Digital payments and fintech innovation drive African economic growth

Africa is experiencing a significant economic transformation driven by digital payments and fintech innovation. The digital payments economy in the region is projected to reach $1.5 trillion by 2030. According to World Bank data, account ownership in Sub-Saharan Africa rose from 49 percent of adults in 2021 to 58 percent in 2024, with the region maintaining the highest use of mobile money accounts globally.

To address these developments, the FDX by GITEX summit is scheduled to take place in Lagos on September 3, 2026, as part of GITEX NIGERIA. The event aims to convene regulators, institutional investors, and startups to discuss how capital and technology can deepen financial inclusion and expand investment opportunities. Discussions will focus on digital assets, capital markets, and cross-border finance to help mobilize domestic and international capital for infrastructure and economic development.

In Nigeria, the growth of digital networks is helping small businesses and entrepreneurs enter the formal economy by creating reliable revenue records. While brands like Visa are often associated with premium consumers, they function as underlying technology networks that connect thousands of financial institutions and millions of merchants to facilitate secure transactions.