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African digital payments and fintech growth

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2026-08-27 13:05 UTC → 2026-09-07 10:11 UTC · added removed

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. Data indicates that account ownership In Nigeria, this transformation is reflected in Sub-Saharan Africa increased electronic payment transactions, which rose from 49 percent of adults ₦600 trillion in 2021 2023 to 58 percent approximately ₦1.07 quadrillion in 2024, with the region maintaining the highest global use of mobile money accounts. These digital networks according to NIBSS. Companies like Flutterwave, Paystack, and Moniepoint are assisting small businesses 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 elsewhere freelancers are increasingly utilizing multi-currency platforms and merchant processors to enter the formal economy by establishing reliable revenue records. 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 are were central to GITEX NIGERIA, a major technology West Africa’s largest technology, AI, and startup exhibition scheduled for late exhibition, held from August and early 31 to September 2026 3, 2026, in Abuja and Lagos. The event is held Held under the patronage of President Bola Ahmed Tinubu to discuss 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.

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  1. 2026-09-07 10:11 UTC African digital payments and fintech growth
  2. 2026-08-27 13:05 UTC African digital payments and fintech growth

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