Nigeria's rapidly expanding fintech and digital payments sector is projected to contribute about $6 billion to the nation’s Gross Domestic Product (GDP) in 2026, as overall real GDP growth is expected to reach 4.4 per cent, according to EnterpriseNGR.

This projection was contained in EnterpriseNGR’s 2026 Macroeconomic Outlook titled “Reform-Led Stability: Boosting Confidence, Unlocking Sustainable Growth”, developed in collaboration with EY. The report describes fintech as the backbone of Nigeria’s digital economy and a major driver of inclusive and sustainable growth.

EnterpriseNGR noted that Nigeria remained Africa’s undisputed fintech capital, with digital payment platforms processing N1.08 quadrillion in transactions in 2024, representing a 79 per cent year-on-year increase. It said that by 2026, the payments segment alone is expected to add $6 billion to GDP, supported by strong growth in digital payments and lending, as well as the expansion of wealthtech and insurtech services.

“With the operationalisation of the Central Bank of Nigeria’s Open Banking guidelines expected to commence in 2026, a new wave of innovation will unlock value not only in payments, but also in credit scoring, personalised wealth management and insurance,” the report stated.

The outlook projected 2026 as a defining year for consolidation in the fintech ecosystem, with increased mergers and acquisitions as larger players seek to deepen their infrastructure and scale their business models. It cited Flutterwave’s acquisition of Mono and Paystack’s acquisition of Ladder Microfinance Bank as early signs of this consolidation trend.

It further stressed that sustained regulatory coordination between the CBN and the Securities and Exchange Commission (SEC) would be crucial to supporting the sector’s growth, particularly in the capital market. The report highlighted the Investments and Securities Act 2025, which provides a clear legal framework for digital assets by classifying them as securities where appropriate.

According to EnterpriseNGR, RegTech solutions will play an increasingly important role in strengthening anti-money laundering (AML), know-your-customer (KYC), and consumer protection frameworks, enabling fintech companies to scale more securely. By 2026, the sector is expected to lead SME financing, improve rural–urban financial integration, and support long-term GDP growth through more efficient financial infrastructure.

Beyond fintech, the report said Nigeria is entering 2026 from a position of renewed macroeconomic stability, following the reform cycle between 2023 and 2025. It noted that by the end of 2025, inflation had eased to 15.15 per cent, foreign exchange liquidity had improved, external reserves had risen to $45.5 billion, and capital market capitalisation had crossed N100 trillion.

In her opening remarks, the Chief Executive Officer of EnterpriseNGR, Mrs. Obi Ibekwe, said The foundations for macroeconomic stability have been laid. The priority now is to convert reform gains into sustainable growth, investment and improved welfare.”

She added that the Financial and Professional Services (FPS) sector must focus on three pillars: innovation in technology and business models, integration across banking, insurance, pensions and other sub-sectors, and impact by channeling financial services to productive sectors such as manufacturing, agriculture and infrastructure.

The report also observed that non-oil sectors now account for over 96 per cent of Nigeria’s GDP, driven by services, financial intermediation, telecommunications, trade and industry, marking a significant structural shift from an oil-dependent economy.

EnterpriseNGR identified opportunities in critical mineral resources such as gold and lithium, which could position Nigeria within emerging global value chains linked to energy transition and technology-driven investments.

On the foreign exchange market, the Outlook advised Nigeria to deepen ongoing reforms to strengthen liquidity and market confidence. It noted that Nigeria recorded a net FX inflow of $15.2 billion in the first quarter of 2025, reflecting improved transparency and liquidity, though pressures from reserve drawdowns and global trade uncertainties persist.

The report projected that real GDP growth of about 4.4 per cent in 2026 would be driven by services-led expansion, improving FX conditions and stronger financial intermediation. However, it cautioned that stability remains conditional due to global geopolitical risks, oil price volatility, food supply challenges, infrastructure gaps and security concerns.

As 2026 approaches, EnterpriseNGR concluded that Nigeria’s Financial and Professional Services sector is well-positioned to drive innovation, consolidation and inclusive growth, and to play a central role in the country’s ambition of building a $1 trillion economy by 2030.

Copyright © 2026 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).