These operators are the capillaries of Nigeria’s cash-dependent economy, pumping naira notes into the hands of millions.

When commercial bank branches shrank, and automated teller machines (ATMs) consistently ran dry, these retail entrepreneurs stepped in.

They brought financial services within reach of the poorest farmer and the busiest market woman, effectively humanising fintech for tens of millions of citizens.

But today, the street-corner cash merchants are facing a perfect storm. What was once a highly lucrative blue-ocean opportunity has devolved into a hyper-competitive race to the bottom.

Estimates suggest Nigeria now has well over 1.5 million mobile money agents, possibly more than the entire West African sub-region combined.

Walk down any street in an urban hub, and you will see four, five, or six operators clustered within shouting distance of each other, thin-slicing margins that are already compressed by platform fees.

When multiple neighbours on the same street split the daily traffic, revenue per operator crashes. Many now earn less than the minimum wage, and the dream of easy money is fading.

Visit any POS agent today, and you will hear the same laments. Sourcing naira notes amidst inflation and cash scarcity causes severe “float fatigue,” often requiring hours in bank queues or paying a premium. Network nightmares and telecom downtimes stop an agent’s income instantly.

Rising fraud and crime have forced many to operate behind iron grilles, while fintechs like OPay, PalmPay, and Moniepoint slash commission rates as they chase corporate profitability.

Furthermore, the Central Bank of Nigeria (CBN) has aggressively moved to formalise and secure the sector, implementing a strict single-principal exclusivity rule. Historically, an agent could survive network downtimes by juggling multiple terminals.

Under the new regulatory framework, that flexibility is illegal. Agents are required to affiliate with a single licensed provider, register with the Corporate Affairs Commission (CAC), and operate from fixed, geo-fenced coordinates. When your lone service provider goes down, your business comes to a standstill.

Yet, the most dangerous competitor to the traditional POS vendor is an invisible shift in technology and consumer behaviour.

The heavy, dedicated plastic terminal, susceptible to battery degradation and printer jams, is growing obsolete.

The emergence of SoftPOS (Software POS) and near-field communication (NFC) means any mid-range Android smartphone can now function as a payment collection point. Merchants no longer need to pay an upfront hardware lease; they can accept payments via card taps or phone-to-phone interactions instantly.

Concurrently, the customer base for cash-out services is shrinking because local grocery stores, boutiques, and pharmacies are bypassing the intermediary. Instead of a shopper visiting a POS kiosk to withdraw cash for a vendor, the vendor now displays their own account details, smart terminal, or dynamic QR code.

With peer-to-peer transfers becoming faster and more reliable via instant-payment rails, young Nigerians have largely abandoned ATM cards for phone numbers.

Why walk to an agent under a tree when you can buy bread and pay via a banking app from your chair? I recently saw a young man pay a keke fare of N300 only with a transfer to the driver.

So, what happens next? Will the ubiquitous POS agent go the way of the payphone and the cybercafé? The future is not necessarily the death of the agent, but it is unequivocally the death of the simple “cash-out” point.

To my mind, the industry faces three likely paths of evolution:

One, the hybrid merchant-agent: Standalone POS kiosks will fade. Instead, every shop, from a tailor to a tea seller, will double as an agent, making agency banking an add-on service rather than a primary income.

Two, the Cashless Cliff: If the CBN accelerates its cashless policy and mobile money interoperability reaches its peak, physical cash demand could collapse, rendering the core cash-in/cash-out service obsolete.

 And three consolidation into micro-branches (The Sustainable Path): Future POS agents will become “super-agents.” Moving from basic human ATMs into full-service digital micro-branches, they will leverage their deeply rooted community trust to cross-sell sophisticated financial products:

For this ecosystem to survive with dignity, self-regulation must restrict terminal density to prevent cannibalisation. Furthermore, fintech providers must invest in agent training, fraud protection, and fair commission structures rather than mere device saturation.

The Nigerian POS operator has been a grassroots financial miracle born of necessity. However, the era of making a comfortable living by simply sitting under an umbrella with a plastic card reader and a backpack full of cash is rapidly closing. The POS ecosystem isn’t disappearing, but it is growing up. The operators who view these changes as an invitation to elevate into comprehensive neighbourhood financial hubs will find longevity.

