Nigeria’s payment landscape is transforming rapidly, driven by fintech innovation, regulatory reforms, and evolving consumer preferences.

The ecosystem remains resilient despite a 54% drop in African fintech funding in 2023. Nigeria continues to lead in fintech adoption and investment, attracting $140 million in H1 2024 alone and hosting over 200 fintech startups, the highest in Africa. The country also processed ₦1.56 quadrillion in e-payment transactions in just the first half of 2024, representing 70% of the total volume recorded in 2023, underscoring the sector’s sustained growth.

This report, developed by TC Insights in partnership with Zone, provides a comprehensive analysis of Nigeria’s digital payments evolution, covering transaction trends, cross-border payments, emerging technologies, fraud risks, and the regulatory shifts shaping the ecosystem. It also explores future-forward topics like embedded finance and the rollout of open banking frameworks.

The Nigerian Payments Report 2025 offers policymakers, fintechs, investors, and other stakeholders data-driven insights to help understand where the market is today and where it is headed.