Category: Business Day

President Bola Tinubu has said the Nigerian economy is recovering faster than expected due to the reforms his administration embarked on more than two years ago, adding that ‘yesterday’s pains are giving way to relief.’

‘I am pleased to report that we have finally turned the corner. The worst is over, I say. Our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results,’ Tinubu said in a televised Independence Day broadcast Wednesday.

Tinubu, who took over from late President Muhammadu Buhari some two years ago, said he inherited a near-collapsed economy, a situation that warranted his resolve to take on bold market reforms to put the country on the path of growth.

The reforms, though unpopular, phased out fuel subsidies that crippled the country’s finances while benefiting ‘a tiny minority’ and unified the exchange rate in a bid to make it more market-driven and remove longstanding arbitrage. The consequences of the reforms were mixed. For Nigerians, it crushed spending power as inflation soared to a multi-year high and led to the worst cost-of-living crisis in a generation. Poverty rose quickly and dried up the middle-class economy.

On the other hand, Nigeria’s economy became more resilient with annual growth now at 4.23 per cent as of the second quarter of 2025, the quickest pace since 2021, while inflation has continued to cool for the fifth straight month this year, a development that has allowed the monetary authorities slashed key interest rates by half point to 27 percent in first since 2020. ‘Our administration has redirected the economy towards a more inclusive path, channeling money to fund education, healthcare, national security, agriculture, and critical economic infrastructure, such as roads, power, broadband, and social investment programmes. These initiatives will generally improve Nigerians’ quality of life.’

He noted that his administration has achieved 12 economic milestones, including achieving more than N20 trillion in non-oil revenues as of August. That’s more than the total figure for last year at N21.7 trillion.

Tinubu said Nigeria’s debt service-to-revenue ratio has reduced to less than 50 per cent from 97 per cent, adding that with external reserves at more than $42 billion, the naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024.

According to the president, Nigeria’s tax-to-GDP ratio has risen to 13.5 per cent from less than 10 per cent, with the ratio expected to increase further when the new tax law takes effect in January.

‘Nigeria has recorded a trade surplus for five consecutive quarters. We are now selling more to the world than we are buying, a fundamental shift that strengthens our currency and creates jobs at home,’ the president said.

‘Nigeria’s trade surplus increased by 44.3% in Q2 2025 to N7.46 trillion ($4.74 billion), the largest in about three years. Goods manufactured in Nigeria and exported jumped by 173%. Non-oil exports, as a component of our export trade, now represent 48 per cent, compared to oil exports, which account for 52 per cent.’

President Bola Ahmed Tinubu on Wednesday called on the Central Bank of Nigeria (CBN) to establish an endowment fund for the creative sector following the completion of the National Theatre, now renamed the Wole Soyinka Centre for Culture and Creative Arts.

Speaking at the official reopening of the iconic facility in Lagos, the President said he would personally contribute to the proposed fund, which is aimed at supporting long-term growth and sustainability in Nigeria’s creative industry. Tinubu also urged citizens to shift their mindset, emphasising the importance of telling positive stories about Nigeria and fostering belief in the country’s potential.

CBN Governor Olayemi Cardoso, speaking at the event, revealed that the Bankers’ Committee invested N68 billion in the restoration and modernisation of the National Theatre complex.

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has suspended its industrial action, which commenced on Monday.

This follows the reconciliatory meetings which took place in Abuja on Monday and Tuesday, at the instance of Muhammad Dingyadi, the minister of labour and employment. Dangote Refinery, at the meeting had agreed to deploy disengaged workers, while PENGASSAN committed to call off the strike.

PENGASSAN had embarked on the strike action to protest the sack of 800 workers by Dangote Refinery. The Association had said the action is an affront to all workers in Nigeria and a deliberate violation of Nigeria’s labour laws, the Constitution, and ILO conventions. However, Festus Osifo, President of PENGASSAN, who announced the suspension on Wednesday in Abuja, noted that the union suspended the strike strictly out of respect for the Federal Government and its institutions involved in the conciliation process.

He warned that the union would not hesitate to resume the strike if Dangote’s management fail to act in accordance to the agreement to recall the affected staff.

He said: ‘We are not happy with the terms of the agreement because it did not capture our main demand of recalling the 800 sacked Nigerians. But out of respect for government institutions, for the National Security Adviser, the DSS, the Chief Reconciliator of the Federation, and ministers who worked tirelessly into the early hours of the morning to mediate, we decided to suspend the action.