Those who cling strictly to the legacy cash paradigm risk being automated out of existence by the very digital revolution they helped start.

*Elvis Eromosele, a corporate communications expert and sustainability advocate, wrote via: elviseroms@gmail.com

The post Is the Era of the POS Operator Coming to an End? appeared first on Tech | Business | Economy.

The announcement was made by Yemi Solaja, director of the Other Financial Institutions Supervision Department (OFISD) at the CBN, during the annual Conference of the Committee of Heads of Banks’ Operations (CHBOs) in Lagos.

Under the new licences, operators such as Moniepoint Microfinance Bank, OPay, Kuda Bank, Palmpay and Paga are now authorised to operate legally across all 36 states and the Federal Capital Territory, reflecting the nationwide scale they have already achieved through digital channels and extensive agent networks.

Closing the Regulatory Gap

The licence upgrades address a growing mismatch between earlier geographic licence tiers and the actual operations of fintech platforms that have organically expanded far beyond regional limits.

Solaja underscored that the transition to national status is conditional, granted only after firms satisfy regulatory benchmarks around governance, compliance, capital adequacy, and operational robustness.

The CBN’s move is part of a broader effort to strengthen oversight of digital finance while supporting financial inclusion and the country’s ongoing shift toward a cashless economy.

What it Means for Fintechs and Users

With national licences, affected fintechs and MFBs are now subject to stricter regulatory standards, including:

• Higher capital requirements: National MFBs must now maintain a minimum capital base of around ₦5 billion, up from the previous ₦2 billion threshold.
• Enhanced compliance and reporting obligations, aimed at boosting customer protection and systemic stability.
• Mandated physical service points in key locations, despite predominantly digital operations, to ensure support and dispute resolution for customers,  particularly those in the informal sector.

The CBN also sees the licensing alignment as a way to close gaps in regulatory oversight and bring digitally led financial services within a framework that matches their economic impact and social reach.

Industry Response

Analysts and sector participants have welcomed the upgrade as a positive regulatory calibration that recognises the maturity of Nigeria’s fintech ecosystem while promoting safer, more resilient financial services.

By aligning licences with operational realities, the CBN aims to support sustainable growth, deepen consumer trust, and ensure that innovation moves in lockstep with prudential safeguards.

The post CBN: Moniepoint, PalmPay, Paga and Others Now Operate with National Licences appeared first on Tech | Business | Economy.

Here are the key consumer spending trends to watch in 2026:

1. Digital Payments and eCommerce Boom

Young Nigerians are driving the move away from cash. Digital payments and online shopping are now part of daily lives, powered by fintech platforms such as Opay, Moniepoint, PalmPay and eCommerce companies like Jumia.

Transactions are faster, more convenient and better trusted.

This transition is most obvious in urban centres, where mobile wallets, agent banking and QR payments are replacing cash for everything from groceries to transport fares.

The informal economy in Nigeria, which accounts for more than half of economic activity, has also taken up digital finance, enhanced by factors such as improved mobile access and the 2023 cash shortage.

Financial inclusion has expanded steadily, growing from about 54% in 2020 to 64% by 2023, mainly due to digital channels. With payments becoming seamless, spending behaviour changes with it.

Consumers are more likely to shop online, pay bills instantly, and make impulse purchases, especially in categories such as fashion, gadgets and food delivery.

Regulators, particularly the Central Bank of Nigeria (CBN), continually focus on system security and fraud reduction, while consumers push demand through convenience.

Nigeria’s population size gives this trend more scale, setting it apart from similar digital adoption seen in markets like South Africa.

2. Health and Wellness Take Priority

Health and wellness spending is growing as Nigerians adopt a more preventive mindset. Families and individuals are paying closer attention to what they eat, how they exercise, and the products they consume.

Demand for organic foods, gym memberships, supplements and healthier snacks is growing, particularly in cities.

Consumers check food labels more closely, opting for reduced-sugar drinks, plant-based options and healthier ingredient lists.

Social media has been top-notch here, with fitness creators, nutrition advocates and lifestyle influencers impacting preferences and awareness.

On the policy side, government spending on healthcare has increased. The 2025 health budget rose significantly, and allocations to the Basic Health Care Provision Fund are projected to grow further in 2026.

