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The Role of Fintech in Accelerating Financial Inclusion in Nigeria

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By Adeniyi Ogunfowoke,

The Nigerian financial sector has significantly grown in leaps and bounds; thanks largely to technology. Currently, banks’ services have been automated. Customers are no longer required to visit their brick and mortar branches to perform any transaction.

With their smartphones, they can process local and international transactions. These are exciting times for the Nigerian banking sector as the long hours spent at the bank have been greatly reduced. This laudable effort means that fintech has a key role to play in boosting financial inclusion in Nigeria.

As a result of technology, a fintech platform like Jumia Pay and others are disrupting the way banking business is done. Now, it seems like the banks are playing catch-up.

Although Nigerian banks are exploring and exploiting fintechs to improve their services, they are not taking advantage of it as quickly as the private firms whose services are entirely online.

Services Offered by Fintechs

The edge that fintechs like Jumia Pay and others have over the banks are in the services they offer. Many Nigerians and businesses are trooping to fintechs because of the flexibility of their services. This does not necessarily mean that they have abandoned the banks.

There are some key services that make fintechs stand out or unique. They include (1) eCommerce payment: online retailers can now seamlessly pay for their orders, thanks to the payment gateway service offered by fintechs. To make payment easy for its millions of customers, Jumia, Nigeria’s no 1 shopping destination launched Jumia Pay. This has enabled every Jumia customer to pay for transactions across the Jumia ecosystem (2) Loans: When it comes to loans, the fintechs are far ahead of banks. Without collateral, you can apply for a loan and receive it within 24 and 48 hours. They also have a flexible payment plan. As an entrepreneur, you may need a loan to shore up your business, you can apply for Jumia loan and you can go and sleep because the repayment plan is the best in the Nigerian fintech world. (3) They also provide mobile money transfer and Unstructured Supplementary Service Data Services.

The services of these fintechs are not only restricted to persons in Nigeria’s urban areas, but they are also accessible to many in rural communes. This is because they are willing to go where the banks are not necessarily ready to. Of course, we know that there are millions of unbanked Nigerians in the countryside.

Now, you find small payment kiosk or stores in these rural areas where you can perform different transactions including sending and receiving payment. And if you do not want to visit the stores, they can simply download the Jumia One app to buy a prepaid card, pay for a subscription and perform many other financial transactions.

All these activities combined are in one way or the other helping to promote financial inclusion. Even though there is so much to do, these baby steps are significant to close this gap.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Business

Study Reveals 83% of Employees Stay Connected to Work During Time Off, Fuelling Digital Anxiety

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A new Kaspersky survey undertaken in the Middle East, Turkiye and Africa (META) region reveals that digital anxiety is becoming a defining feature of modern work culture, as employees don’t disconnect even during their free time and vacations.

According to the findings, 83% of respondents keep an eye on work tasks outside working hours. An overwhelming 85% reply to all work-related messages in instant messaging apps, while the same share (85%) check work emails during their time off – and 81% admit they are responding to work emails while on vacation or in their personal time.

The pressure to remain constantly available is contributing to heightened stress levels in the workplace. Other sources of stress include work issues, for example, 43% experience anxiety after accidentally sending a random message to a work chat.

Interestingly, not all digital mishaps are perceived equally: 40% report that they take it calmly when they send an unfinished email, proving that some mistakes are considered less damaging than others.

Blurred boundaries between professional and personal life, combined with instant communication tools, are intensifying feelings of constant monitoring and fear of making digital errors.

More than a third (36%) of respondents say they feel extremely uncomfortable or even scared if their boss notices them scrolling through social media at work instead of working. The “always-on” culture may undermine employee well-being, increase burnout risks, and reduce overall productivity in the long term.

“Digital anxiety doesn’t just affect employee well-being – it can also increase cybersecurity risks for organisations. When people feel constant pressure to respond immediately to messages and emails, they are more likely to act impulsively, without carefully verifying links, attachments, or sender identities.

This urgency can make employees more vulnerable to phishing, and other scams using social engineering techniques,” comments Brandon Muller, Technical Expert at Kaspersky.

Kaspersky recommends employees to follow the below tips to avoid digital anxiety and associated cyber risks:

  • Slow down before clicking or replying. Digital anxiety can trigger automatic reactions. A short pause to check sender details, URLs, or attachments can prevent security breaches.
  • Treat urgency as a red flag. Cybercriminals often exploit pressure and fear. Always verify unexpected or urgent requests before responding.
  • Avoid handling sensitive information on unsecured networks. Public Wi-Fi, often used when working outside regular hours, increases exposure to cyber threats. Mobile network and VPN should be applied in such cases.
  • Use technologies that will help reduce risks. For example, Kaspersky Premium offers AI-powered anti-phishing features designed to help warn of potential threats.

Businesses can reduce cybersecurity risks related to employees’ digital anxiety by providing regular cybersecurity training that helps staff recognise threats and respond correctly even under stress.

