Nigeria’s Buy Now, Pay Later (BNPL) sector is set for a major leap, with market projections estimating a value of $2.61 billion by 2030, up from $1.42 billion in 2024. This surge represents a staggering 83% growth in six years, driven by the expanding influence of fintech firms and digital financial tools.
This insight comes from The State of Enterprise 2025 Report by EnterpriseNGR, which explores how technology and innovation are reshaping the financial and business landscape across Nigeria.
Rapid BNPL Expansion Reflects Digital Credit Revolution
According to the report, the BNPL model has grown at a compound annual growth rate (CAGR) of 23.1% between 2021 and 2024. It attributes this momentum to the increasing adoption of inclusive credit models, allowing consumers and small businesses to access goods and services without upfront payment.
This growth underscores the evolving role of fintechs in providing accessible credit, bridging financing gaps for underserved Nigerians who traditionally lack access to formal lending channels.
Over 400 Digital Lenders Powering Inclusion
The Nigerian fintech lending ecosystem has seen a significant rise in digital credit providers, with over 400 licensed operators currently offering loans to individuals and SMEs. These platforms have revolutionized access to finance by eliminating the traditional requirements of collateral and credit history.
The report emphasizes that digital lenders are instrumental in advancing financial inclusion, supporting entrepreneurship, and delivering fast, affordable credit through mobile apps and online platforms.
Fintechs Fueling Business Transformation and Innovation
Beyond consumer credit, fintech companies are credited with driving broader transformation across Nigeria’s enterprise sector. Their tools and services are enabling:
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Seamless digital payments
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Automated billing and payroll systems
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Real-time financial data and analytics
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Cross-border connectivity
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Innovation through collaborative ecosystems
These solutions have boosted adaptability and resilience in Nigerian businesses, especially in challenging economic times.
Remittance Inflows Surge 63.7% After CBN Reforms
Following the Central Bank of Nigeria’s 2024 policy reforms, remittance inflows to Nigeria grew by 63.7%, rising from $2.33 billion in 2023 to $3.82 billion in 2024. The increase reflects improved competition among digital remittance platforms and greater ease of transfer for Nigerians abroad.
Instant Payments Cross ₦1 Quadrillion Mark
Digital payment infrastructure has also seen remarkable adoption. The Nigeria Inter-Bank Settlement System (NIBSS) processed ₦1.07 quadrillion in instant payment transactions in 2024—an 80% increase from ₦600.36 trillion in 2023.
December 2024 alone recorded ₦115.1 trillion in instant payments, up from ₦71.9 trillion in the same month the previous year.
POS and Mobile Money on the Rise
Retail and mobile transactions also experienced strong growth:
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POS terminals processed ₦18.32 trillion across 1.38 billion transactions in 2024
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Mobile money recorded ₦79.55 trillion in transaction value—a 70.6% increase from 2023
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Mobile money volumes jumped 28%, from 3.04 billion to 3.9 billion transactions
These figures demonstrate a clear shift toward mobile-first and card-based payments, with users increasingly managing finances through smartphones and fintech apps—without visiting traditional bank branches.
Conclusion: Fintech is Nigeria’s New Financial Backbone
From BNPL services to real-time payments and digital lending, Nigeria’s fintech sector is redefining financial access and economic participation. With digital platforms breaking traditional barriers, more Nigerians are gaining control of their finances, fueling entrepreneurship, and contributing to a more inclusive and resilient economy.
As innovation continues to drive adoption and trust, the next five years are set to solidify Nigeria’s place as one of Africa’s most dynamic fintech hubs.