However, healthcare workers still complain about infrastructure gaps and unpaid salaries, as well as implementation which lags behind policy announcements.

Even so, easing inflation could free up household budgets for preventive healthcare, supporting steady growth in wellness-related spending through the year.

3. Value-Driven and Price-Sensitive Buying

Consumers in Nigeria are becoming more deliberate about what they buy. Rather than volume or advertisement, many now prioritise quality, durability and brand trust, even when it comes at a higher price.

With supermarkets, convenience stores and organised retail expanding, shoppers are comparing products more carefully. Young professionals and families, in particular, are weighing long-term value against upfront cost when choosing electronics, clothing and household items.

Social media is important here. Most Nigerians now discover brands online, and influencers on platforms such as Instagram and TikTok impact perceptions through reviews, demonstrations and personal endorsements. This has pushed brands to focus more on product quality and credibility.

The result is a more sustainable spending pattern, with fewer disposable purchases and greater emphasis on products that last.

The Bigger Market Context

In 2026, the consumer market reveals a different African trend, where digital innovation fills gaps left by traditional systems. With over 70% of the population under 35, the country’s youth keeps driving adoption across mobile banking, online retail and digital services.

Recent economic reforms, including initiatives to stabilise the naira and manage inflation, are beginning to ease pressure on households. Inflation is projected to trend downward, while growth in non-oil sectors such as services, agriculture and trade is supporting gradual recovery in consumer confidence.

Fintech is indispensable to this transformation, extending financial services beyond urban centres and bringing more Nigerians into the formal economy.

This pattern shows the impact of platforms like M-Pesa in East Africa, adapted to Nigeria’s larger and more complex market.

While the cost of living is still high due to fiscal adjustments and import pressures, the overall outlook points to a more structured, tech-enabled consumer economy.

What to Watch Through 2026

Several indicators will impact how these trends evolve:

• Inflation and cost of living: Always track monthly headline inflation via CBN reports; if it goes below 13%, expect freer spending on non-essentials like health or wellness products.
• Digital adoption: Growth in mobile wallets and fintech users will show stronger e-commerce activity.
• Sector performance: Pay attention to health and retail figures from industry reports; increase in organic food sales or quality brand revenues highlight consumer changes.
• FX stability and remittances: A steadier naira could reduce import expenses and support consumption.
• Youth engagement online: Higher influencer engagement usually results in quality-focused purchases.
• Regulatory signals: CBN policies will continue to affect fintech growth and consumer trust.

Conclusion

The year 2026 will be a year of smart, tech-focused spending for Nigerians, where digital tools and quality choices will help manage economic realities.

With economic growth on the rise and inflation rates reducing, these trends come with opportunities for consumers to be more flexible in spending and for businesses to innovate.

Embracing them means building a more inclusive economy.

The post Top Consumer Spending Trends to Watch in 2026 appeared first on Tech | Business | Economy.

The Corporate Affairs Commission (CAC) announced that they will enforce mandatory registration for all Point-of-Sale (PoS) operators as from January 2026, while new tax laws now treat cryptocurrency profits as personal income and will be taxed accordingly.

These new changes matter greatly for millions of Nigerians who rely on mobile money and crypto for daily transactions, foreign remittances, and wealth management, potentially improving on security but also raising costs and compliance burdens.

These changes are targeted mainly at agent banking operators and the high crypto adoption ongoing across Africa, especially in Nigeria where POS agents serve as lifelines to “under-banked” areas and crypto especially stable coins helps to hedge against the volatile currency.

Over the last few years, Nigeria’s fintech sector has seen rapid growth, with over 5.9 million POS agents processing hundreds of trillions of naira in transactions and cryptocurrency trade hitting billions annually.

However, as electronic banking becomes more reliable and accessible to Nigeria’s growing population, certain risks like fraud, identity theft, and informal operations also increase.

This has prompted the current government to enforce regulations that reduce these risks and improve on the formal economy.

It is good to note that CAC first pushed for POS agent registration as far back as 2024 but extended deadlines due to very low compliance.

Meanwhile, cryptocurrency has been under several stiff regulations from the central bank for a while due to untraceable activities and alleged currency manipulation. The Tax Act of 2025 is meant to enforce taxation on both fiat and virtual assets and income and boost the formal sector.

