trends, Insight & Technology

Nigeria’s fintech industry remains one of Africa’s most dynamic and rapidly evolving landscapes. Fueled by innovation, strategic regulation, and emerging technologies, the ecosystem is becoming increasingly inclusive—bringing banking to the masses and transforming how financial services operate.

Explosive growth & unicorns

• The fintech sector surged ~70% year-over-year, swelling from ~255 to over 430 active companies as of early 2025. The top verticals? Business payments, digital lending, BNPL, and merchant tools. Crypto and Web3 also surged to 32 players.
• BNPL sector is experiencing significant growth, with the market projected to reach $2.61 billion by 2030, up from $1.42 billion in 2024.

Tech accelerators: AI, contactless, open banking, embedded finance

• AI is everywhere—used for fraud detection, personalized financial advice, and credit scoring via nontraditional data, helping the underserved.
• Contactless payments via NFC and QR codes are trending, making cashless quicker and more accessible.

Regulatory evolution & credit initiatives

• Regulators are balancing innovation with security: the CBN (Central Bank of Nigeria) and SEC (Securities and Exchange Commission) ****have rolled out structured guidelines on mobile money, open banking APIs, digital assets, crowdfunding, and lending licenses.

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Creation of the NCGC

Created in May 2025 and operational since July, the National Credit Guarantee Company (NCGC) marks a landmark regulatory innovation: by de-risking loans and backing lenders, it opens a new horizon for fintechs to expand credit offerings, empower MSMEs, and accelerate financial inclusion in Nigeria’s fast-growing digital economy.

👉 If successful, the NCGC could reshape digital lending, BNPL, and SME finance, and give fintechs a real partner to scale responsibly.

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Despite some promising regulatory evolution and a dynamic startup environment, Nigeria is still facing important challenges: