‘Nigeria’s Fintech Ecosystem Has Become One of Africa’s Largest’

In a recent address at the 2026 Stakeholders' Retreat of the House Committee on Insurance and Actuarial Matters, held in Lagos, Ahamadu Usman Jaha, Chairman of the House Committee on Insurance and Actuarial Matters, declared that Nigeria's fintech ecosystem has ascended to one of the largest in Africa. Jaha emphasized the country's burgeoning payment ecosystem, which continues to attract considerable investment.

Speaking at the event themed "Strengthening Financial Safety Nets in an Era of Banking Sector Recapitalisation and Fintech Innovation," Jaha acknowledged that fintech innovation has greatly enhanced financial inclusion and payment efficiency. However, he also pointed out that this rapid expansion has introduced new risks and challenges to the financial system.

These challenges encompass cyber resilience, operational risks, consumer protection, digital fraud, and questions about the extent of deposit insurance coverage. Jaha highlighted that Nigeria's banking industry remains pivotal to the nation's economy, boasting substantial assets and serving millions of depositors across traditional banking channels and burgeoning digital platforms.

He also underscored that Nigeria's fintech sector has become one of the largest in Africa, attracting substantial investments and processing billions of electronic payments annually. Jaha reiterated the House of Representatives' commitment to bolstering the country's financial safety architecture through legislative support. He stated, "As innovation accelerates, our responsibility as policymakers is to ensure that depositors' protection, financial stability, and consumer confidence evolve concurrently."

Jaha expressed confidence in the ongoing banking sector recapitalisation programme, which he believes offers a chance to fortify the resilience of financial institutions and augment their ability to contribute to Nigeria's goal of becoming a one-trillion-dollar economy.