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Nigeria’s financial ecosystem posted robust growth across fintech, insurance and pensions, with the country’s fintech industry now valued at more than $10.6 billion, according to the State of Enterprise (SOE) 2026 Report released by EnterpriseNGR.
The EnterpriseNGR’s State of Enterprise 2026 Report, which reviewed the performance of Nigeria’s Financial and Professional Services sector in 2025 with updates for early 2026, highlights the increasing contribution of non-banking financial services to economic growth.
It noted that sustained reforms and technology-driven innovation are reshaping the country’s financial landscape despite macroeconomic headwinds.
According to the report, Nigeria remains Africa’s largest fintech market, hosting over 500 fintech companies with a combined valuation exceeding $10.6 billion. The sector’s rapid expansion has been supported by growing digital adoption, improved payment infrastructure and increased investor confidence.
The report revealed that electronic payment transactions surged to N384 trillion across 4.12 billion transactions by July 2025, underscoring the country’s accelerating transition to a digital economy and cashless payment system.
In the insurance industry, Gross Premium Written (GPW) grew by 47.3 per cent to N2.30 trillion, while total industry assets rose 24.2 per cent to N4.79 trillion, reflecting stronger underwriting performance and improved asset growth.
The report also showed that Nigeria’s pension industry continued its upward trajectory, with assets under management increasing by 21.9 per cent to N27.45 trillion in 2025 before rising further to N29.52 trillion in the first quarter of 2026.
EnterpriseNGR said the steady expansion of pension assets demonstrates growing confidence in the contributory pension scheme and provides a larger pool of long-term capital that can support infrastructure development and economic growth.
Despite the strong performance, the report noted that insurance penetration remains low, pension coverage is still limited among workers in the informal sector, and financial inclusion gaps continue to constrain the industry’s full potential.
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Speaking on the report, EnterpriseNGR Chief Executive Officer, Obi Ibekwe, said the findings show that Nigeria’s Financial and Professional Services sector is becoming increasingly diversified beyond traditional banking.
“The State of Enterprise Report 2026 is not just a review of sector performance; it is a decision-making tool. It shows where confidence is returning, where capital is moving, where reforms are beginning to take effect and where further action is required to unlock the full potential of Nigeria’s Financial and Professional Services sector,” she said.
She added that banking, fintech, insurance, pensions and capital markets are collectively driving enterprise development and strengthening Nigeria’s competitiveness.
The report called for continued reforms to deepen financial inclusion, improve insurance penetration, expand pension coverage, strengthen regulation and encourage innovation to sustain the sector’s growth and attract more domestic and foreign investment.
She described the publication as more than a review of industry performance.
“The State of Enterprise Report 2026 is not just a review of sector performance; it is a decision-making tool. It shows where confidence is returning, where capital is moving, where reforms are beginning to take effect and where further action is required to unlock the full potential of Nigeria’s Financial and Professional Services sector,” she said.
She added that the findings demonstrate the central role of banking, insurance, pensions, capital markets, fintech and professional services in driving enterprise development and national competitiveness.
“Across banking, capital markets, insurance, pensions, fintech and professional services, the data tells a clear story: the FPS sector is central to enterprise, investment and national competitiveness. The task ahead is to convert this momentum into deeper inclusion, stronger institutions, better regulation and sustained economic growth,” Ibekwe stated.
Despite the encouraging performance, the report identified several structural challenges requiring urgent policy attention. These include low levels of financial inclusion, weak insurance penetration, shallow capital market liquidity, limited pension coverage in the informal sector, governance concerns, skills shortages and the need for greater innovation across the financial ecosystem. EnterpriseNGR said the report is intended to serve as a strategic resource for policymakers, regulators, investors, development partners and business leaders by providing evidence-based insights that can shape corporate strategy, policy reforms and long-term investment decisions.