‘However, let me be clear: if Dangote fails to keep its part, we will resume immediately, without any warning.

‘We know that Dangote does not play by the rules or respect agreements. We believe and suspect that some of the promises extracted during the negotiations will not be honoured. But because we respect due process and institutions of government, we will give them that benefit of doubt. Yet, any breach will be met with severe and immediate response.’ Osifo speaking further, explained that PENGASSAN’s resolve to withdraw services nationwide was to protect young oil and gas workers who voluntarily agreed to be part of the union.

He noted that the oil and gas workforce has carried the burden of Nigeria’s economy for decades, providing over 90 percent of the nation’s foreign exchange earnings. ‘We know who we are and what we stand for. We are patriots who love this country more than any single individual, and that is why, despite our reservations, we chose to suspend this strike in deference to government efforts.

‘We will be monitoring closely. Any slip, any breach, any part of this agreement that is not kept, we will not issue further notice. We will not give any warning. We will resume the suspended industrial action immediately. That is our resolution.

‘Let’s see where they will take them to, the grey area where we were not happy with was very clear, it was the fact that we wanted them to send all of them to the Refinery but the government moved other wise, to find a middle point.

‘On paper it has been that they will take them back but in reality we have not seen it, so the issue is that we will not be deceived because they said they will take them back, then we will now wait, one, to five days, if we do not see any traction, we will not be deceived and that is why what we said was that we have suspended the industrial action.

‘We are in good faith as a demonstration to government that we respect institution, that we are extremely patriotic but this suspended action, we will go back to the trenches immediately we see any foul play, we will come back without any notice.’

Osifo affirmed that PENGASSAN’s struggle was not against progress but against injustice, and that the union would remain steadfast in defending the rights and welfare of its members, no matter whose interest was at stake.

Estate planning is the structured process of organizing and managing an individual’s assets during their lifetime and arranging for their efficient transfer upon death or incapacity. It encompasses the preparation of legal instruments, such as wills, trusts, and powers of attorney, to ensure asset preservation, provide for dependents, and align asset distribution with the individual’s personal, financial, and philanthropic objectives, all in compliance with applicable laws and regulations.

Estate planning remains one of the most important but neglected areas of family life in Nigeria particularly for aging parents. Most families are often left in crisis situations when a parent, and in most cases the breadwinner, becomes incapacitated or dies suddenly with no plan in place as to how the surviving family members can have access to his assets or continue to manage his business. The consequence has been that the family becomes confused with hitherto hidden crisis suddenly resurrecting leading to court battles, strained family relationships, or even the loss of hard-earned property and investments.

This article aims to essentially provide a concise but thorough step-by-step overview of what estate planning entails for elderly parents in Nigeria, the key factors to be considered, and the ways in which families can begin the process in a culturally sensitive and legally correct manner.

Why Estate Planning?

Aging inevitably comes with higher risks to health and diminished abilities to manage one’s finances or be involved in the day-to-day management and negotiation of complicated property issues. Forward and thoughtful planning process gives aging parents the chance to make intelligent decisions regarding:

How their assets are carefully organised and eventually passed on to their beneficiaries.

Who acts on their behalf should they no longer be able to do so or be involved in the day-to-day running of the business.

How would their dependents, spouse, or children be taken care of financially.

How do they ensure that the family cohesion is maintained and that family conflicts are avoided when they pass on.

In many jurisdictions, including Nigeria, improperly constituted Estate Plan has resulted in numerous court cases involving land, cash, businesses, and pensions. In the absence of properly arranged and documented Estate plan, some members of the family or institutions forcefully takeover these assets which are neither documented nor legally transferred to them. All these could conveniently be avoided with proper Estate Plan.

Estate Plan for aging parents in Nigeria need not be complex, although it must be concise, thoughtful and purposeful. The overriding aim and principle should be to ensure the wishes of the parent are respected, and their beneficiaries are not left in confusion or disputes when the Settlor passes on.

One of the first and most important steps in estate planning is the preparation of a valid legal will. This is the most traditional way of giving assets to loved ones. A will is a short statement of the maker’s wishes regarding how his or her assets should be distributed upon death. Although not exhaustive, some of the most common assets that may be disposed of in a will include property, bank accounts, vehicles, investments, pensions, personal belongings and digital assets.

A properly written will provides protection from inheritance disputes and minimizes interference from customary, traditional, or statutory claims that may conflict with the deceased’s true intentions. It ensures that the distribution of assets is carried out according to the testator’s wishes, not left to chance or contested interpretations. Given the complex nature of wills, especially in a culturally diverse legal environment like Nigeria, it is strongly advised that Settlors seek legal counsel when preparing and executing a will. This ensures that the document carries the full force of law, is free from ambiguity and less likely to be challenged.

