Nigeria’s Fintech Sector Shifts Focus to Infrastructure, AI, and Regional Growth

As Nigeria Fintech Week 2026 commenced in Lagos on Tuesday, September 22nd, a clear message resonated throughout the event: the nation’s fintech industry has matured beyond basic payment solutions.

The conference, hosted at the Wole Soyinka Centre for Culture and Creative Arts by the Fintech Association of Nigeria (FintechNGR), brought together founders, bankers, regulators, government officials, and investors under the theme “Legacy in Motion: Powering the Digital Renaissance.” Dr Stanley Jacob, President of FintechNGR, noted how the industry’s narrative has changed from questions about adoption to concerns about monetization.

Key Challenges and Opportunities

Dr Jacob highlighted four critical areas for future focus:

  • Digital infrastructure: Building robust foundations beyond payment rails
  • Responsible AI implementation Scaling ethical and effective solutions
  • Financial inclusion: Reaching underserved populations
  • Cross-border operability: Expanding into African markets

With transaction volumes on the NIBSS Instant Payment platform surging from 1.5 billion in 2022 to nearly 11 billion in 2024, industry leaders emphasized the need for fintechs to address what happens after payments are processed.

Continental Ambitions

Dr Segun Aina, President of the Africa Fintech Network, urged companies to look beyond Nigeria’s 240 million consumers and target the continent’s 1.4 billion potential customers. He noted that while regulatory frameworks vary across countries, initiatives like the Fintech License Passporting Initiative aim to streamline cross-border expansion for compliant fintechs.

Government Support & Innovation

The Lagos State Government showcased its digital transformation plans, including a portal consolidating over 300 government services and an Innovation Bill designed to support startups and responsible AI adoption.

Regulatory Perspective

Representing CBN Governor Olayemi Cardoso, Mr Abiodun Okunola identified four “brakes” on fintech growth: fragmentation, trust deficits, financial exclusion, and regulatory uncertainty. He emphasized the need for balanced regulation that protects users without stifling innovation.