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.

For too long, the story of Nigeria has been told by foreigners or shaped by people who don’t truly understand our spirit; This Is Nigeria is a movement changing that. We are putting the power back into the hands of Nigerians to tell our stories from our perspectives.

Our mission is simple: to change how the world sees us by sharing the positive, impactful stories of our land and its people.

Today, we are officially launching “The 36: Nigeria Unscripted”. This series will travel through every single state in the country, starting with our pilot season in Lagos. We want to show the world the true drive, food, diversity, culture, and innovation that define Nigerians at home.

“The 36: Nigeria Unscripted” takes a deep dive into the history, people, landmarks, and investment potential that make each state unique. Instead of focusing on the usual headlines, we are highlighting the real people building businesses, creating new technologies, making scientific breakthroughs, and leading cultural shifts here and across the globe.

The Kick-Off

The journey begins in Lagos. Over the next two weeks, our crew will be on the streets filming the vibrant energy of the city. This is a “boots-on-the-ground” look at what Nigerian innovation actually looks like today.

Alongside the series, we are also launching a Global Desk. This is a dedicated space to find and share stories of Nigerians living abroad who are making us proud with that signature Nigerian excellence.

How We Are Different

Most Nigerian travel content usually falls into two categories: it’s either a refined ad that ignores reality, or it focuses only on struggle while ignoring achievements.

This Is Nigeria rejects both. Our campaign gives you a behind-the-scenes look at the real passion and effort that fuel our success.

For more information or to share your story, visit www.thisis-nigeria.com.

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.