Nigeria’s electronic payment system continues to record massive growth, as total digital transactions surged to ₦384 trillion in July 2025, according to the Central Bank of Nigeria (CBN).
The figure represents a sharp increase from ₦280 trillion recorded in August 2024, highlighting stronger consumer confidence in digital channels and ongoing transformation within the country’s financial system.
CBN Governor Olayemi Cardoso disclosed the data during the opening ceremony of the 2025 Nigeria Fintech Week in Lagos. Represented by the Director of Payment System Supervision, Opemi Yusuf, Cardoso said Nigeria processed 4.12 billion e-payment transactions in July 2025, up from 3.9 billion in the same period of 2024.
He explained that the surge in e-payment adoption underscores the success of reforms designed to strengthen integrity, cybersecurity, and transparency in the financial sector.
“The increase in electronic payments reflects Nigerians’ growing confidence in digital platforms,” Cardoso said. “Our focus remains on building a secure, innovative, and inclusive financial ecosystem.”
The apex bank, he added, has implemented stricter cybersecurity frameworks and enhanced fraud detection systems to safeguard users. Cardoso reaffirmed the CBN’s commitment to balancing innovation with financial stability, emphasizing “responsible innovation” as the cornerstone of the cashless policy.
He highlighted the upcoming open banking framework as a major step toward deepening competition and enabling more personalized financial services for consumers.
Fintech leaders at the event echoed similar optimism. President of the Fintech Association of Nigeria (FintechNGR), Dr. Stanley Jacob, described the 2025 edition of Fintech Week as “a rallying call for collaboration,” urging stakeholders to forge partnerships that will drive sustainable growth.
Vice President of the Association and Chairperson of the event, Dr. Jameelah Sharrief-Ayedun, noted that for the first time, the program was being held concurrently across multiple cities — Lagos, Abuja, Delta, and Enugu — to reflect the sector’s nationwide reach.
Also speaking, President of the Africa Fintech Network (AFN), Dr. Segun Aina, emphasized Nigeria’s leadership in Africa’s digital finance landscape, pointing out that the country hosts four of the continent’s nine fintech unicorns.
Aina revealed that the AFN is collaborating with regulators to develop a “Fintech Licensing Passporting” framework that will streamline startup operations across African markets, harmonize regulations, and accelerate cross-border fintech expansion.
