Nigeria’s electronic payment transactions have surged, reaching ₦384 trillion in value in July 2025, according to the Central Bank of Nigeria (CBN). This represents a significant increase from the ₦280 trillion recorded in August 2024, demonstrating the deepening adoption of digital financial services.
Olayemi Cardoso, CBN Governor, speaking at the Nigeria Fintech Week 2025, highlighted the volume of transactions, which grew from 3.9 billion to 4.12 billion over the same period.
Confidence and Security are Key:
Cardoso attributed the sustained growth to the increasing public confidence in digital platforms and the success of the CBN’s payment system reforms. To maintain this momentum, the apex bank is prioritizing:
- Integrity and Security: Implementing stringent standards, enhanced cybersecurity frameworks, and advanced fraud detection technologies.
- Responsible Innovation: Promoting initiatives like open banking to foster competition and allow for tailored financial services.
Fintech leaders at the event emphasized the need for collaboration to fully harness Nigeria’s digital potential. They also highlighted Nigeria’s leading role in the continent’s fintech space, being home to four of Africa’s nine fintech unicorns. The Africa Fintech Network is currently working with the CBN on a “Fintech Licensing Passporting” framework to allow startups to operate more easily across African countries.