It is possible that some aging parents may not be disposed to writing a Will (often regarded as remembrance of death).

In which case, a Settlor could consider setting up a Trust especially where the estate is more complex say, with multiple spouses, young children, or vulnerable family members. A Trust allows assets to be held and managed on behalf of beneficiaries, typically through a licensed Trust company. In Nigeria, Trust Companies are registered and regulated by the Nigerian Securities and Exchange Commission (SEC) and have a legal obligation to administer the trust in good faith, ensuring the fulfillment of the terms as specified by the Settlor over the years. Trusts are particularly helpful when money disbursement, property administration, or wealth accumulation for the subsequent generation needs to be carried out professionally and gradually distributed.

Another significant part of the estate planning process is beneficiary naming on retirement accounts, life insurance policies, cooperative contributions, and other such financial instruments. Under the Nigerian Pension law, the named Next-of-Kin takes no benefit of the amounts standing to the credit of the deceased’s Retirement benefits. The Will must specifically name the beneficiaries in a formal Will. Parents should thus scrutinize and regularly update their estate plan to ensure that there are no lacunae that could be exploited by persons waiting to pounce on their assets once they pass on.

Apart from ensuring that assets are distributed to named beneficiaries either in the Will or Trust instruments, there is also the concern of decision-making in the event of sickness or incapability. A power of attorney can be utilized in appointing a person that is acceptable and trusteed by the Settlor to make legal, financial, or even medical decisions on behalf of the parent when the parent become incapacitated or is unable to manage his/her affairs. This instrument can become exceptionally useful in the management of day-to-day affairs such as accessing bank accounts, settling bills, or dealing with property, and needs to be balanced in terms of adopting a preventive approach versus an aftereffect one.

While relating with others, it is possible that a parent may have entered into contracts or agreements that either increased his/her assets or imposed liabilities on them or claims against their assets. It is therefore important that they are encouraged to document every asset that may have accrued from such relationships or liabilities that they may have been exposed to. Parents need to be encouraged to maintain an up-to-date list of all that they own: land, buildings, shares, pensions, cars and of any debts payable to or owed by them. That document, whether kept in paper form or electronically, helps family members and executors to ascertain whatever assets the deceased has, or liabilities owed when family members review his/her affairs. Having such clear and concise assets list would ultimately prevent disputes or conflicts from family members or those claiming against the estate.

Finally, although frequently overlooked and left to the discretion of family members, it is useful for parents to give guidance or direction either in the Will or Trust instrument regarding their funeral wishes, such as the nature of the funeral, where they wish to be buried, and what cultural or religious practices they would like their families to adopt, follow or outrightly avoid. Although intensely personal, providing the needed guidance or direction will not only help to soften the emotional trauma that the family is subjected to at that trying moment but also minimize the risk of argument as to how the deceased wants to be buried or the nature of the funeral celebrations.

The above, all ccollectively brought together in a brief, written plan are the basis of an empathetic estate planning process. They not only give comfort to elderly parents but also give their families the clarity and organization needed to manage the future with understanding, dignity and harmony.

Seyi Amao’s Emotional Appetite Therapy has ignited a powerful movement for women’s health, as demonstrated at an inspiring pre-launch dinner in Lagos.

The intimate event, themed ‘Come Hungry, Leave Whole,’ brought together award-winning author and PCOS Conquerors founder, Seyi Amao with advocates, medical experts, and community partners to champion holistic wellness, particularly for women navigating Polycystic Ovary Syndrome (PCOS) and other health challenges, blending storytelling, science, and faith in an unforgettable evening.

Hosted by Deborah Oguike, known as ‘Debbie The Media Girl,’ the evening was a collaboration between One Wellness Clinic and PCOS Conquerors, with support from ProSkin Aesthetic Clinic, Adam Scents, Sissy Remi, Tsemaye Binitie, BB Artistry, and Orange Mic. Together, they crafted an experience that mirrored the heart of Amao’s book, a call to move beyond feeding emotional cravings to nourishing lives holistically. Amao described Emotional Appetite Therapy, as more than a book, as it is a pathway to wholeness. Her vision came alive through a carefully curated evening that combined expert insights, personal stories, and experiential elements. Guests were treated to a stirring reflection from Dr. Elizabeth ‘Dr. Fabulous’ Falabi, medical director of Feet2Fit Integrative Health and Wellness, who shared her own wellness journey.

