Nigeria’s fintech business underwent a defining transformation in 2025, formed by tighter regulation, landmark investments and key business milestones that signalled a maturing digital finance ecosystem.
The primary three quarters of the yr had been marked by decisive interventions from main regulators aimed toward formalising and sanitising the fast-growing fintech area.
In July, the Federal Competitors and Shopper Safety Fee (FCCPC) launched the Digital, Digital, On-line, or Non-Conventional Shopper Lending Rules, 2025.
The binding framework formalised the digital lending area by mandating a obligatory registration of lending apps, clear disclosure of rates of interest, and the prohibition of exploitative restoration practices akin to accessing clients’ contacts or pictures.
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The company additionally reserved the ability to assessment rates of interest to forestall predatory lending.
The Central Financial institution of Nigeria (CBN) adopted with main directives affecting funds infrastructure. PoS terminals had been required to be geo-tagged and operated strictly inside an outlined radius of their registered enterprise areas, a transfer aimed toward decreasing fraud and bettering traceability.
The apex financial institution additionally superior Nigeria’s transition to ISO 20022, the worldwide messaging normal anticipated to considerably enhance knowledge high quality and interoperability throughout the monetary system.
Earlier in January, the CBN had launched the Nigeria FX Code, a rulebook designed to reinforce transparency within the official overseas alternate (FX) market. Earlier in January, the CBN launched the Nigeria FX Code, a rulebook designed to strengthen transparency and self-discipline within the official overseas alternate market.
New diaspora merchandise, akin to Non-Resident Nigerian Atypical and Funding Accounts, had been additionally launched to ease remittances and funding inflows from overseas.
Regardless of a extra selective international funding setting, Nigerian fintechs continued to draw strategic capital. In January, Moniepoint secured a strategic funding from Visa, aimed toward accelerating its African growth and integrating Visa’s Cybersource for safer service provider funds. That very same month, PiggyVest introduced it had surpassed N2 trillion in complete payouts since inception, marking one of many largest milestones in Nigeria’s digital financial savings historical past.
The primary quarter (Q1) of 2025 noticed Nigeria and Kenya collectively dominate Africa’s enterprise funding panorama, every accounting for about 24 p.c of complete capital raised.
Fintech remained the continent’s strongest funding magnet.
Nigeria’s home market additionally expanded quickly. As of Might 2025, a number of fintech apps had crossed 10 million downloads. OPay surged previous 50 million, confirming the mainstreaming of digital monetary companies.
A significant infrastructure milestone got here in November when NIBSS, in partnership with PalmPay and a Tier-2 financial institution, executed the primary dwell transaction on the Nationwide Cost Stack (NPS), which indicators a brand new period of real-time, interoperable funds.
October had the Nigeria Fintech Week 2025, themed ‘Fintech Ecosystem Symphony: Orchestrating Nigeria’s Digital Future,’ which emphasised collaboration and the rise of AI-driven monetary companies.
Business leaders on the occasion renewed requires a Nationwide Fintech Committee to streamline regulatory approvals, strengthen sandboxes, and help cross-border growth.
Fintechs continued diversifying past funds. Paga expanded SME-facing instruments, Moniepoint consolidated its unicorn standing by processing over one billion month-to-month transactions, and several other corporations deepened their use of AI for credit score scoring, personalisation, and fraud prevention.
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Controversies
The 2025 yr for the fintech business was not with out controversy. In June, Paystack suspended Ezra Olubi, its co-founder, following sexual misconduct allegations, one of many business’s most high-profile inner actions.
In governance and public-sector innovation, the Federal Bureau of Public Service Reforms (BPSR) named PalmPay the Digital Governance Firm of the 12 months 2025 for its contributions to digital service supply.
Nigeria additionally tightened money withdrawal limits as a part of efforts to curb cash laundering dangers, putting additional emphasis on digital funds.
The Nigerian Fintech business nonetheless has ongoing hurdles of broadband deficit, lengthy regulatory approval timelines, and gaps in digital identification techniques.
As Nigeria units its sights on a completely fledged digital financial system, 2026 might mark the start of a deeper, extra consolidated part of fintech-led transformation.
