Artificial Intelligence (AI) is redefining financial technology, driving innovation, efficiency, and enhanced fraud management across the industry. In Nigeria, where fintech is expanding rapidly, the adoption of AI is no longer a future consideration but an urgent necessity.
With Nigeria’s AI market projected to reach $434.4 million by 2026, growing at an impressive 44.2% compound annual growth rate (CAGR), fintech firms must position themselves to leverage AI’s transformative power. Strategic adoption will not only optimize operations but also improve financial inclusion and economic resilience.
Remita Takes the Lead with AI Adoption Blueprint
As a pioneer in Nigeria’s digital payment ecosystem, Remita is at the forefront of AI-driven transformation. The company has launched a groundbreaking report, "Unlocking the Power of AI in Nigeria’s Fintech Sector," designed to serve as a blueprint for AI integration in financial services.
The report provides fintech firms with actionable strategies to harness AI for business growth, operational resilience, and sustainable innovation. It also outlines how AI can be leveraged for risk management, fraud detection, and improved customer experiences—essential elements in an increasingly digital-first economy.
Nigeria’s Fintech Boom: A Sector Poised for AI Disruption
The Nigerian fintech industry is currently one of Africa’s most dynamic sectors, accounting for 52% of the continent’s total fintech funding and hosting five of Africa’s nine unicorns as of 2024.
Industry data highlights fintech’s role in doubling Nigeria’s financial inclusion rate, from 32% in 2012 to 64% in 2024—a 100% increase in just a decade. Furthermore, the volume of digital transactions in Nigeria surged by 16.7% between 2023 and 2024, surpassing 11.2 billion transactions valued at $713 billion (N1.07 quadrillion).
This rapid expansion sets the stage for AI to further accelerate growth, enhance digital transactions, and redefine the future of Nigeria’s financial ecosystem.
AI as the Key to Fintech’s Next Evolution
Speaking on the report, Remita’s Managing Director, DeRemi Atanda, emphasized the need for strategic AI adoption.
“For years, fintech in Nigeria has been defined by bold ambition and relentless execution. However, the next phase of development requires more strategic intelligence, and AI is the key to unlocking this future,” Atanda stated.
He warned that fintech firms failing to integrate AI risk losing relevance in an increasingly competitive digital economy.
“The question is no longer whether to adopt AI, but how to do so in a way that delivers maximum impact,” he added.
Remita has already recorded significant gains from AI adoption, including:
- 40% improvement in customer experiences
- 50% acceleration in API integration timelines
- 19% reduction in customer inquiries
These figures highlight AI’s tangible benefits, proving that its integration is not a futuristic concept but a present necessity for fintech firms seeking to scale.
Building an AI-Ready Fintech Industry
Beyond business efficiency, AI adoption must be structured to ensure ethical, transparent, and secure financial services. The Remita report provides a framework for regulatory collaboration, emphasizing the need for policies that support responsible AI integration while safeguarding consumer interests.
Chief AI Officer of Remita, Uchenna Okpagu, noted:
“AI should be a force multiplier—not just an isolated feature. Fintech firms that embed AI into their core operations will be the ones shaping the next decade of financial transformation. However, successful AI deployment requires structured implementation, risk assessment, and a commitment to responsible innovation.”
Atanda reiterated Remita’s commitment to AI leadership, positioning the company not just as an adopter but as a thought leader in fintech innovation.
“With the right partnerships, policies, and execution, we can create a Nigeria—and an Africa—where AI-driven financial services are accessible, efficient, and built to last,” he said.
The Future of Fintech: AI-Driven, Data-Powered, and Innovation-Led
As fintech moves into an AI-driven era, the companies that build with intention, execute with precision, and adapt to evolving technologies will define the future of the industry.
With AI at the center of its strategy, Remita is not just embracing change—it is shaping the standards for AI integration in financial technology. The firm’s latest report serves as a guiding light for fintech businesses, regulators, and stakeholders looking to harness AI’s full potential in Nigeria’s evolving financial landscape.
For fintech leaders ready to take the next step, the full report is available at https://bit.ly/remita-AI-report.