A panel moderated by Sophia O. Emifoniye, CEO of Brunch Avenue, featured Dr. Jean Nassar, Pamela Bazi of One Wellness, and Hala El Hachem of ProSkin, diving into critical topics like fertility, nutrition, and holistic health.

The event also highlighted the intersection of financial and physical resilience, with Mrs. Joke Adu of Standard Chartered Bank emphasizing how financial empowerment supports overall well-being.

Pastor Moses Ida-Michaels of EcclesiaHills closed the evening with a blessing, framing the night as the start of a broader movement for women’s health.

The Port Harcourt Chamber of Commerce, Industry, Mines, and Agriculture (PHCCIMA), is always in search of opportunities to businesses in the oil city. The City Chamber is fighting to create alternative businesses other than oil and gas, though not ignoring the hydrocarbon industry.

Since the days of Emi Membere-Otaji as president, the PHCCIMA has worked to reposition its focus to non-oil businesses especially by attracting foreign business partners to open doors to the business community in the Garden City.

Now, Chinyere Nwoga, the first female president, has revealed to members how best to queue into the wealth avenue of the Chambers. She urged members to dive into chamber programmes to unlock a wealth of business opportunities.

Speaking at the third-quarter General Forum at the PHCCIMA secretariat in Port Harcourt, she highlighted the importance of leveraging the chamber’s resources to fuel business success. Nwoga emphasized that active participation in chamber activities is key to reaping the full benefits of membership. The well-attended forum showcased strategic initiatives, including collaborations with the Lagos City chamber, trade group programmes, and member-engagement opportunities, all aimed at driving business growth.

The forum featured discussions on the upcoming 2025 Port Harcourt International Trade Fair with calls for innovative strategies to elevate its global stature and explore franchising opportunities. Trade group leaders delivered impactful presentations.

Fenibo Fubara, ICT Trade Group chairman, advocated for digitizing chamber processes to streamline resource access and attract new members.

Ofon Udofia, Export/Import Trade Group chairman, urged PHCCIMA to push for reduced bureaucratic hurdles at southern ports, addressing International Maritime Organization (IMO) policies causing rate disparities.

Jack Daboikiabo (SME/NGO Trade Group) and Chief Ernest Elochukwu (Membership Committee) shared their groups’ achievements and upcoming events.

The forum also celebrated the induction of 12 new member-companies, with oaths administered by past President Emeka Unachukwu, an engineer and doctorate degree holder in International Trade. Notable attendees included a past president (Vincent Furo), 1st deputy president Isaac Wonwu, Financial Secretary Emmanuel Ogbonda, and Welfare Secretary Florence Nwosibe, all offering valuable insights for chamber progress.

A highlight was the presentation by #StartupSouth organizers, inviting members to leverage their platform to expand markets, attract capital, and strengthen the Rivers State business ecosystem.

President Bola Ahmed Tinubu on Wednesday called on the Central Bank of Nigeria (CBN) to establish an endowment fund for the creative sector following the completion of the National Theatre, now renamed the Wole Soyinka Centre for Culture and Creative Arts.

Speaking at the official reopening of the iconic facility in Lagos, the President said he would personally contribute to the proposed fund, which is aimed at supporting long-term growth and sustainability in Nigeria’s creative industry. Tinubu also urged citizens to shift their mindset, emphasising the importance of telling positive stories about Nigeria and fostering belief in the country’s potential.

CBN Governor Olayemi Cardoso, speaking at the event, revealed that the Bankers’ Committee invested N68 billion in the restoration and modernisation of the National Theatre complex.

President Bola Ahmed Tinubu has insisted that the painful economic reforms introduced under his administration are beginning to yield results, declaring in his Independence Day broadcast that ‘the worst is over.’

Speaking on Wednesday to mark the nation’s 65th anniversary of independence, the President said the government’s decision to scrap fuel subsidies and unify exchange rates had stabilised the economy, boosted revenue and created a pathway to sustainable growth.

‘Yesterday’s pains are giving way to relief,’ Tinubu told the nation in his third independence address since assuming office in May 2023. ‘I salute your endurance, support and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.’

According to him, Nigeria’s economy grew by 4.23 per cent in the second quarter of 2025 – its fastest pace in four years and above International Monetary Fund projections. Inflation has also eased to 20.12 per cent, the lowest level in three years. The President further cited a record surge in non-oil revenue, improved foreign reserves and a booming stock market as signs of renewed investor confidence.