What to Expect and Impact As From January 2026

For POS operators across Nigerian, CAC registration becomes mandatory, and they must register their business as formal entities with business names as the year progresses. Unregistered agents could risk terminal seizures and shutdowns by security agencies.

Also, fintechs like Opay and Moniepoint could face watchlisting or profiling from the CBN. CBN also wants to geo-tag POS terminals to fixed locations exclusive to one agent from April 2026. The goal is to reduce fraud related to anonymity while protecting the financial system.

For cryptocurrency, crypto gains will be taxed just like income tax from Jan 2026. This means any profit from cryptocurrency trade, NFTs, and other virtual assets will be treated as taxable income under the new tax laws that will be enforced in 2026.

These rules could potentially formalise financial operations in Nigeria, build trust in technology and and attract more foreign investors, but they might increase the fees passed to consumers and smaller agents or informal traders might find it hard to adjust.

Note that historically, tax compliance in Nigeria has always been lower than the continent’s average with a tax to GDP ratio of 10%, compared to the continental average of 18%.

As of 2022, only about 16% of Nigerians were active tax payers, while 9% of companies were captured in Nigeria’s tax net.

These figures show the significant challenge of voluntary tax participation in Nigeria, and the current tax reforms are meant to enforce compliance. Emphasis on “enforce”.

Tax reform chairman Taiwo Oyedele has noted that the new rules are meant to tax gains and ignore losses while being less than previous rates, only that it will be enforced this time around.

Conclusion

Nigeria’s Fintech regulatory changes for 2026 show that the system is maturing with stricter POS rules to reduce fraud and new crypto tax to formally integrate digital assets as recognized means of income.

For everyday users and operators, compliance is the key. While adjusting to these changes could be somehow challenging, they could lead to a safer financial system across Nigeria.

The post January 2026: What to Expect as New POS Regulations and Crypto Taxes Begin appeared first on Tech | Business | Economy.

Mbabaie described the blockchain sector as a rapidly expanding “borderless, multi-billion-dollar industry,” already valued at more than $3 billion and growing at an unprecedented pace, and emphasized that Africans, particularly young Nigerians, must urgently position themselves to benefit from this global shift.

“You can be in Gombe or Makurdi and still earn globally. It’s a borderless environment,” he said, stressing that the blockchain ecosystem offers opportunities without the need for visas, relocation, or traditional entry barriers.

He explained that decentralized systems represent a fundamental redesign of digital infrastructure, one where no single corporation, government, or financial institution wields absolute control. Instead, authority is distributed across globally dispersed nodes and validators operating under transparent, verifiable rules enabled by blockchain and peer-to-peer technologies.

This, he noted, stands in sharp contrast to Africa’s prevailing centralized systems.

While acknowledging the contributions of centralized platforms like Opay, Moniepoint, and M-Pesa in advancing financial inclusion, Mbabaie warned that their architectures leave millions vulnerable to outages, policy disruptions, and systemic failures.

He noted that blockchain networks, by comparison, rarely experience shutdowns due to their global distribution. “If a node in America goes down, the one in Gombe or China keeps the system running. That’s the beauty of the space,” he said.

Beyond reliability, Mbabaie underscored digital sovereignty as decentralization’s most critical advantage. It enables financial transactions that cannot be arbitrarily blocked, digital identities that cannot be erased, and infrastructure that Africans themselves can build, own, and profit from.

“Africa owns the rails, not just rides the train,” he declared, urging stakeholders to envision a continent where Africans write the rules of their digital economy.

He broke down the foundational principles of decentralized systems, no gatekeepers, transparent rules, and universally distributed data, highlighting their superiority to traditional financial structures that can manipulate money or restrict access, adding that blockchain offers immutable transparency: “Any transaction can be seen. Any file can be tracked. Nothing disappears.”

Citing Bitcoin’s more than 200,000 active wallets and the resilience of decentralized internet initiatives like Wikipedia’s distributed network, Mbabaie argued that Africa must prepare for a future powered by smart contracts, AI-integrated protocols, and globally interoperable blockchain systems.

