Nigeria's Fintech Ecosystem Ranks Among Africa's Largest

Ahamadu Usman Jaha, the Chairman of the House Committee on Insurance and Actuarial Matters, declared that Nigeria's fintech ecosystem has emerged as one of the largest in Africa, during the 2026 Stakeholders’ Retreat held in Lagos. He noted that the country's payment ecosystem is attracting substantial investment and processing billions of electronic payment transactions annually.

Jaha acknowledged the positive impact of fintech innovation on financial inclusion and payment efficiency but also highlighted the new risks it introduces, including cyber resilience, operational risks, consumer protection, digital fraud, and deposit insurance coverage concerns. He emphasized the banking industry's crucial role in the Nigerian economy, with assets running into several trillions of Naira and serving millions of depositors.

Jaha reaffirmed the House of Representatives' commitment to enhancing the financial safety architecture through legislative support, particularly in light of the ongoing banking sector recapitalisation programme, which aims to build stronger and more resilient financial institutions to support Nigeria's goal of becoming a one-trillion-dollar economy.