African fintech revenues are projected to expand 13-fold to approximately $65 billion by 2030, marking the continent as the world’s fastest-growing digital finance market.

The “Beyond Payments: Unlocking Africa’s Second FinTech Wave ” report, released by Boston Consulting Group at the Inclusive FinTech Forum in Kigali, indicates the sector is shifting from transactional inclusion to scalable, infrastructure-driven systems.

While Sub-Saharan Africa accounts for 74% of global mobile money volume, more than 50% of lending still occurs through informal channels, representing a massive gap for B2B payments and data-driven underwriting.

The opportunity now is to convert scale into sustained, institutional-grade growth, says the report. Markets offering regulatory clarity and interoperable infrastructure are becoming increasingly attractive to long-term capital.

Rwanda is highlighted as an example of deliberate institutional coordination that lowers the cost to scale for financial institutions.

Forward-looking regulation and the License Passporting Memorandum of Understanding between Rwanda and Kenya are cited as practical steps toward easing regional expansion.

Financial centres like the Kigali International Financial Centre play a critical role in this next phase by reducing uncertainty for banks and investors.

By combining regulatory clarity and Pan-African integration, they reduce uncertainty for banks, fintechs, and investors, and help position markets as credible, long-term investment destinations.

Africa’s next fintech phase will be led by financial institutions, the report notes. It goes on to say banks and regulated entities are becoming the primary customers of digital financial infrastructure, demanding platforms that align with their risk frameworks.

The report identifies five institutional priorities to sustain momentum: interoperable infrastructure, data-driven credit, regulatory coherence, trust, and resilience.

Building seamless wallet-to-bank integration will enable more efficient value movement, while transforming transaction data into AI-enabled underwriting models will help bridge the gap in SME lending.

Proportional licensing frameworks and predictable supervisory practices will lower the cost to scale for innovators. Furthermore, expanding cybersecurity capabilities will ensure the ecosystem remains reliable as digital usage grows.

Africa has demonstrated that fintech scale is achievable, and the next decade will be shaped by those markets that strengthen their institutional foundations, the report concludes.

Federal Capital Territory (FCT) High Court in Abuja has ordered the Incorporated Trustees of the Socio-Economic Rights and Accountability Project (SERAP) to pay N100 million in damages to two operatives of the Department of State Services (DSS) over defamation.

SERAP

Justice Yusuf Halilu delivered the judgment in a suit filed by two DSS operatives, Sarah John and Gabriel Ogundele, who accused SERAP of making false and defamatory claims against them.

The claimants had approached the court following a series of posts published by SERAP on its X handle on Sept. 9, 2024, alleging that DSS officers unlawfully invaded and occupied its Abuja office.

In the posts, SERAP claimed that officers of the State Security Service had stormed its office and were demanding to see its directors.

“Officers from Nigeria’s State Security Service are presently unlawfully occupying SERAP’s office in Abuja, asking to see our directors. President Tinubu must immediately direct the SSS to end the harassment, intimidation, and attack on the rights of Nigerians,” the organisation had posted.

However, in his judgment, Justice Halilu held that the allegations made by SERAP were false and defamatory, adding that the two DSS operatives were justified in instituting legal action to protect their reputations.

The court consequently awarded N100 million in damages against SERAP in favour of the claimants.

Justice Halilu also ordered SERAP to issue a public apology to the two DSS operatives.

According to the judgment, the apology must be published in two national newspapers and aired on two television stations.

In addition, the court awarded N1 million against SERAP as the cost of litigation.

The court further ruled that the judgment sum would attract 10 per cent interest annually until the full amount is paid.

The case stems from growing tensions between civil society organisations and security agencies over allegations of harassment, intimidation, and civic space restrictions in Nigeria.

Neither SERAP nor the DSS had publicly reacted to the judgment as of the time of filing this report.

Tunde Ayeni, a businessman and former chairman of the defunct Skye Bank Plc, has been remanded at the Kuje Correctional Centre in Abuja.

Tunde Ayeni

Ayeni was arraigned on Monday at the Federal Capital Territory (FCT) high court on a 17-count charge bordering on alleged money laundering to the tune of about N8 billion.

The charges were filed by the Economic and Financial Crimes Commission (EFCC).

The defendant pleaded not guilty to the charge.

After the plea was taken, Ekele Iheanacho, counsel to the EFCC, asked the court for a date for commencement of trial.

Iheanacho urged the court to remand the defendant in custody pending the date of trial.

Responding, Ahmed Raji, counsel to Ayeni, told the court that the defence filed for bail application today and served the prosecution.

Raji urged the court to grant a short adjournment for the hearing of bail application.

The counsel said the charge sheet was served on the defense on April 23, 2026, during the public holiday.

The counsel appealed to the court to release the defendant to him and Olalekan Ojo, a senior advocate of Nigeria (SAN), and that he will be available in the next adjourned date.

Jude Onwuegbuzie, the trial judge, adjourned the hearing on the bail application to May 13.

Ayeni was arrested in Abuja on April 24 by the EFCC for investigations into the alleged diversion and misappropriation of funds estimated at N36.5 billion and $30 million, said to have been obtained from Polaris Bank Plc through companies linked to him.

The loans – originally meant for financing marine security, electricity distribution contract, estate development, were allegedly channelled into the acquisition of telecom assets linked to NITEL/MTEL through a NATCOM account.

The commission is also investigating about 12 companies linked to Ayeni, which were allegedly used to obtain the loans from Polaris Bank.