Member-only story
From Skepticism to Seamless: How Fintech Is Quietly Banking Nigeria’s Unbanked
Atinuke Ogungboye6 min read·Just now--
My brother went to buy groundnuts the other day. He didn’t have cash on him, but that wasn’t a problem. The groundnut seller had an OPay account, and within seconds, a ₦200 transfer was made, completing the transaction. A few months ago, I hopped on a tricycle on my way to work and didn’t have exact change. The keke rider simply asked me to transfer the fare into his OPay account; no stress, no friction, no problem.
These are not extraordinary stories. In fact, they have become so ordinary that we barely pause to think about what they represent: a quiet revolution in how Nigerians, especially those who were once completely outside the financial system, are now fully participating in it. The gap between the unbanked Nigerians in 2020 and 2026 is staggering, and fintech is at the heart of that transformation.
The Numbers Tell a Compelling Story
Nigeria’s fintech growth trajectory is nothing short of remarkable. As of early 2025, Nigeria was home to more than 430 fintech companies, up from just 255 in January 2024; a 70% year-on-year surge. The country accounts for 28% of all fintech companies on the African continent and captured 47% of all fintech deals completed in Africa in 2024. Mobile money operators such as OPay, PalmPay, Moniepoint…
