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3 clusters · 12 sources · 13 days · First seen · Last updated

African digital payments and fintech growth

Overview

Africa is undergoing a significant economic transformation through the growth of its digital payments and fintech ecosystem. The digital payments economy in the region is projected to reach US$1.5 trillion by 2030, driven by the demand for alternatives to traditional banking, high remittance costs, and the use of cryptocurrencies for inflation hedging and cross-border trade.

In Nigeria, this transformation is reflected in electronic payment transactions, which rose from ₦600 trillion in 2023 to approximately ₦1.07 quadrillion in 2024, according to NIBSS. Companies like Flutterwave, Paystack, and Moniepoint are evolving into essential financial infrastructure for domestic and international commerce. While personal remittances reached $20.93 billion in 2024, inflows through International Money Transfer Operators (IMTOs) rose 43.5% to $4.73 billion. As the Central Bank of Nigeria tightens oversight of foreign exchange, businesses and freelancers are increasingly utilizing multi-currency platforms and merchant processors to manage international payments.

To facilitate this transition, the FDX by GITEX platform has been introduced to modernize financial infrastructure and connect capital with digital innovation. These developments were central to GITEX NIGERIA, West Africa’s largest technology, AI, and startup exhibition, held from August 31 to September 3, 2026, in Abuja and Lagos. Held under the patronage of President Bola Ahmed Tinubu and supported by the Federal Ministry of Communications, Innovation and Digital Economy, the event focused on how technology can deepen financial inclusion and mobilize capital for economic development.

Entities

FDX by GITEX · Lagos State Government · GITEX NIGERIA · Payoneer · Visa

Timeline

  1. 6 days ago

    [BUSINESS] 3 sources
    Nigeria fintech and digital payment landscape undergoes rapid transformation

    Nigeria’s fintech and investment sectors are expanding, with electronic payments hitting ₦1.07 quadrillion in 2024 and remittances reaching $20.93 billion amid evolving digital infrastructure.

  2. 16 days ago

    [BUSINESS] 7 sources
    Africa digital payments economy projected to reach US$1.5 trillion by 2030

    Africa's digital payments economy is projected to reach US$1.5 trillion by 2030, supported by new initiatives like FDX by GITEX to modernize financial infrastructure and drive inclusion.

  3. 19 days ago

    [BUSINESS] 2 sources
    Digital payments and fintech innovation drive African economic growth

    Africa's digital payments economy is projected to reach $1.5 trillion by 2030, supported by rising account ownership and upcoming fintech summits in Nigeria to drive financial inclusion.

Sources

atlanticpostng.com · blogdemoviles.com.ar · ghanamma.com · nairametrics.com · newscentral.africa · newtelegraphng.com · pensionpolicyinternational.com · punchng.com · techmoran.com · techpoint.africa · thevoicenewsmagazine.com · thisdaylive.com

This summary has been updated 1 time: see revision history