Remita, a leader in Nigeria’s payment solutions sector, is urging fintech companies to adopt Artificial Intelligence (AI) to secure their place in a rapidly expanding market projected to reach $434.4 million by 2026, growing at an impressive annual rate of 44.2%. The call comes in light of Remita’s new report, *Unlocking the Power of AI in Nigeria’s Fintech Sector*, launched on Wednesday, which highlights AI as the cornerstone for the industry’s transformative potential.
The report emphasizes the need for fintechs to harness AI’s capabilities in streamlining operations, enhancing decision-making, and combating fraud. With Nigeria commanding 52% of Africa’s fintech funding and housing five out of the continent’s nine unicorns as of 2024, the report frames AI adoption as an essential move for resilience and future growth.
“For years, fintech in Nigeria has been defined by bold ambition and relentless execution, but the next phase of development requires more strategic intelligence, and AI is one of the keys to unlocking what more represents,” said DeRemi Atanda, Managing Director of Remita. He further stressed that the question for fintech leaders is no longer whether to adopt AI, but how to implement it in ways that deliver maximum benefit.
As digital transactions in Nigeria surged to 11.2 billion in 2024, with a 16.7% increase from the previous year, valued at $713 billion, AI is seen as a critical tool to amplify this growth. Financial inclusion, which doubled from 32% in 2012 to 64% in 2024, is also expected to expand further with AI-driven innovations.
The report argues that without AI, fintech firms risk falling behind, missing the chance to leverage the next stage of development. Remita’s Chief AI Officer, Uchenna Okpagu, reinforced this, stating that AI should be integrated into the operational fabric of fintechs to enhance security, scalability, and business intelligence.
The comprehensive report offers actionable strategies for AI adoption, including regulatory frameworks to ensure ethical, transparent, and secure AI-driven financial services. It also provides guidance on workforce AI-readiness, encouraging fintech firms to equip their teams with the necessary skills to lead the next decade of financial transformation.
With its extensive experience in payments and digital finance, Remita is setting the standard for AI integration in the fintech space, positioning itself at the forefront of innovation. The company’s push for AI adoption reflects a broader vision to lead the charge in transforming the financial landscape in Nigeria and beyond, ensuring that businesses, governments, and individuals benefit from a more efficient, secure, and inclusive financial ecosystem.
The future of fintech, according to the report, will be shaped by those who build with intention, execute strategically, and adapt to the realities of an AI-driven world.
