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In recent years, Nigeria has established itself as the undisputed leader in Africa’s fintech revolution.
Between 2018 and 2022 alone, fintech startups in the country attracted more than $1.3 billion in funding, making Nigeria the number one destination for fintech investment across Africa.
In 2024, Nigeria’s fintech industry experienced an impressive 70% growth from the previous year. This boom is driven by an increasing number of Nigerians adopting digital payments and financial services, combined with a young, tech-savvy population eager to embrace new technology.
Nigeria was home to more than 430 fintech companies as of February 2025, marking a remarkable increase from the 255 companies mapped in January 2024.
The report categorizes these companies into 12 verticals, with the largest being business payments and cross-border transactions; credit infrastructure and digital lending; and spend management, buy now, pay later (BNPL) and merchant solutions; with 56, 54, and 53 companies, respectively.
Industry leaders highlight the role the companies play in growing Nigeria’s economy. Olugbenga Agboola, CEO of Flutterwave, says, “We enable businesses to scale, and when they scale, that enables us as well to grow our business.”
Similarly, Paystack’s co-founder, Shola Akinlade, notes their primary goal as “simplifying payments for businesses,” reflecting fintech’s mission to streamline everyday financial transactions.
As we look forward, projections for Nigeria’s fintech sector remain strong. Experts believe fintech will be critical for Nigeria in achieving its ambitious goal of reaching a $1 trillion GDP by 2026.
The collaboration between traditional banks and fintech companies is expected to be crucial for hitting this milestone.
Moreover, the growing intersection between fintech and artificial intelligence (AI) also signals promising growth. Nigeria’s AI market alone is expected to reach $434.4 million by 2026, growing rapidly at a rate of over 44% annually.
This shows that technology-driven financial solutions will continue to be essential in shaping the country’s economic future.
