After years of explosive, entrepreneur-led growth, the focus of the fintech sector may be shifting from adoption to institutional experimentation for global alignment, ADEYEMI ADEPETUN reports.
FOR years, Nigeria’s fintech sector was the golden child of African tech, attracting a lion’s share of venture capital. But as 2026 unfolds, the narrative is shifting from rapid scaling to a grueling fight for survival.
According to a landmark Central Bank of Nigeria (CBN) report, the industry is at a crossroads, caught between a global funding winter and a regulatory environment that many find both restrictive and enabling.
The numbers tell a sobering story, where startup funding in Nigeria plummeted by 17 per cent to $343 million in 2025. Africa: The Big Deal puts the January 2026 figure at $64 million, 37 per cent of $174 million funding that came to African startups.
As of February 2025, Nigeria was home to more than 430 fintech companies, representing a significant 70 per cent increase from 255 mapped in January 2024, Fintech News Africa. The ecosystem, which is the largest in Africa, is driven by sectors like business payments, digital lending, and consumer solutions, with over 360 companies specifically authorised as digital lenders by May 2025 Global Legal Insights.
