Nigeria’s e-payment transactions reached a record ₦384 trillion in July 2025, underscoring the country’s accelerating shift towards a cashless economy, according to data released by the Central Bank of Nigeria (CBN).
Speaking at the Nigeria Fintech Week (NFW), the CBN Governor emphasized that the foundation of progress in the nation’s payment system must remain trust and consumer protection.
“As Nigerians advance towards a cashless economy, the foundation of progress must remain trust in our payment system. Innovation loses its meaning if consumers are not confident in the safety of their money or the protection of their data,” he said.
The apex bank, he added, is working closely with the Nigeria Electronic Fraud Forum (NeFF) and law enforcement agencies to combat digital fraud and strengthen consumer protection.
“By balancing innovation with prudent oversight, we allow new technologies to flourish while protecting consumers and the broader financial system. A symphony is incomplete if some instruments are silent,” the governor said, referencing the event’s theme.
Fintech Leaders Call for Collaboration and Collective Action
Themed “The FinTech Ecosystem Symphony: Orchestrating Nigeria’s Digital Future,” this year’s Fintech Week served as a rallying point for stakeholders across the financial technology landscape.
In his opening address, Dr. Stanley Jacob, President of the Fintech Association of Nigeria (FintechNGR), described the event as more than a gathering, calling it a “statement of intent.”
“This is not merely an event; it has become a statement of intent,” Jacob said, urging participants to forge partnerships and pursue impactful collaborations that will shape the country’s fintech future.
Adding to the momentum, Dr. Jameelah Sharrief-Ayedun, Vice President of FintechNGR and Chair of the 2025 NFW, noted that this year’s edition marked a milestone, being held simultaneously in Lagos, Abuja, Delta, and Enugu.
“For the first time, beyond Lagos, the event is happening concurrently in more than one city,” she said, underscoring the growing national reach of the fintech ecosystem.
Nigeria’s Fintech Industry Driving Africa’s Digital Transformation
Also speaking at the event, Dr. Segun Aina, President of the Africa Fintech Network (AFN), lauded Nigeria’s leadership role in Africa’s fintech evolution, noting that the country is home to four of the continent’s nine fintech unicorns.
“Nigeria still has a lot of challenges, but it also has immense potential. Some of you here today will go on to lead the next generation of African fintech unicorns,” Aina remarked.
He revealed that AFN is collaborating with the CBN and other regulators on a “Fintech Licensing Passporting” framework, a pan-African initiative aimed at harmonizing regulations and enabling startups to operate seamlessly across borders.
According to Aina, the framework is designed to ease expansion for fintech companies across African countries while promoting financial inclusion and regulatory consistency.
Driving Nigeria’s Digital Future
The record-breaking ₦384 trillion in e-payment transactions highlights both the vibrancy of Nigeria’s digital economy and the critical need for regulatory trust, innovation, and cross-sector collaboration.
With the CBN, fintech leaders, and regional networks working in harmony, Nigeria appears poised to strengthen its position as Africa’s fintech powerhouse and a global model for inclusive digital transformation.
