Nigeria’s journey towards a cashless economy is gaining momentum, with electronic payment transactions surging to N384 trillion in July 2025.
This significant growth reflects the increasing confidence of Nigerians in digital platforms and the rapid transformation of the country’s financial ecosystem.
Nigeria recorded 4.12 billion electronic transactions in July 2025, a jump from the 3.9 billion recorded in August 2024.
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso shared this data during the opening ceremony of the Nigeria Fintech Week 2025 in Lagos.
The CBN Governor attributed this sustained growth to the increasing confidence Nigerians have in digital platforms, along with the success of payment ecosystem reforms.
“Over the last year, we have seen strong adoption of digital channels with total electronic payments reaching over 3.9 billion transactions valued at N280 trillion in August 2024 compared to the growth of 4.12 billion transactions valued at N384 trillion by July 2025,” Cardoso said.
He pointed out the importance of trust in the payment system, saying, “Innovation loses its meaning if consumers are not confident in the safety of their money or the protection of their data”.
Persecondnews reports that the CBN has prioritized integrity and security through stringent standards, enhanced cybersecurity frameworks, and advanced fraud detection technologies to maintain momentum in the fintech sector.
Cardoso reaffirmed the CBN’s commitment to “responsible innovation” that encourages creativity while maintaining financial stability.
Initiatives such as open banking will foster greater competition and enable tailored financial services for customers.
Fintech leaders at the Nigeria Fintech Week 2025 emphasized the need for collaboration to drive the sector’s future.
Dr. Stanley Jacob, President of the Fintech Association of Nigeria (FintechNGR), described the theme “The FinTech Ecosystem Symphony: Orchestrating Nigeria’s Digital Future” as a call to collective action.
“This is not merely an event; it has become a statement of intent,” Jacob said, urging participants to seize the opportunity to forge partnerships and make impactful deals.
The Africa Fintech Network (AFN) is working with regulators, including the CBN, on a “Fintech Licensing Passporting” framework aimed at easing the process for startups to operate seamlessly across African countries.
Dr. Segun Aina, President of the AFN, said the initiative will harmonize regulatory requirements and promote cross-border fintech expansion.
With four of Africa’s nine fintech unicorns based in Nigeria, Aina stated the country has immense potential for further growth in the sector.
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