To fast-track this transition, he outlined three urgent policy actions for African governments and regional tech bodies:

• Data localization and mandatory interoperability to ensure critical digital infrastructure is hosted locally and free from vendor lock-in.
• A risk-based licensing regime for Virtual Asset Service Providers and a mandatory 90-day token classification window aligned with the VASPA framework.
• A ₦50 billion Sovereign Compute Fund to support the development of African-built Large Language Models (LLMs) and on-chain AI agents capable of competing in the global AI race.

Mbabaie praised Nigeria’s recent progress in establishing regulatory and compliance structures for blockchain adoption and reiterated that the nation still leads Africa despite earlier missed opportunities, and urged young innovators, policymakers, and industry players to act decisively.

“We are at a defining moment,” he said. “If Africa embraces decentralized systems now, we can unlock long-term economic empowerment, digital independence, and true global competitiveness.”

The post AfriTECH 5.0: Chukwuemeka Mbabaie Explains Why Africa Needs Decentralized Digital Sovereignty appeared first on Tech | Business | Economy.

Frankly, I was flummoxed, flabbergasted, and totally astonished.

The people behind this platform have gone far beyond what we traditionally understand as fintech. They have practically built a financial super ecosystem that touches almost every aspect of daily life in Nigeria.

Beyond the regular transfers, airtime top-ups, and bill payments, I found integrations that span:

• Ecommerce: Direct links to AliExpress and Temu for seamless checkout.
• Insurance: Access to major insurance providers for health, motor, and travel plans.
• Power & Telecoms: Instant purchase of electricity tokens and mobile data across all networks.
• Savings & Investments: Multiple savings options – flexible, fixed, and goal-based – with real-time interest tracking.
• Travel & Lifestyle: Flight bookings, hotel reservations, and even visa payments (including Chinese Embassy applications) right from the app.
• Logistics & Food: Food delivery options, transport and POS-related services.
• Cards & POS Services: Virtual and physical debit cards, merchant tools, and payment gateways for SMEs.

And yet, they are still expanding – quietly adding micro-lending, virtual account services, and merchant financing, redefining what it means to “bank” without a bank.

At this rate, I won’t be surprised if diaspora remittance becomes their next frontier. The infrastructure and data depth already suggest the potential for a borderless payment experience.

This is no longer just a fintech app. Opay has evolved into a lifestyle – a digital operating system for Nigerian everyday life.

As innovation races ahead, the regulators clearly have their work cut out for them. How do you govern a platform that is no longer just processing money, but shaping the entire digital economy?

One thing is clear: Opay is not slowing down. It’s charting a new course for how millions live, pay, and prosper in a cashless Nigeria.

Where is Opay going from here? And what will this mean for the future of digital finance in Africa?

The post OPay – From Payment Platform to Lifestyle Ecosystem appeared first on Tech | Business | Economy.

In a message to its customers titled “We Did It, and It’s All Thanks to You,” the company expressed gratitude to its growing user base for making KongaPay “more than just a platform” but “a community built on trust, innovation, and extra rewards.”

“From our very first download to our 100,000th user, every tap, save, and transaction has helped KongaPay grow into the trusted platform it is today,” the company stated.

The fintech firm, which started as an in-house payment solution for Konga’s online marketplace, has evolved into a robust digital finance platform enabling users to make secure payments, save, and access digital financial services with ease.

Industry analysts note that KongaPay’s growth reflects Nigeria’s accelerating shift toward digital payments.

According to data from the Nigeria Inter-Bank Settlement System (NIBSS), electronic payment transactions in Nigeria hit ₦600 trillion in 2024, representing a 45% increase year-on-year, as more consumers embrace mobile wallets and online banking.

KongaPay’s latest milestone also highlights the growing competition in Nigeria’s fintech landscape, which includes players such as Opay, PalmPay, and Moniepoint.

However, KongaPay’s close integration with the Konga.com marketplace and its expanding rewards ecosystem are giving it a unique edge among e-commerce-driven financial platforms.

“We’re raising a toast to our loyal users for choosing us to power your payments, savings, and more,” the message continued, encouraging users to stay connected through social media for upcoming product updates and engagement campaigns.

The milestone comes as Konga intensifies efforts to expand financial inclusion and digital adoption among Nigeria’s online shoppers and merchants.

With the fintech space projected to grow by over 40% in Africa by 2030 (Statista, 2024), KongaPay’s continued innovation could play a key role in shaping how Nigerians transact and save in the digital economy.

