The Central Bank of Nigeria (CBN) has revealed significant growth in the NIBSS Instant Payments Platform (NIP), indicating a 120 per cent rise from N5 billion processed transactions in 2022 to N11 billion processed transactions in 2024.
CBN made the revelation in its inaugural CBN Fintech Report: “Shaping the Future of Fintech in Nigeria” – Innovation, Inclusion and Integrity, which offers a comprehensive assessment of the country’s fintech ecosystem and a strategic roadmap for its continued development.
The report provides the most detailed analysis to date of Nigeria’s fintech landscape, identifying core strengths, emerging opportunities and key reforms needed to sustain innovation while protecting financial stability, consumer trust and system integrity.
It reinforces the CBN’s view of fintech as a complementary pillar of the financial system, supporting inclusion, efficiency and long-term economic growth alongside traditional banking.
“The analysis situates Nigeria’s fintech journey within global trends, drawing lessons from peer jurisdictions while highlighting areas where Nigeria has emerged as a continental leader. The findings reaffirm the country’s status as one of Africa’s most dynamic fintech hubs, supported by a mature real-time payments infrastructure and a rapidly expanding innovation ecosystem,” the report said
