Nigeria’s payment landscape is evolving at breakneck speed.
According to Boston Consulting Group’s (BCG) 23rd Global Payments Report, the sector will surge from $1.3 billion in 2024 to $4.7 billion by 2029, largely driven by transaction-based earnings.
Moreover, the country is emerging as a powerhouse in Africa’s booming payments market.
Surging Revenues
Across the continent, overall revenues will nearly double over the same period, climbing from $9 billion to $19 billion.
In fact, Africa’s growth rate of around 10% annually outpaces the global sector, which analysts expect to expand by just 4%.
Fintech Innovation Driving Growth
Fintech innovation fuels Nigeria’s surge.
Mobile onboarding, QR code payments, and expanding point-of-sale networks are transforming how Nigerians transact.
At the same time, non-transaction revenues, such as account services and fees, will grow even faster than transaction income, reflecting the depth of digital adoption.
BCG Lagos Managing Director, Tolu Oyekan, explains: “With the Central Bank’s Vision 2025 and fintech-led advances, Nigeria is shifting from cash to digital payments at scale.
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This transformation drives financial inclusion and positions the country as a leader in payments innovation across Africa.”
Global Forces And Future Leaders
Meanwhile, the global payments industry is also undergoing profound change.
Agentic AI, digital currencies, fintech disruption, and real-time account-to-account systems are reshaping the market.
Real-time systems now handle a quarter of digital retail payments worldwide and will exceed 50% in Africa by 2030, with Nigeria’s NIBSS instant payment system taking the lead.
Finally, BCG’s global head of payments, Inderpreet Batra, emphasises: “Those who embrace these new drivers now will shape the next decade of payments.”