The post KongaPay Hits 100,000 Users, Credits Customers for Growth appeared first on Tech | Business | Economy.

But when the cash scarcity hit my sister, my mother too couldn’t get cash, even from her petty trade.

 A few weeks into the crisis, she called to say that she had opened an Opay account and could now receive funds from us and her customers via transfer to her new account, and she could pay her suppliers via the same app.

I have used this story to illustrate various aspects of customer-market fitness, the distinction between financial literacy and education, and the role of tech as an accelerator rather than a business model.

But after reading Harvard Professor Clayton Christensen’s management classic, “The Innovator’s Dilemma”, late last year, Opay and my mother’s encounter became more than a story; it became another framework in my toolkit of appraising changes in the market.

 Through this lens, I intend to use Christensen’s disruptive principles to interrogate why and how incumbent insurance companies might be disrupted by new technologies from startups, existing insurers, or from adjacent sectors like telecos, banking, fintech, etc.

Of NIIRA and an industry ripe for disruption

The Nigerian Insurance Industry Reform Act (NIIRA) has been hailed by industry stakeholders and watchers. The National Insurance Commission (NAICOM) describes it as a catalyst for growth, while the Nigeria Insurers Association (NIA) welcomed it as a bold step in modernising the industry’s operations. But behind these accolades is a revving disruptive engine – the Official Guidelines for Insurtech Operators in Nigeria.

 It is no news that Nigeria’s insurance penetration lags South Africa’s 11.54%, Namibia’s 7.41%, Morocco’s 4.10%, Kenya’s 2.25%, and the global average of 6.8%.

For me, this abysmal penetration rate is partly a product of Nigeria’s economic structure, where 90% of the workforce is employed in the informal sector.

Yet, insurance products remain complex, expensive, and exclude more than 100 million adults, according to EFInA report. The report also furthered that an estimated 96.4% of surveyed Nigerian businesses have no insurance, yet micro-enterprises make up more than 70% of Nigeria’s GDP.

Put simply, millions of Nigerians and businesses are just one accident or disaster away from financial  ruin, and have no hope of a comeback except for families, friends, faith, and vibes. This probably explains why the InsureTech guidelines lean strongly towards retail and personal lines insurance.

Learning from the banking sector, blind spots incumbent Insurers must watch

Christensen’s theory of disruptive innovation explains that industry leaders are most vulnerable when disruptors target non-consumers (people who are not using existing products because they are too expensive, inconvenient, or complicated).

He explains that the disruptors enter with a simple, low-margin product that meets the basic needs of these overlooked customers. Over time, the product improves, and the disruptor moves upmarket.

Before and during the cash crisis, many Nigerians, like my mother, were ignored by the traditional banks because they chose to focus on mainstream customers.

So rather than competing head-to-head with legacy banks, Opay went after the Nigerians like my mother, whom incumbent banks aren’t serving effectively. Opay built a “good enough” digital infrastructure and agent network to enter from the bottom.

As with Nigeria’s banking sector, incumbent companies do not miss disruptive waves because they are badly managed businesses; they miss them because of several factors that are beyond their control. Drawing from Christensen’s research, here are reasons legacy insurers will be disrupted:

1. Companies depend on customers and investors for resources: While many have praised the new industry’s capital requirements, pressure to meet up is likely to tilt legacy insurers towards impressing investors with large policies, not the black box of micro covers.

On the other hand, disruptors don’t have existing customers; they are farming for them so they can attract investors.

 2. So, all markets don’t solve the growth needs of large companies: The size of the untapped informal sector and micro businesses, is seductively tempting but for growth targets to maintain share price and create opportunities for their employees, insurers need policies with high sums assured, which are largely domiciled with corporates and high-net-worth individuals. Incumbent insurers are therefore likely to innovate around compulsory policies rather than micro insurance.

3. Markets that don’t exist can’t be analysed: Current insurers’ RPVs (Resource Processes and Values) are designed to be based on sound market research because the size and growth rate are generally known.

In contrast, there is a lack of known data to forecast on in Nigeria’s non-consumption insurance market. On the other hand, because disruptors don’t carry the pressures industry leaders carry, they can define and structure the market as they move on.