While acknowledging the hardships many Nigerians have faced as a result of rising living costs, Tinubu argued that the reforms were unavoidable. ‘The alternative of allowing our country to descend into economic chaos or bankruptcy was not an option,’ he said.

He pledged that the gains from the reforms would increasingly be felt in households through improved public services, investment in infrastructure, and better support for vulnerable citizens.

‘The accurate measure of our success will not be limited to economic statistics alone,’ he noted, ‘but rather in the food on our families’ tables, the quality of education our children receive, the electricity in our homes, and the security in our communities.’

The Nigerian economy has had its ups and downs. The nation got Independence in 1960 when its gross domestic product (GDP) was $4.20 billion and per capita income, $93.

The economy was largely undiversified at that time, with agriculture dominating. According to the Ominira Initiative, agriculture accounted for over 75 percent of foreign exchange (FX) earnings, 68 percent of GDP, and created employment opportunities for about 65 percent of the population.

By the late 1970s, the real job of diversification began. Oil sector contribution to the GDP moved from 3 percent to 30 percent of GDP, with oil exports accounting for 96 percent of total exports.

The nation’s entry into OPEC in 1971 marked the beginning of humongous transformation. In a World Bank report, Brian Pinto, an expert on economy, said the oil price shocks of 1973-74 and 1979 resulted in a large transfer of wealth to Nigeria, with public expenditure rising, as did the country’s access to international capital markets.

However, as oil revenues surged, agriculture declined.

‘Following the collapse of oil prices in 1982 and the rise in real interest rates, Nigeria experienced rising inflation, strict rationing of foreign exchange, and the possibility of debt rescheduling. This coincided with the rise of parallel markets, so that an illegal, floating-rate parallel market coexisted with an official, fixed-rate market,’ Pinto said.

Oil price collapse in the 1980s led to recession and debt crisis. The Ibrahim Babandia regime brought in the Structural Adjustment Programme (SAP). The programme, spearded by the International Monetary Fund (IMF), was characterised by currency devaluation, trade liberalisation, privatisation of state-owned firms, and removal of subsidies.

Some policy watchers believe that the era brought about Nigeria’s economic collapse, with import-led policies resulting in factory shutdowns and job losses.

The return of democracy in 1999 brought in Olusegun Obasanjo, who achieved debt rescheduling and repayment. A total debt of $30 billion was forgiven by the Paris Club (2005-2006). Banking sector consolidation (2004) strengthened financial institutions, and reforms were visible in insurance and telecoms.

The GDP growth averaged 6 percent-7 percent during the 2000s, driven by oil, telecoms, and banking.

Oil remained over 90 percent of export earnings.

Between 2007 and 2014, non-oil sectors such as telecoms, entertainment (Nollywood, music), and services grew.

Agriculture rebounded but not enough to end food imports. The economy was also rebased to reflect changes in various sectors.

From 2014 to 2016, oil prices crashed, leading to recession in 2016. There were FX shortages, rising inflation, and unemployment.

The COVID-19 pandemic came in 2020 and led to recession. However, there was a cacophony of controversial policies, led by border closure, import restriction, command and control pronouncements as well as FX rationing.

But the current Bola Tinubu administration cane in 2023 and liberalised the FX market, removing petrol subsidies. However, this has led to naira depreciation by over 60 percent. The citizens are struggling to make ends meet due to skyrocketing prices. The start of Dangote Petroleum Refinery has slashed petrol imports and ended an era of scarcity. Naira is now stable, thanks to the central bank’s set of policies.

Tinubu says economy has turned the corner

In his Independence Day speech on Wednesday, President Bola Tinubu said the economy has turned the corner.

‘I am pleased to report that we have finally turned the corner. The worst is over, I say. Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.

‘Under our leadership, our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results. The second quarter 2025 Gross Domestic Product grew by

4.23 percent-Nigeria’s fastest pace in four years-and outpaced the 3.4 per cent projected by the International Monetary Fund. Inflation declined to

20.12 percent in August 2025, the lowest level in three years. The administration is working diligently to boost agricultural production and ensure food security, reducing food costs.’

Tinubu said in the last two years of his administration, the government has achieved 12 remarkable economic milestones.

‘We have attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion. In September 2025 alone, we raised N3.65 trillion, 411% higher than the amount raised in May 2023.

‘Our debt service-to-revenue ratio has been significantly reduced from 97 percent to below 50 percent. We have paid down the infamous Ways and Means advances that threatened our economic stability and triggered inflation. Following the removal of the corrupt petroleum subsidy, we have freed up trillions of Naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government.’

