Remita, a leading financial technology payment solution in Nigeria, has projected that Nigeria’s AI market will grow to $434.4 million by 2026, representing 44.2% compound annual growth rate (CAGR), and advised digital payment stakeholders to explore the transformative potential of the market to fullest.
Artificial Intelligence (AI) is redefining the financial technology landscape, driving multi-dimensional transformation through efficiency, innovation, and enhanced fraud management.
The report titled ‘Unlocking the Power of AI in Nigeria’s Fintech Sector’ serves as an industry blueprint, providing actionable insight on how best to adopt AI in financial services, and equipping fintechs with practical steps to harness AI for business growth, operational resilience, and sustainable innovation.
One of the key findings of the report is that As AI-powered solutions revolutionise operations, decision-making, and customer engagement, Nigeria’s fintech industry must move beyond just observing to structured adoption of AI not only to enhance operational effectiveness, but also expand access to financial services, ensuring a more inclusive and resilient digital economy.
With a legacy of pioneering payment innovations, Remita has been at the forefront of Nigeria’s most transformative payment solutions, setting the benchmark for secure and seamless payment transactions, and as fintech continues to evolve into the AI-driven era, Remita has launched its latest report to highlight the opportunities of its adoption across all payment channels.
Available reports showed that Nigeria’s fintech sector had been expanding over the past few years, accounting for about 52% of Africa’s total fintech funding with five of the continent’s nine unicorns as at 2024 located in the country.
For instance, the fintech sector played a significant role in deepening the nation’s financial inclusion rate from 32% in 2012 to 64% in 2024, indicating 100% rise in financial inclusion within a decade.
The feat is underscored by Nigeria’s surging digital transaction volume, which grew by 16.7% between 2023 and 2024, reaching over 11.2 billion transactions valued at $713 billion (about N1.07 quadrillion) in 2024.
Speaking on the report’s findings, Managing Director of Remita, Deremi Atanda, said: “For years, fintech in Nigeria has been defined by bold ambition and relentless execution, but the next phase of development requires more strategic intelligence, and AI is one of the keys to unlocking what more represents.
“The leaders of tomorrow will be those who understand how to leverage the capabilities that new technologies like AI bring to the fore. The question is no longer whether to adopt AI, but how to do so in a way that delivers maximally.
“Similarly, as AI becomes central to financial technology, businesses that fail to integrate it into their core operations risk losing relevance in an increasingly digital-first economy”, the fintech expert added..
The benefits of AI are becoming increasingly evident at Remita, where in-house tests showed a 40% improvement in customer experiences, a 50% acceleration in API integration timelines, and a 19% reduction in customer inquiries, indicating that AI adoption is no longer a futuristic concept but a present necessity for fintechs looking to scale and remain competitive.
The new report from Remita offers a comprehensive guide for fintech firms, regulators, and industry players, outlining key actions necessary for AI adoption, and provides AI transformation strategies for fintechs drawn from Remita’s AI implementation journey.
In addition, it covered a framework for regulatory collaboration to ensure AI-driven financial services remain ethical, transparent, and secure while providing guidelines for workforce AI-readiness to help teams build the skills and literacy needed to drive AI-powered fintech innovation.
In his remarks, Chief AI Officer at Remita, Uchenna Okpagu, said: “AI should be a force multiplier – not just an isolated feature set. Fintech firms that embed AI into their operational DNA, to transform security, scalability, and business intelligence, will be the ones to drive the next decade of financial transformation.”
Expatiating further on the indispensability of AI in the evolving global digital payment system and the commitment of Remita’s management to promote its deployment across the broad spectrum of Nigeria’s payment landscape, Atanda said: “Our commitment to AI innovation is not just about business transformation, it is about strengthening Nigeria’s position as Africa’s fintech powerhouse.
“Apart from the general insights shared, this report provides some insight into how we have leveraged AI over the years and reinforces our position as a thought leader in AI and fintech innovation. With the right partnerships, policies, and execution, we can all create a Nigeria and indeed Africa where AI-driven financial services are accessible, efficient, and built to last”, he assured.
As a pioneer in digital payment solutions in Nigeria, Remita is not just adopting AI, it is shaping the standards for AI integration in fintech ad part of its vision to remain at the forefront of fintech innovation, driving forward-thinking solutions that empower businesses, governments, and individuals in the country.