Nigeria processed close to 11 billion electronic payment transactions in 2024, more than double the 5 billion transactions recorded in 2022, according to the Central Bank of Nigeria (CBN).
The apex bank disclosed this in its report titled ‘Shaping the Future of Fintech in Nigeria: Innovation, Inclusion and Integrity’, released on Monday.
The report shows that real-time payment channels, led by the Nigeria Inter-Bank Settlement System (NIBSS) Instant Payment (NIP) platform, accounted for over 25 per cent of all electronic transactions in the country during the year.
“Today, more than 25% of all electronic transactions in Nigeria are processed via real-time payment channels and through the NIBSS NIP platform.
“Close to 11 billion transactions were processed in 2024, up from 5 billion transactions in 2022, placing the country among the top adopters globally and a clear leader on the African continent.
“This aligns with the Payments System Vision 2025, which sets a target for achieving near-universal e-payment penetration by 2030,” CBN stated.
Although the apex bank did not disclose the total value of transactions processed, it said Nigeria remained a key fintech investment destination.
It hinted that startups operating in the country raised more than US$520 million in equity funding in 2024.
The report described Nigeria as a global pioneer in real-time payments, citing the early deployment of a nationwide, interoperable instant payments infrastructure in 2011. This placed the country ahead of advanced economies such as the United States and emerging markets like India.
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It noted that Nigeria’s Instant Payment system was the first in Africa to achieve a recognised maturity ranking, reflecting its scale, reliability and level of adoption.
The CBN said Nigeria is increasingly moving from a regional leader to a potential global reference point in fintech regulation.
Regulatory priorities
To guide the next phase of sector growth, the CBN outlined plans to create a more innovation-friendly regulatory environment. Measures include streamlining approval processes, clarifying regulatory guidelines and deploying supervisory technology to reduce compliance bottlenecks.
The regulator also identified digital infrastructure as central to advancing financial inclusion. Improving access to the national identity system and strengthening digital platforms, it said, would be critical to reaching the 26 per cent of Nigerian adults who remain financially excluded.
Additional priorities include modernising consumer protection frameworks, strengthening anti-money laundering supervision and sustaining reforms following Nigeria’s recent exit from the Financial Action Task Force (FATF) grey list.
Regulatory friction and capital risks persist
Despite the strong growth in transaction volumes, the report highlighted ongoing challenges. About 50 per cent of fintech firms surveyed described the regulatory environment as restrictive, pointing to lengthy product approval timelines and high compliance costs.
The CBN also flagged infrastructure gaps in digital identity verification and data-sharing systems, as well as heavy reliance on foreign capital, which exposes fintech firms to global interest rate changes and currency risks.
AI and open banking offer a pathway for expansion
According to the report, artificial intelligence (AI) is being increasingly deployed for fraud detection and credit scoring, while the rollout of open banking is expected to drive competition and innovation across the sector.
It added that the expansion of digital public goods, including the AfriGO domestic card scheme and more structured regulatory engagement, would support the development of a more inclusive, resilient and competitive fintech ecosystem in Nigeria.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