4. An organisation’s capabilities define its disabilities: While there have been some interactions with digital distribution, Nigeria’s legacy insurers are primarily dependent on traditional distribution channels (brokers, agents, and corporate clients) and complex underwriting processes.

These structures make serving low-margin customers costly and unattractive. Disruptors have the advantage of designing new value networks for this market without upsetting the economics of brokers and agents. 

Like Opay, Insurance disruptors will also move upmarket

With over 50 million users, 1 million merchants, and transaction volumes surpassing $12 billion, Opay (like other prominent disruptor-fintechs) is now challenging traditional banks in the mainstream segment. They are now providing conventional banking services.

This is classic disruptive innovation: start with a “good enough” product for people ignored by incumbents, then improve and expand to compete with incumbents. Whether these disruptors will displace incumbent banks will be the ultimate test of the disruptive theory in Nigeria.

Faced with this type of reality, it may be tempting for legacy insurers to pander to Jim Collins’ “Genius of the ‘And’” philosophy, that is, growing their mainstream markets and exploring new ones at the same time. Only that research didn’t back up that approach.

According to Christensen, while it is easier for incumbents to acquire resources to explore new markets, it is more challenging to align established processes and values of large organisations to explore unknown, small markets.

He therefore suggested matching the size of the organisations to the size of the markets – an approach that most traditional Nigerian banks had to learn the hard way, but consequently midwifed spin-off fintech arms, Payment Service Banks (PSBs) and Agency Banking.

We can’t stop the disruption, but we can ensure it impacts real people in the real economy.

Because of Opay, millions of people like my mother are financially included today. Insurance disruption can also have the same effect.

The NIA has demonstrated readiness to welcome the possibilities with the recent launch of the Innovation Lab. So, the article is not about stopping disruption from happening.

It is about situating NIIRA, identifying potential pitfalls for incumbents and disruptors, and ensuring that, through their works, insurance contribution to Nigeria’s GDP grows and their effects are evident in the lives of every Nigerian.

The post NIIRA: Why Incumbent Insurance Companies will Be Disrupted by New Techs appeared first on Tech | Business | Economy.

You don’t open a bank app, you don’t think about the transfer, you just pay, and move on. This simplicity is no accident but a part of a global transition where financial services are no longer exclusive to banks but are now built into everyday platforms.

By 2030, embedded finance is projected to generate more than $7 trillion globally, a value greater than the entire traditional banking sector today. That scale shows it is not a passing trend, but a structural transformation in how money moves.

What Exactly is Embedded Finance?

At its core, embedded finance means integrating financial services such as payments, lending, insurance, or even investment, into non-financial products. Think of it as financial “plug-ins” that sit inside platforms we already use.

It explains why you can:

• pay seamlessly on Uber without opening a separate app,
• access a small loan at checkout on Jumia,
• or insure your device as part of an online purchase.

Unlike traditional finance, where transactions are separate, embedded finance blends money and service into one smooth experience.

Why Now?

Several forces are making this model more urgent:

• The cashless policy: In Nigeria, government policy and banking reforms are pushing more people into digital payments.
• The rise of APIs: Platforms like Flutterwave, Paystack, and Mono have made it simple for non-fintech businesses to plug in financial features.
• Changing customer behaviour: Today’s consumers expect transactions to be quick, seamless, and invisible.

In short, finance is no longer a back-end activity. It has become the glue holding digital ecosystems together.

Global and Local Case Studies

Across the world, companies that didn’t start as financial institutions are quietly becoming one:

• Uber made cashless rides a global standard by embedding payments.
• Shopify lends directly to its merchants through Shopify Capital, turning e-commerce into finance.
• Amazon used one-click payments and Buy-Now-Pay-Later to strengthen customer loyalty.

In Africa, the trend is even more visible:

• OPay evolved from a wallet into a financial lifeline for millions of small businesses.
• JumiaPay provides credit and seamless payments right inside the marketplace.
• MTN MoMo started with airtime top-ups and now powers transfers, savings, and merchant payments across multiple countries.

None of these began as banks, but today they are central to financial lives.

Opportunities and Risks

For startups, embedded finance is not simply a feature, but a growth strategy. It provides new revenue streams, strengthens customer loyalty, and helps reach people who remain underserved by banks.

