A report by EnterpriseNGR has revealed that out of the 266.2 billion global market real-time transactions, Nigeria accounted for 2.97 per cent or 7.9 billion in 2024, the most advanced in Africa and placed in the company of India, Brazil, Thailand, China, and South Korea.

The report disclosed that real-time transactions in 2024 stood at 129.3 billion in India; 37.4 billion in Brazil; 20.4 billion in Thailand; 17.2 billion in China, and 9.1 billion in South Korea.  

The report titled, “The State of Enterprise 2025 Report: Insights into Nigeria’s Financial and Professional Services Sector,” stated that Nigeria real-time transactions far exceed the volumes recorded by other African economies, including South Africa (284 million), Egypt (39 million), and Kenya (20 million).

The report, however, noted that for Nigeria to better compete with countries like India, Brazil and Thailand in digital payments, it must expand both the scale and depth of usage.

According to EnterpriseNGR, “This requires strengthening the quality of the payment ecosystem, extending infrastructure coverage, and enhancing regulatory support. Key priorities include achieving seamless interoperability across banks, FinTechs, mobile money operators, and traditional financial institutions; improving internet connectivity and mobile penetration in underserved, cash-reliant areas; and adopting user-centric regulatory frameworks that promote innovation while safeguarding consumer interests.”

The report stated that the widespread adoption of mobile banking, internet banking, and Unstructured Supplementary Service Data (USSD) channels continue to reshape financial service delivery in Nigeria.

“These platforms enable users to conduct transactions such as fund transfers, bill payments, airtime purchases, and account management with ease and convenience. Usage of point-of-sale (POS) terminals, mobile apps, and web platforms has expanded significantly,” the report explained.

The report expressed that there has been a clear shift toward technology-driven business models, with financial institutions enhancing digital channels to expand market reach and advance financial inclusion.

It stated further that the digital transformation improved operational efficiency, boosted non-interest revenue, and raised service delivery standards in 2024.

According to the report, Nigeria’s banking sub-sector plays a vital role in facilitating cross-border transactions, trade finance, and investment, positioning it as a key driver of global economic engagement.

The report cited that the financial sector attracted approximately $3.8 billion in foreign capital, representing a 586.4per cent increase from $549.3 million in the same period in 2023 and accounting for 52.1 per cent of total capital importation as of Q3 2024.

“Much of this inflow occurred in the first half of the year, reflecting strengthened investor confidence amid economic volatility and evolving monetary policies. A significant portion of the investment was driven by banks’ capital-raising efforts to meet new Central Bank of Nigeria (CBN) requirements.

“The sector’s resilience, underpinned by foreign exchange reforms and monetary adjustments, remains critical to Nigeria’s economic stability, capital inflows, and financial market development heading into 2025,” it noted.

On diaspora remittances, the report by EnterpriseNGR stated that it remained a crucial source of foreign exchange for Nigeria.

The World Bank in a report had disclosed that Nigeria remains the top recipient in Sub-Saharan Africa, with inflows estimated at $19.8 billion in 2024, up from $19.55 billion recorded in 2023, ranking the country 9th globally.

EnterpriseNGR in its report said these inflows are largely facilitated by the banking sub-sector under the leadership of the Central Bank of Nigeria.

It explained, “To further enhance remittance inflows, the CBN is considering issuing a dedicated diaspora bond in the United States in 2025, building on the success of its previous issuance and targeting up to $1 billion in subscriptions.

“The continued emigration driven by the search for economic opportunities will contribute to increased flows of remittance to the country. By working with Money Transfer Operators (MTOs) to reduce transaction costs and improve the ease of transfers, Nigeria can boost remittance volumes.

“The flow of remittances received by individuals in rural areas can be harnessed to close the existing financial inclusion gap and promote economic empowerment by encouraging more account openings through mobile money and agent banking services.

“The government can provide incentives (e.g., tax breaks or interest premiums) for remittance recipients who invest in savings or pensions. It can also offer matched funding or seed grants for remittance-backed entrepreneurship initiatives.”

On expanding access with tech enabled innovation, the report noted credit accessibility in Nigeria has seen significant improvements, with banks introducing tailored loan products for both individuals and businesses.

“Digital lending has gained momentum, with fintech partnerships enabling faster loan disbursements using alternative credit scoring models. Banks now leverage AI-driven credit assessments to extend financing to individuals and SMEs previously excluded from traditional banking,” the report explained.

Commenting on the report, the Chief Executive Officer, EnterpriseNGR, Obi Ibekwe, said the financial institutions increased their contribution to national output, revealing that for every N100 generated, the sector accounted for N6, up from N5 the previous year.

“This reflects the sector’s growing influence on the broader economy. FinTech and digital banking continued to expand, deepening financial inclusion and improving access to financial services across the country.  Electronic transaction values reached an unprecedented quadrillion-naira level, underscoring the sector’s scale and transformative impact,” she said in her statement.