The 2024 edition marked the launch of the annual payment outlook, laying the foundation by exploring Nigeria’s shift from traditional banking to digital-first finance. Covering the structure of the payment ecosystem, key players, consumer behavior, and the role of regulation, it offered a baseline for understanding the market’s rapid transformation.

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Nigeria Payment Outlook 2024 – Summary

Nigeria’s payment industry is undergoing a foundational shift, from legacy banking infrastructure to a digitally-driven, real-time ecosystem powered by innovation and regulation.

In 2023, despite macroeconomic headwinds and tightening investor sentiment, Nigeria retained its leadership in Africa’s fintech ecosystem. The country processed over ₦2.2 quadrillion in electronic transactions that year, and adoption of digital channels continued to accelerate across both urban and informal markets.

The Nigeria Payment Outlook 2024, developed by TC Insights in partnership with Zone, established a critical baseline for understanding these shifts. It unpacked the structure of the payments value chain, profiled key players, and analyzed consumer usage patterns across various digital channels. The report also explored the enabling role of regulation in fostering innovation and increasing financial access.

Topics such as open banking, real-time infrastructure, and digital identity began to surface as defining trends laying the groundwork for deeper conversations in future editions.

As the inaugural edition in Zone’s annual payment insights series, the 2024 report remains a vital resource for policymakers, fintech founders, bank executives, and investors looking to understand the early signals shaping the future of payments in Nigeria.

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