Nigeria Emerges as a Leading African Hub for Fintech Innovation and Investment

Jessica Erobomhan

Ahamadu Usman Jaha, Chairman of the House Committee on Insurance and Actuarial Matters, has highlighted that Nigeria’s fintech ecosystem has evolved into one of the largest on the continent. He noted that the nation’s expanding payment landscape continues to draw significant domestic and international investment.

Mr. Jaha shared these insights during the 2026 Stakeholders’ Retreat of the House Committee on Insurance and Actuarial Matters, held in Lagos in collaboration with the Nigeria Deposit Insurance Corporation (NDIC). The event was themed, “Strengthening Financial Safety Nets in an Era of Banking Sector Recapitalisation and Fintech Innovation.”

While acknowledging that fintech innovation has vastly improved payment efficiency and fostered financial inclusion, Jaha warned that rapid growth has introduced systemic risks and new challenges to the financial landscape.

He specifically identified cyber resilience, operational vulnerabilities, consumer protection, digital fraud, and ambiguities regarding the scope of deposit insurance coverage as critical areas of concern.

“Today, Nigeria’s banking industry continues to occupy a central position in our economy, with assets totaling several trillions of Naira, serving tens of millions of depositors through both traditional channels and expanding digital platforms,” Jaha stated. “Similarly, Nigeria’s fintech sector has become one of Africa’s largest, attracting substantial investment and processing billions of electronic transactions annually.”

Jaha emphasized that the banking sector remains fundamental to the Nigerian economy due to its essential role in savings mobilization, financial intermediation, and providing necessary credit to households and businesses.

Furthermore, he reaffirmed the House of Representatives’ commitment to fortifying the nation’s financial safety architecture through targeted legislative support.

“As innovation accelerates, our responsibility as policymakers is to ensure that depositor protection, financial stability, and consumer confidence evolve at the same pace,” he remarked.

He concluded by stating that the current banking sector recapitalization program offers a strategic opportunity to enhance the resilience of financial institutions, strengthening their ability to drive national economic growth.

“The ongoing recapitalization programme presents an opportunity to build stronger, better-capitalized, and more resilient financial institutions capable of supporting Nigeria’s aspiration to become a one-trillion-dollar economy.”

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