Lagos Deputy Governor Calls for Fintech Expansion in 2026

At Nigeria Fintech Week 2026, Lagos State Deputy Governor Dr. Obafemi Hamzat stated that Nigeria's fintech industry must evolve beyond facilitating digital payments to enhance credit, insurance, and savings. Represented by Mr. Ganiu O.

Oseni, Special Adviser on Technology, Broadband and Innovation, Hamzat highlighted the significant growth of Nigeria's real-time payment infrastructure, with nearly 11 billion transactions processed through the NIBSS Instant Payment platform in 2024, up from about 5 billion in 2022. He discussed potential applications of this infrastructure, such as enabling small businesses to access real-time credit and improving the accessibility of financial services.

Hamzat also mentioned the importance of digitalization in creating financial records that enhance business visibility and decision-making. He pointed out Lagos' pivotal role in this transition due to its concentration of financial and technology institutions.

The Central Bank of Nigeria's Payment System Vision 2028 aims for 95% financial inclusion by 2028, focusing on deeper digital payments and interoperability.