Nigeria has cemented its position as Africa’s most advanced digital payments economy, recording 7.9 billion real-time transactions in 2024, according to a new report by EnterpriseNGR.
This figure represents 2.97 percent of the global total of 266.2 billion transactions, placing Nigeria in the league of digital payment powerhouses such as India, Brazil, Thailand, China, and South Korea.
The report, titled “The State of Enterprise 2025: Insights into Nigeria’s Financial and Professional Services Sector,” disclosed that India led the global chart at 129.3 billion real-time transactions, followed by Brazil (37.4 billion), Thailand (20.4 billion), China (17.2 billion), and South Korea (9.1 billion).
It said Nigeria’s 7.9 billion transactions significantly outpaced other African economies. South Africa recorded 284 million transactions, while Egypt and Kenya saw 39 million and 20 million, respectively.
The report highlighted how mobile banking, internet banking, and USSD have revolutionised financial access and service delivery in Nigeria. From fund transfers and bill payments to account management, digital platforms have become integral to everyday banking.
“The use of point-of-sale (POS) terminals, mobile apps, and web platforms has expanded significantly,” EnterpriseNGR noted, attributing the growth to fintech innovation and a shift toward technology-driven business models among financial institutions.
This digital shift has not only improved customer experience but also enhanced operational efficiency and boosted non-interest revenue for financial institutions in 2024.
Despite this, EnterpriseNGR emphasised that Nigeria must scale and deepen usage to compete with leading economies in digital payments. “This requires strengthening the quality of the payment ecosystem, extending infrastructure coverage, and enhancing regulatory support,” the report stated.
Key priorities include ensuring seamless interoperability across banks, fintechs, mobile money operators, and traditional institutions; improving internet and mobile connectivity in underserved regions; and adopting user-focused regulatory frameworks that balance innovation with consumer protection.
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Despite missing the Central Bank of Nigeria’s (CBN) ambitious 95 percent financial inclusion target for 2024, Nigeria achieved a 74 percent rate in 2023, according to EFInA. The expansion of agent banking networks and mobile money services played a major role. These networks offer critical services to underserved communities, bridging physical and infrastructural gaps.
Foreign capital and diaspora remittances fuel growth in Nigeria’s financial sector
According to the report, Nigeria’s banking sub-sector plays a vital role in facilitating cross-border transactions, trade finance, and investment, positioning it as a key driver of global economic engagement.
The report cited that the financial sector attracted approximately $3.8 billion in foreign capital, representing a 586.4 percent increase from $549.3 million in the same period in 2023 and accounting for 52.1 percent of total capital importation as of Q3 2024.
“Much of this inflow occurred in the first half of the year, reflecting strengthened investor confidence amid economic volatility and evolving monetary policies. A significant portion of the investment was driven by banks’ capital-raising efforts to meet new CBN requirements.
“The sector’s resilience, underpinned by foreign exchange reforms and monetary adjustments, remains critical to Nigeria’s economic stability, capital inflows, and financial market development heading into 2025,” it noted.
On diaspora remittances, the report by EnterpriseNGR stated that it remained a crucial source of foreign exchange for Nigeria.
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The World Bank, in a report, disclosed that Nigeria remains the top recipient in Sub-Saharan Africa, with inflows estimated at $19.8 billion in 2024, up from $19.55 billion recorded in 2023, ranking the country 9th globally.
EnterpriseNGR, in its report, said these inflows are largely facilitated by the banking sub-sector under the leadership of the apex bank.
It explained, “To further enhance remittance inflows, the CBN is considering issuing a dedicated diaspora bond in the United States in 2025, building on the success of its previous issuance and targeting up to $1 billion in subscriptions.
“The continued emigration driven by the search for economic opportunities will contribute to increased flows of remittances to the country. By working with money transfer operators (MTOs) to reduce transaction costs and improve the ease of transfers, Nigeria can boost remittance volumes.
“The flow of remittances received by individuals in rural areas can be harnessed to close the existing financial inclusion gap and promote economic empowerment by encouraging more account openings through mobile money and agent banking services.
“The government can provide incentives (e.g., tax breaks or interest premiums) for remittance recipients who invest in savings or pensions. It can also offer matched funding or seed grants for remittance-backed entrepreneurship initiatives.”
Obi Ibekwe, the Chief Executive Officer of EnterpriseNGR, said the financial institutions increased their contribution to national output, revealing that for every N100 generated, the sector accounted for N6, up from N5 the previous year.
“This reflects the sector’s growing influence on the broader economy. FinTech and digital banking continued to expand, deepening financial inclusion and improving access to financial services across the country. Electronic transaction values reached an unprecedented quadrillion-naira level, underscoring the sector’s scale and transformative impact,” she added.
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