In a remarkable shift for Nigeria's financial sector, electronic payment channels have processed over 600 trillion naira in 2024, according to the Nigeria InterBank Settlement System (NIBSS). Based on the data provided in the document, this milestone underscores the rapid evolution of embedded finance in the country, reshaping the delivery of financial services.
Growing Trend Towards Digital Transactions
The staggering figure of 600 trillion naira reflects a growing trend towards digital transactions, which are becoming increasingly integrated into everyday platforms. This transformation is not only enhancing the efficiency of financial services but also broadening access for consumers who may have previously been underserved by traditional banking systems.
Redefining Financial Service Providers
As embedded finance continues to gain traction, it is redefining the role of financial service providers. Companies across various sectors are now able to offer financial tools directly within their platforms, making it easier for users to engage with financial products. This shift is expected to further democratize access to financial services, fostering greater financial inclusion in Nigeria.
As Nigeria's financial sector embraces digital transformation, GITEX GLOBAL 2025 is highlighting international collaboration, with Brazil as the Country Partner. For more details, see read more.
