Nigeria Fintech Digital Remittances Market Size | 2019-2033

Nigeria Fintech Digital Remittances Market Growth and Performance

• By 2033, revenue in the Nigeria fintech digital remittances market size is expected to reach US$ 1.33 Billion, with a forecasted Compound Annual Growth Rate (CAGR) of 17.2%.
• By transfer channel, the preeminent segment is expected to be bank transfer, with a market valuation of US$ X91.2 Million in 2033.

Nigeria Fintech Digital Remittances Market Outlook

Nigeria is emerging as a fintech powerhouse, setting the pace for digital remittance innovation and financial inclusion across Africa. According to the Worldpay Global Payments Report 2025, Nigeria recorded the most dramatic decline in cash usage globally, with a 59% drop in cash transactions between 2014 and 2024. This shift highlights the nation's growing reliance on digital payments, mobile banking, and fintech platforms. Electronic transactions have surged sixteenfold from 2018 to 2024, and projections suggest that by 2030, only 32% of transactions in Nigeria will involve physical cash.

This transformation has been driven by several factors, including regulatory reforms, youth-led adoption of mobile-first banking services, and rising internet penetration. Government-backed policies such as the Central Bank of Nigeria’s naira redesign initiative in 2023 have accelerated the trend, leading to cash shortages that nudged consumers and businesses towards contactless payment options. The country's financial inclusion rate reached 64% in 2023 and is projected to hit 80% by 2026, driven by innovative fintech solutions tailored for underserved communities.

One of the most notable developments in Nigeria digital remittances market is the launch of MonieWorld, a holistic banking platform introduced by Moniepoint Inc., backed by Visa. Initially targeting the high-traffic UK-Nigeria remittance corridor, MonieWorld allows users to send money from the UK to Nigeria in just 17 seconds with no transaction fees and favorable FX rates. Unlike conventional remittance apps, MonieWorld is designed as a complete financial platform for immigrants, offering services such as savings, lending, and credit-building. This positions Moniepoint to compete with established players like LemFi, NALA, and Send in a highly competitive remittance ecosystem.

The strategic timing of MonieWorld’s launch is crucial. The Nigerian diaspora in the UK, numbering over 270,000 as per the 2021 census, is growing rapidly. In 2024 alone, Nigeria received nearly $21 billion in remittances, underlining the economic significance of cross-border money flows. Moniepoint’s ambition doesn’t stop at the UK; it plans to expand remittance services to diasporas in the U.S., Canada, and eventually to other African markets like Kenya. Leveraging its strong infrastructure and compliance frameworks, Moniepoint aims to redefine digital banking experiences for Africans abroad.

Meanwhile, Nigeria is also taking bold steps in strengthening bilateral financial relationships. The country's upcoming agreement with China to adopt the Digital RMB—China’s central bank digital currency—signals a potential decrease in Nigeria’s dependence on the U.S. dollar. The agreement involves direct naira-yuan conversion, opening avenues for development partnerships, technology transfer, and over $30 billion in investment commitments from Chinese firms. This move is expected to foster capital market globalization and fast-track digital asset adoption in Nigeria.

Adding to the momentum is the transformation of the pension remittance ecosystem. The National Pension Commission (PenCom) approved nine Payment Solution Service Providers (PSSPs), such as Interswitch and Awabah, to implement an online Pension Contribution Remittance System (PCRS). This digital solution replaces manual remittance processes, ensuring transparency, accuracy, and direct payments into Retirement Savings Accounts (RSAs), further pushing Nigeria’s digital financial infrastructure.

Another key development is the 63.7% surge in dollar remittances via International Money Transfer Operators (IMTOs) such as Flutterwave and Western Union. From $2.33 billion in 2023 to $3.83 billion in 2024, this growth stems from recent policy reforms like lifting the exchange rate cap and easing licensing rules for IMTOs. February 2024 recorded the sharpest spike—67.4%—demonstrating increasing confidence among diaspora Nigerians in using formal digital channels.

Nigeria's digital finance revolution is being supported by global players like Mastercard, which is investing heavily in Africa’s digital transformation. With internet penetration expected to grow at 20% CAGR and financial inclusion expanding by 6% annually, Nigeria’s digital payments economy is projected to contribute significantly to the continent’s $1.5 trillion digital transaction value by the end of this decade.

In conclusion, Nigeria is not just participating in the global cashless shift—it’s leading it. Through robust fintech infrastructure, strategic partnerships, and consumer-centric innovation, the country is carving out a prominent role in the global digital remittances and payment ecosystem. From mobile wallets and contactless payments to cross-border digital remittances and CBDCs, Nigeria is fast becoming the blueprint for digital finance transformation in emerging markets.

Nigeria Fintech Digital Remittances Market Scope