Artificial Intelligence (AI) is rapidly reshaping the financial technology landscape, offering unprecedented opportunities for efficiency, innovation, and enhanced fraud management. As the sector evolves, Nigeria’s fintech industry stands at a critical juncture, needing to move beyond mere observation to structured AI adoption. A new report by Remita, a pioneer in Nigeria’s payment solutions, is urging fintech leaders to embrace this transformative technology to secure sustainable growth and maintain a competitive edge.
“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,” said ‘DeRemi Atanda, Managing Director, Remita. “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.”
Nigeria’s AI market is projected to reach USD $434.4 million by 2026, with a staggering 44.2% compound annual growth rate (CAGR). This explosive growth underscores the urgency for fintechs to strategically position themselves to harness AI’s transformative potential. The sector has already demonstrated its dynamism, commanding 52% of Africa’s total fintech funding and housing five of the continent’s nine unicorns as of 2024. Furthermore, financial inclusion rates have doubled from 32% in 2012 to 64% in 2024, reflecting the sector’s significant impact. Digital transaction volumes further highlight this growth, surging by 16.7% between 2023 and 2024, reaching over 11.2 billion transactions valued at $713 billion (₦1.07 quadrillion).
Remita’s new report, “Unlocking the Power of AI in Nigeria’s Fintech Sector,” serves as an industry blueprint, providing actionable insights for AI adoption in financial services. It equips fintechs with practical steps to leverage AI for business growth, operational resilience, and sustainable innovation. The report highlights the tangible benefits of AI, including improved user experiences, enhanced operational efficiency, fraud prevention, and accelerated innovation.
“AI should be a force multiplier – not just an isolated feature set,” noted Uchenna Okpagu, Chief AI Officer, Remita. “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.”
Remita’s own experience underscores these benefits. In-house tests revealed a 40% improvement in customer experiences, a 50% acceleration in API integration timelines, and a 19% reduction in customer inquiries. These results confirm that AI adoption is no longer a futuristic concept but a present necessity for fintechs seeking to scale and remain competitive.
The report also provides a framework for regulatory collaboration to ensure AI-driven financial services remain ethical, transparent, and secure. It offers guidelines for workforce AI-readiness, helping teams build the necessary skills and literacy to drive AI-powered fintech innovation.
“Our commitment to AI innovation is not just about business transformation, it is about strengthening Nigeria’s position as Africa’s fintech powerhouse,” Atanda stated. “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.”
Ultimately, the future of fintech will be defined by those who strategically implement AI, ensuring that financial services are accessible, efficient, and built to last.
