As Nigeria’s digital economy gathers momentum, Remita has warned that inadequate investment in digital infrastructure, cybersecurity and financial inclusion could prevent millions of Nigerians from participating in the country’s fast-growing digital ecosystem.
Lanre Idowu, divisional head, Financial Industry Partnerships at Remita, made the call during the Nigeria Information Technology Reporters Association (NITRA) Innovative and Scientific Conference in Lagos, arguing that the country’s digital transformation story remains one of “two Nigeria’s”, one celebrated globally for fintech innovation and another still held back by poor broadband access, high connectivity costs and limited digital literacy.
His remarks come at a time when Nigeria’s digital economy is projected to contribute $18.3 billion to the national economy this year, driven largely by rapid growth in electronic payments, fintech innovation and digital public services.
For Remita, the issue goes beyond technology, it is about economic participation.
The company, one of Nigeria’s leading payment infrastructure providers, has become a critical player in the country’s digital payment ecosystem.
Over the years, its platform has processed trillions of naira in transactions for governments, businesses and individuals, enabling payments across more than 500 commercial banks, microfinance banks, fintechs and other financial institutions.
The platform also supports collections for thousands of public and private sector organisations, making it one of the country’s most extensive payment networks.
Idowu said while Nigeria has built one of Africa’s most vibrant fintech ecosystems, with instant payments now the norm for consumers, businesses and governments, the benefits are not being shared equally.
“The digital divide should be seen as an opportunity divide because millions remain excluded from education, healthcare, financial services and economic opportunities,” he said.
According to him, five major barriers continue to slow digital inclusion: connectivity, affordability, access to devices, digital literacy and trust.
He noted that broadband penetration remains uneven, especially in underserved communities, while rising internet costs continue to make digital services inaccessible for many Nigerians.
Idowu argued that digital products should be designed with inclusion in mind from inception, supporting multiple local languages, varying literacy levels, income groups and device capabilities to drive wider adoption.
Trust remains the missing link
Beyond infrastructure, Idowu identified trust as one of the biggest obstacles to digital adoption.
He said many Nigerians still hesitate to embrace digital financial services when transactions fail or dispute resolution processes are slow and ineffective.
Reflecting on Nigeria’s banking evolution, he recalled a time when customers spent hours in banking halls completing paper forms, while clearing an outstation cheque could take between five and fifteen working days.
Today, he said, innovations such as Automated Teller Machines (ATMs), mobile banking, agency banking, USSD services and digital payment platforms have fundamentally changed financial services by making geography and time less relevant.
“The future of Nigeria’s digital economy depends not only on innovation but also on inclusion. When technology becomes accessible to everyone, regardless of geography or income level, we truly begin to bridge the digital divide,” he added.
Collaboration fuelled Nigeria’s fintech rise
Idowu attributed Nigeria’s fintech success to sustained collaboration among government, regulators, banks, telecommunications operators, fintech companies, consumers and the media.
He noted that while government created enabling policies and regulators established innovation-friendly frameworks, banks pioneered digital financial services and telecom operators expanded connectivity nationwide.
He, however, cautioned that increasing USSD transaction charges could discourage adoption among low-income Nigerians, undermining efforts to deepen financial inclusion.
“No single institution built Nigeria’s fintech ecosystem alone. Government, regulators, banks, telecommunications operators, fintech innovators, consumers and the media all contributed to the progress we see today,” he said.
Business Insight
Nigeria’s electronic payments industry continues to expand rapidly, creating opportunities for payment infrastructure providers such as Remita.
According to the Nigeria Inter-Bank Settlement System (NIBSS), the country’s instant payment system processes billions of transactions annually worth hundreds of trillions of naira, underscoring the growing importance of resilient digital payment infrastructure.
As government and businesses digitise more services, industry stakeholders believe investments in broadband, cybersecurity and digital literacy will determine how widely these economic gains are shared.
