This insight comes from “The State of Enterprise 2025 Report” by EnterpriseNGR, which stated that out of 266.2 billion real-time payment transactions recorded worldwide, Nigeria accounted for 7.9 billion placing it among the top countries worldwide. India accounted for 129.3 billion, Brazil 37.4 billion, Thailand 20.4 billion, China 17.2 billion, and South Korea 9.1 billion.

The report highlighted that the volume recorded surpassed other African countries, the report reads: “This far exceeds the volume recorded by other African economies, including South Africa (284 million), Egypt (39 million), and Kenya (20 million).”

The widespread adoption of mobile banking, internet banking, and Unstructured Supplementary Service Data (USSD) continues to enhance financial service delivery in Nigeria, enabling individuals to conduct transactions like fund transfer, bill payment, and airtime purchase seamlessly.

Data from the Nigeria Inter-Bank Settlement Systems (NIBSS) showed that POS transactions reached 1.5 billion in 2024, a 7.1% increase from the 1.4 billion recorded in 2023, while Mobile money transactions grew by 30% to 3.9 billion. Also, electronic payment transactions surged to N1.08 quadrillion in 2024, an 80% increase from N600 trillion in 2023.

The report emphasised that for Nigeria to compete favourably with countries like India, Brazil, and Thailand, it needs to strengthen the quality of its payment ecosystem, extend infrastructure coverage, and provide regulatory support.

Effective fintech product activation involves creating a robust digital payment ecosystem that not only addresses the unique challenges of diverse markets but also empowers individuals and businesses to participate fully in the global economy.

As a seasoned professional in the fintech and payments industry, I have witnessed firsthand the transformative potential of well-activated fintech products.

These solutions have not only expanded financial inclusion but have also revolutionised cross-border transactions, enabling businesses to operate seamlessly across borders and empowering individuals to access essential financial services.

Reflecting on our experience launching Proximity Pay in Nigeria’s retail sector during the 2020-2021 period, my team and I successfully navigated the complex payment landscape by prioritising a customer-centric approach.

Through innovative solutions and tailored offerings, we overcame initial scepticism and fostered a widespread adoption of digital payments, demonstrating the profound impact of putting the user at the heart of fintech innovations.

This is just one example of how fintech can reshape economies, empower communities, and drive progress.

As we look to the future, the role of fintech will continue to evolve, serving as a catalyst for positive transformation across industries.

*Olaniyi Ibraheem | FinTech, Digitalization & Innovation Specialist | BDM Africa | Payment Orchestration