Reports

Nigeria’s fintech sector in 2025 is experiencing significant growth, driven by technological innovation, increased investment, and evolving regulatory frameworks. Fintech Growth and Investment Nigeria’s fintech industry has seen remarkable expansion, with over 430 fintech companies operating as of February 2025. In 2024 alone, the sector processed more than 108 billion mobile money transactions worth $1.68 trillion, marking a 20% increase from the previous year. This growth is fueled by widespread smartphone adoption, projected to surpass 140 million users by the end of 2025, and an 87% mobile penetration rate. Notably, Moniepoint, a digital payment and banking platform, achieved unicorn status in 2024 after raising $110 million from investors including Google’s Africa Investment Fund. This funding will support its expansion across Africa. Innovations in Payment Systems AfriGo Pay Launched by the Central Bank of Nigeria (CBN) in January 2023, AfriGo Pay is Africa’s first national domestic card scheme. It aims to enhance the cashless economy and promote financial inclusion by offering affordable debit, credit, prepaid, and virtual cards. AfriGo ensures that transaction fees are settled in naira, reducing reliance on foreign exchange and retaining data within Nigeria. Biometric and Contactless Payments Fintech companies are increasingly adopting biometric authentication methods, such as facial and fingerprint recognition, to enhance security and user experience. This shift is driven by consumer demand for speed and convenience, as well as the high cost of traditional point-of-sale terminals. Regulatory Developments Investment and Securities Act (ISA) 2025 In March 2025, Nigeria enacted the ISA 2025, which formally recognizes virtual and digital assets, including cryptocurrencies and tokens, as securities under the Securities and Exchange Commission’s (SEC) jurisdiction. This legislation mandates that Virtual Asset Service Providers (VASPs) register with the SEC, bringing more structure to digital asset transactions. Crypto Regulation and Enforcement The Nigerian government has intensified its oversight of cryptocurrency activities. In 2024, authorities detained two Binance executives and, in 2025, filed a lawsuit against the exchange, seeking $81.5 billion in compensation for alleged economic losses and back taxes. The government accuses Binance of facilitating unregulated naira trading, contributing to currency instability. Consumer Behavior and Financial Inclusion A recent survey reveals that Nigerians often use multiple financial apps simultaneously but still face challenges in establishing consistent saving habits. Users express a desire for financial tools that offer automation, budgeting assistance, and personalized insights. Fintech companies are responding by developing more intuitive and user-friendly platforms . Upcoming Fintech Events: Fintech Revolution Summit Nigeria 2025: Scheduled for June 24–25 in Lagos, this summit will focus on redefining financial innovation in Nigeria’s fintech sector .  Nigeria Fintech Week 2025: Entering its eighth edition, this event will bring together key              players shaping the future of financial technology in Nigeria. Recent Developments in Nigeria’s Fintech Sector Financial Times The ranking: Africa’s Fastest-Growing Companies 2025 Reuters Google among investors putting $110 million into Nigeria’s Moniepoint LAGOS, Oct 29 (Reuters) – Nigeria based fintech Moniepoint has raised $110 million in new funding from investors including Google to scale up digital payments and banking solutions across Africa, the company said on Tuesday. Moniepoint started operations in 2015 providing infrastructure and payment solutions for banks and financial institutions but has grown to also offer personal banking services. The Technology Roundup newsletter brings the latest news and trends straight to your inbox.  