He added, ‘We have a stronger foreign Reserve position than three years ago.Our external reserves increased to $42.03 billion this September-the highest since 2019.’

Africa’s fintech sector in 2025 is positioned to be a powerful force for economic growth, access to financial services, and global competitiveness. Its rapid expansion over the past decade has created a foundation for scaling operations, building trust with users, and extending influence beyond the continent. The coming years will be critical for solidifying gains and addressing persistent challenges.

In 2024, mobile money platforms in Africa processed over $1.1 trillion, representing almost three-quarters of the world’s mobile money transaction volume. This volume signals that digital financial services have moved from marginal to mainstream on the continent.

In parallel, cross-border payment initiatives, such as the Pan-African Payment and Settlement System, have reduced intra-African transaction costs by nearly 27 percent, a significant step towards regional economic integration and increased trade. Despite a tightening regulatory environment and more cautious investment climates, fintech companies in Africa secured equity funding amounting to $2.2 billion in 2024, indicating investor confidence in the sector’s resilience and future potential.

Strengthening scale through innovation

For African fintechs to expand their reach, innovation must remain a central focus. Embedded finance is becoming increasingly widespread, enabling non-financial platforms to offer integrated financial products. E-commerce, agritech, and gig-economy platforms increasingly embed loans, insurance, and payment services directly within their user experience, eliminating barriers and simplifying access for informal and small businesses. This seamless integration facilitates growth beyond traditional banking channels, creating new opportunities to serve underbanked segments reliably and efficiently.

Moreover, cross-border payment solutions have made strides in simplifying and reducing the cost of remittances and trade payments within Africa. Startups utilising blockchain and stablecoin technologies have introduced faster settlement processes across national boundaries, crucial for the African Continental Free Trade Area’s ambitions to expand intra-continental commerce. These developments foster a larger addressable market and reinforce the potential for scale.

Building trust through transparency and compliance

Trust is a cornerstone for fintech adoption and sustained usage. African consumers and businesses require confidence in the security and transparency of digital financial services. Firms that commit to stringent security protocols, clear transaction processes, and adherence to evolving regulatory standards position themselves as reliable partners. Transparency in operations combats financial fraud and builds credibility in markets where consumer scepticism can be high due to historical mistrust of financial institutions.

Furthermore, regulatory frameworks across Africa are maturing to formalise fintech operations. While compliance requirements present operational challenges, they also provide clarity and protection for consumers and service providers alike. Regulatory progress on cryptocurrencies, data protection, and open banking demonstrates efforts to establish a robust ecosystem where fintech can flourish sustainably.

Pursuing global relevance

African fintech’s global relevance depends on its ability to demonstrate competitive advantages and innovative solutions in a crowded international market. The capacity to profitably serve low-income and previously excluded populations through cost-efficient models presents a unique value proposition. Diversity across financial services such as mobile money, lending, payments, and insurance creates multiple pathways to growth and cross-border collaboration.

Additionally, attracting global investment and partnerships will be key. Leading fintech hubs like Lagos, Nairobi, Cairo, and Johannesburg continue to secure significant funding rounds, which facilitate product development and market expansion. The success of unicorns such as Flutterwave and OPay acts as proof points for Africa’s fintech capacity to meet global standards while addressing local needs.

Africa’s fintech at a crossroads

Despite promising trends, challenges remain. Customer acquisition costs in Africa are substantially higher compared to other regions, pressuring fintechs to balance growth with financial sustainability. Infrastructure gaps, digital literacy, and regulatory complexities also require ongoing attention. However, these issues also create high entry barriers, protecting market share for well-capitalised and locally knowledgeable players.

Africa’s fintech sector must continue to sharpen its focus on scalable innovation, trust-building, and regulatory cooperation. Collaboration between fintech companies, banks, regulators, and technology providers will be essential to cultivate a conducive environment for growth. By doing so, African fintech can reinforce its role as a critical driver of economic development, financial inclusion, and a competitive player on the global stage.

In summary, 2025 represents a crucial juncture for Africa’s fintech industry. With over $1.1 trillion in mobile money transactions processed in 2024 and institutional advances making cross-border payments simpler and cheaper, Africa is demonstrating its capacity to innovate and scale. The challenge now is to build lasting trust and sustain that growth to secure a position of global relevance. If met, these goals will mark a significant shift in the global financial landscape and provide millions of Africans with new economic opportunities.