But the transition comes with challenges:

• Heavy reliance on technology and connectivity,
• Regulatory grey zones where the rules are still being written,
• Growing cybersecurity risks as more apps handle financial data,
• The constant need to earn and maintain user trust.

Handled well, these risks are manageable. Ignored, they can sabotage both startups and customers.

The future points towards financial services that disappear into the background. Traditional banks may become infrastructure providers, while everyday platforms handle customer interactions. 

E-commerce sites could compete both on price and on who offers the best credit at checkout. Insurance might be offered instantly during purchases. Gig workers may no longer wait days for their earnings.

Finance, in other words, will be everywhere, but rarely noticed.

The ability to pay a bike rider with a tap, borrow working capital directly from a digital marketplace, or access health insurance bundled into a subscription service are all made possible through embedded finance.

At a time when inflation is squeezing incomes and traditional banking feels distant for many, these services provide both opportunity and relief. But they also require safeguards, because when money becomes invisible, people need to know it is still secure.

Embedded finance is not about replacing banks, but about reimagining how financial access fits into daily life. For startups, it has become the secret weapon for growth and customer retention. For consumers, it promises convenience and inclusion, though it carries its own risks.

The question is not whether embedded finance will grow, that is already happening, but how it will bolster the future of money for both businesses and individuals.

The post How Embedded Finance is Becoming the Secret Weapon for Non-Fintech Startups appeared first on Tech | Business | Economy.

From startups to multinationals, organizations are racing to adopt digital tools, boost efficiency, and stay competitive in a tech-driven world.

For software developers, data scientists, cybersecurity experts, and other techies or digital talent, the market has never been more promising.

Here are the top industries in Nigeria where techies can build rewarding and lucrative careers:

1. Fintech & Digital Finance

Nigeria is Africa’s fintech powerhouse, home to unicorns like Flutterwave, Interswitch, and Opay. Fintech startups are reshaping how people save, invest, and make payments.

Techies skilled in software engineering, blockchain, UI/UX, cybersecurity, and mobile app development are in high demand.

Why it’s lucrative: Access to global funding, remote work potential, and the chance to work on products used by millions daily.

2. eCommerce & Retail Tech

Platforms like Jumia, Konga, and Fouani Online Store are transforming Nigeria’s retail space. Beyond online shopping, logistics, payment gateways, and AI-driven customer experience are areas where tech talent is critical.

Why it’s lucrative: High user adoption, growing demand for digital marketplaces, and opportunities to develop scalable solutions for consumers.

3. Telecommunications & ICT

Telcos like MTN, Airtel, and Glo are not just communication providers, they are now digital service enablers. Careers in cloud computing, network engineering, cybersecurity, and big data analytics are in strong demand as telcos drive 5G adoption and expand mobile services.

Why it’s lucrative: Strong salaries, steady demand, and opportunities to work on cutting-edge digital infrastructure projects.

4. Agritech

Agriculture is Nigeria’s largest employer, and tech is driving its transformation. Startups like Thrive Agric and Farmcrowdy are leveraging AI, IoT, and blockchain to improve food production, distribution, and financing.

Why it’s lucrative: Growing investor interest in agritech, constant demand for food, and the chance to solve real problems with scalable digital solutions.

5. Health Tech

With a fast-growing population, Nigeria’s healthcare sector is under pressure. Tech is stepping in with telemedicine, electronic health records, and AI-powered diagnostics. Companies like LifeBank and Helium Health are paving the way.

Why it’s lucrative: Critical need for innovation, strong social impact, and expansion of private healthcare technology solutions.

6. Media & Entertainment Tech (TechTainment)

Nigeria’s creative industry; film, music, and gaming, is going digital. Streaming platforms, animation studios, and gaming startups are creating roles for tech professionals in software engineering, AR/VR, and digital content distribution.

Why it’s lucrative: Nollywood and Afrobeats have global audiences, creating demand for digital platforms and immersive technologies.

For techies in Nigeria, the future is brimming with opportunities across multiple industries. Whether it’s building fintech apps, powering health-tech platforms, or scaling ecommerce solutions, skilled professionals can find not just jobs, but truly lucrative careers.

The key? Continuous upskilling, adaptability, and the courage to innovate.

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