The latest funding round was supported by existing investors London-based Development Partners International and private equity firm Lightrock. Google’s Africa Investment Fund and Verod Capital came in as new investors. Sources close to the transaction said the new funding valued Moniepoint above $1 billion, giving it “unicorn” status – a term for tech firms with a valuation of a billion dollars or more. The new capital would be used to speed up Moniepoint’s growth across Africa and build an integrated platform for businesses. “This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions,” Moniepoint said. Nigeria is the fastest growing fintech market in Africa, driven by its more than 200 million people, many who still lack access to financial services like banking. The latest funding round was supported by existing investors London-based Development Partners International and private equity firm Lightrock. Google’s Africa Investment Fund and Verod Capital came in as new investors. Sources close to the transaction said the new funding valued Moniepoint above $1 billion, giving it “unicorn” status – a term for tech firms with a valuation of a billion dollars or more. The new capital would be used to speed up Moniepoint’s growth across Africa and build an integrated platform for businesses. “This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions,” Moniepoint said. Nigeria is the fastest growing fintech market in Africa, driven by its more than 200 million people, many who still lack access to financial services like banking. Bottom of Form

Nigeria, the giant of Africa, is a land blessed with vast arable land, a favorable climate, and a youthful population. For decades, agriculture has been the backbone of this nation—feeding millions, providing jobs, and driving rural development. The Roots of Agriculture in Nigeria Before the discovery of oil, Nigeria was a major agricultural powerhouse. The groundnut pyramids of Kano, the cocoa farms of the Southwest, palm oil in the Southeast, and rubber in the South-South marked the nation’s economic landscape. Agriculture was not just a livelihood—it was a way of life. But with the oil boom in the 1970s, agriculture took a back seat. Rural youth moved to cities, and national investment shifted to crude oil. The result? A steady decline in food production and increased dependence on imports became the order of the day. Today, the tide is turning. With rising food insecurity and unemployment, Nigeria is rediscovering agriculture. Government initiatives like the Anchor Borrowers’ Programme and the Presidential Fertilizer Initiative are empowering smallholder farmers. The Central Bank and private investors are funding agribusiness, from rice mills to processing plants. Technology is also reshaping farming. Agri-tech startups are using mobile apps, drones, and data to boost productivity. Young Nigerians are embracing farming not just as labor, but as business. From fish farming to organic vegetables, agripreneurs are rewriting the story. Yet, challenges persist—climate change, insecurity in rural areas, poor infrastructure, and limited access to finance. For agriculture to truly transform Nigeria, consistent policies, public-private partnerships, and investment in rural development are essential. Agriculture is more than farming. It is food security, economic independence, and national pride. In the hands of millions of Nigerian farmers lies the seed of prosperity—and the future of the nation. Farmers in Nigeria face numerous challenges that hinder the growth and development of agriculture. These challenges affect productivity, profitability, and sustainability. Here’s a breakdown of the major obstacles: 1. Poor Infrastructure 2. Limited Access to Finance 3. Insecurity 4. Climate Change and Environmental Degradation 5. Inadequate Government Support and Policy Inconsistency 6. Low Adoption of Modern Technology 7. Poor Market Access 8. Lack of Education and Extension Services 9. Land Tenure Issues 10. Post-Harvest Losses Conclusion Solving these challenges requires a multi-stakeholder approach, including government policy reforms, private sector investment, infrastructure development, education, security improvement, and access to technology and finance. With the right support, Nigerian farmers have the potential to not only feed the nation but also drive economic growth. WAY FORWARD FOR AGRICULTURAL DEVELOPMENT IN NIGERIA WHICH INVOLVES STRATEGIC & MULTI-LAYERED ACTIONS 1. Investment in Infrastructure 2. Access to Affordable Finance 3. Strengthen Security in Rural Areas 4. Climate-Smart Agriculture 5. Consistent and Supportive Government Policies 6. Promote Mechanization and Technology Adoption 7. Enhance Agricultural Education and Extension Services 8. Improve Market Systems and Value Chains 9. Resolve Land Tenure Issues 10. Encourage Public-Private Partnerships (PPP) Conclusion Agriculture in Nigeria can be a major driver of economic growth, poverty reduction, and food security—but this requires a committed, coordinated effort. By investing in infrastructure, security, technology, finance, education, and sustainable practices, Nigeria can transform its agricultural sector into a modern, efficient, and profitable enterprise.