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Nigeria’s digital economy is projected to hit $18.3 billion by the end of 2026, but the country’s ability to realise that potential will depend on expanding digital access and financial inclusion, Divisional Head, Financial Industry Partnerships at Remita, Lanre Idowu, has said.
Speaking at the Nigeria Information Technology Reporters Association (NITRA) Innovative and Scientific Conference in Lagos, Idowu said financial technology (fintech) has become a major catalyst for bridging Nigeria’s digital divide by making financial services more accessible to millions of Nigerians.
He noted that while Nigeria has gained global recognition for its vibrant technology ecosystem, fast-growing fintech industry and instant payment systems, significant gaps remain in broadband connectivity, affordability, digital literacy and trust, particularly in rural communities.
According to him, the country’s projected $18.3 billion digital economy underscores the urgency of ensuring that more Nigerians are included in the digital financial ecosystem.
“The digital divide is ultimately an opportunity divide,” he said, explaining that it separates those who can participate in the modern economy from those who remain excluded.
Idowu observed that Nigeria’s financial services landscape has evolved significantly from an era when customers depended almost entirely on physical bank branches for transactions: “Today, ATMs, payment cards, internet and mobile banking, USSD services, digital wallets, instant payments and agency banking have transformed access to financial services. Geography, distance and time have become less of a barrier.”
He maintained that fintech’s greatest contribution goes beyond facilitating payments, as it has widened economic participation with easier access to financial services for students, farmers, traders, small businesses, civil servants and entire communities: “A sophisticated solution that reaches a thousand people is impressive. A practical solution that reaches millions is transformative.”
Highlighting Remita’s role in the ecosystem, Idowu said the company provides payment infrastructure for government transactions, financial institutions and businesses, leveraging partnerships and agent networks to extend financial services to underserved communities.
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“When the rails work, businesses grow faster, public services become easier to reach and citizens participate more fully in the economy,” he stated.
He attributed the growth of Nigeria’s digital economy to sustained collaboration among government, regulators, banks, telecommunications companies, infrastructure providers, fintech innovators, consumers and the media.
“Every significant leap has come from partnership, not isolation,” he said.
Despite the progress recorded, Idowu identified uneven internet connectivity, high cost of data, low digital literacy, limited access to digital devices and trust deficits as major obstacles that must be addressed to achieve inclusive digital growth.
He called for greater collaboration to ensure digital solutions work across different devices, network conditions and local languages, while extending services to underserved populations.
According to him, the true measure of innovation is not the number of products introduced into the market but the number of Nigerians who can access and benefit from them.
He said achieving this would require stronger public-private partnerships, responsible innovation, effective regulation and infrastructure investments that extend beyond commercially viable locations.
“Nigeria’s digital future is not something we are waiting for. We are already living it. We close the digital divide not merely through technology, ambition or innovation, but through access, inclusion, trust and collective action,” he said.