At the same time, organisations should use robust cybersecurity solutions to minimise the impact of human error. Kaspersky Next’s adaptable and robust cloud-native protection, underpinned by an unequalled cybersecurity track record, is one of such products.

Protection solutions for mail servers, such as Kaspersky Security for Mail Server, with anti-phishing capabilities, help to additionally decrease the chance of infection through a phishing email.


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E-Business

FG Approves Electric Buses for Civil Servants, Pushes Local Auto Growth

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Federal Government of Nigeria has approved the acquisition of electric buses for civil servants as part of efforts to promote cleaner transportation and boost local vehicle manufacturing.

FG Approves Electric Buses for Civil Servants, Pushes Local Auto Growth

The development was disclosed in Abuja by Joseph Osanipin, Director-General of the National Automotive Design and Development Council (NADDC). Osanipin said the buses would be sourced from local assemblers to strengthen domestic production and stimulate growth in Nigeria’s automotive sector.

He stated: “The initiative is aimed at encouraging the transition to cleaner mobility while creating opportunities for local manufacturers.” According to him, the government has also procured charging infrastructure that will be deployed across parts of the country to support the adoption of electric vehicles.

As part of broader efforts to develop the sector, the council is establishing the Nnewi Automotive Development Park in Anambra State. Osanipin explained: “We are developing the Nnewi Automotive Development Park where we will provide the necessary infrastructure so that users of the park can share facilities.”

He added that the shared infrastructure model would enable investors and manufacturers to operate without bearing the full cost of setting up independent facilities. The council is also seeking additional investment to accelerate the development of the park and attract more industry participants.

Osanipin urged Nigerians to support locally assembled vehicles, noting that increased patronage would help create jobs and drive economic growth. He said the council is providing training to manufacturers and stakeholders to enhance local production of vehicle components such as batteries and tyres.

“The move will reduce import dependence, create employment opportunities, and contribute to the country’s Gross Domestic Product,” he said. The NADDC is also working with the Bank of Industry Nigeria to facilitate the disbursement of the National Automotive Development Fund to qualified stakeholders.


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Jumia Reaffirms Commitment to Consumer Trust on World Consumer Rights Day

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As the global community commemorates World Consumer Rights Day, Jumia Nigeria joined industry leaders, regulators, and consumer advocates at the Lagos Marriott Hotel, Ikeja, for a high-level panel session hosted by the Lagos State Consumer Protection Agency (LASCOPA) on Tuesday, March 17, 2026.

Speaking during the session, Peters Afebuame, Group Head of Content and Production at Jumia, highlighted Jumia’s comprehensive approach to protecting consumers from counterfeit or adulterated products on its marketplace, noting that the company has implemented structured checks and technology-driven systems across the entire product lifecycle, from seller onboarding to post-listing monitoring, to safeguard product authenticity.

“Ensuring product authenticity on our platform requires a combination of technology, policy enforcement, and continuous seller engagement,” he stated.

“At Jumia Nigeria, we have implemented a multi-layered process that begins with rigorous seller onboarding and policy agreements, followed by catalogue configuration controls, AI-driven product attribute verification, and the use of global product identification standards. These systems are reinforced by ongoing quality moderation, brand protection mechanisms, and strict enforcement actions, including product and seller delisting, ensuring that customers can shop on our platform with confidence.”

Central to Jumia’s consumer protection framework is a rigorous seller verification process designed to ensure marketplace integrity. Vendors are required to provide proof of legal and regulatory compliance before gaining access to the platform. This vetting process is reinforced by a strict quality control system that monitors products listed on the platform, backed by a zero-tolerance policy toward counterfeit or substandard goods. Non-compliant sellers face penalties and permanent delisting from the marketplace.

Transparency also remains a core priority in helping customers make informed purchasing decisions. Product listings across the platform feature clear specifications, verified descriptions, and detailed images, enabling shoppers to understand exactly what they are purchasing before completing a transaction.

Recognising that digital literacy plays a critical role in online safety, Jumia continues to invest in consumer education initiatives through instructional “how-to” videos, platform guides, and social media campaigns that equip Nigerian shoppers with practical knowledge to navigate online shopping securely and confidently.

To further strengthen transaction security, Jumia leverages its proprietary payment solution, JumiaPay, which provides a secure and encrypted payment infrastructure designed to protect customer financial data. The company also adheres to internationally recognised data protection standards such as the General Data Protection Regulation (GDPR) and local regulatory frameworks established by the Nigeria Data Protection Commission (NDPC), ensuring responsible handling and protection of user information.

Beyond the point of purchase, Jumia reinforces consumer protection through a customer-centric return and refund policy designed to ensure seamless resolution when issues arise. A dedicated customer service team also provides support through multiple channels, including phone and social media, enabling swift response to consumer inquiries and complaints.

As e-commerce continues to expand across Nigeria, Jumia reaffirmed its commitment to building a marketplace that prioritises fairness, transparency, and consumer safety. Through continuous investment in technology, strong policy enforcement, and ongoing consumer engagement, the company aims to strengthen trust and confidence in Nigeria’s growing digital commerce ecosystem.


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