Securities and Exchange Commission (SEC) has announced plans to review its rules to encourage the listing of Small and Medium Enterprises (SMEs) on the nation’s stock exchanges as part of efforts to deepen the capital market and stimulate economic growth.

has reinforced its position as one of the major forces underpinning Nigeria’s payments ecosystem after processing more than ₦100 trillion worth of transactions in 2025, highlighting its expanding role in the country’s digital economy.

The payment technology platform, licensed by the Central Bank of Nigeria as a Switch, Payment System Service Provider, Payment Terminal Service Provider and Super-Agent, operates largely behind the scenes, enabling millions of daily transactions across the public and private sectors.

From salary payments and loan repayments to school fees, pensions, electricity bills and government revenues, Remita supports a broad range of financial activities undertaken by individuals, businesses and institutions across the country. Industry observers often describe its function as the “rails” on which Nigeria’s payment system runs — critical infrastructure that is most visible only when it fails.

According to the company, the volume of transactions processed in 2025 was driven not by one-off spikes but by consistent, everyday activity across transaction switching for financial institutions, corporate and public-sector payments, and consumer financial flows. Remita also facilitated access to more than 15,000 products and services across 180 countries, extending its reach beyond Nigeria’s borders.

Throughout the year, the platform played a central role in revenue collection and disbursements for federal, state and local governments, ensuring the smooth payment of salaries and the continuity of public services.

Analysts note that such reliability is increasingly seen as essential to maintaining public trust in digital governance systems.

On a typical day, Remita enables a wide spectrum of transactions nationwide: a civil servant in Gombe receiving her salary, a contractor in Kogi getting paid, a student in Enugu settling university fees, residents in Abuja paying for water services, property owners in Lagos paying land use charges, and motorists paying traffic fines anywhere in the country.

In 2025, Remita also took steps towards deeper continental relevance through integration with the Pan-African Payment and Settlement System (PAPSS), a move aimed at simplifying cross-border payments within Africa and reducing reliance on third-party currencies.

‘DeRemi Atanda, managing director of Remita, said the company’s focus is on building infrastructure capable of supporting a more interconnected African digital economy. “Our responsibility is to build systems that can support that future. We are not just building for Nigeria. We are building infrastructure that can support Africa’s digital economy,” he said.

Artificial intelligence also featured prominently in Remita’s strategy during the year, with the company releasing a fintech AI report that positioned Nigeria within global discussions on the use of AI in financial services.

The report signalled a shift towards payment systems that are more predictive and responsive, rather than merely automated.

Financial inclusion remained another key focus. Through partnerships with agent networks such as Moniepoint, NIPOST and Paga, Remita expanded access to financial services in underbanked communities, bringing digital payment options closer to individuals and small businesses outside traditional banking channels.

Looking ahead, Remita is preparing for the public launch of a next-generation mobile app in the first quarter of 2026, following a public beta in late 2025. The app is expected to offer features including multi-bank account management, esusu groups, recurring payments, international transactions in local currency and discounted airline tickets.

As Nigeria and Africa push towards deeper economic integration, industry analysts say platforms like Remita — reliable, scalable and largely invisible — are likely to play an even more critical role in shaping the continent’s financial future.

Flutterwave, Africa’s leading fintech giant, has acquired Nigerian open banking pioneer Mono in an all-stock transaction valued at $25 million to $40 million, sources familiar with the matter said. The deal merges two key players in Africa’s fintech infrastructure, bolstering Flutterwave’s offerings beyond payments into data verification and risk assessment.

Flutterwave

Flutterwave, which powers local and cross-border payments across over 30 African countries, gains Mono’s APIs—dubbed the “Plaid for Africa.” These enable businesses to securely access bank data, verify identities, initiate payments, and analyse financial behaviour with user consent. Mono will operate independently but integrate into Flutterwave’s platform, creating a unified stack for payments, onboarding, and data-driven insights.

Flutterwave CEO Olugbenga ‘GB’ Agboola described the move as essential infrastructure for fintech growth. “Payments, data, and trust cannot exist in silos. Open banking provides the foundation, and Mono has built critical infrastructure in this space,” Agboola said.

Launched in 2020, Mono has become vital for Nigeria’s digital lenders amid sparse credit bureau data. It allows users to share bank details for analysis of income, spending, and repayment ability. The platform claims over 8 million account linkages—about 12 per cent of Nigeria’s banked population—100 billion data points delivered, and millions in direct payments processed.

Clients include Visa-backed Moniepoint and GIC-supported PalmPay. Mono CEO Abdulhamid Hassan noted that nearly all major Nigerian digital lenders depend on its services. The startup raised $17.5 million from Tiger Global, General Catalyst, and Target Global; the deal lets investors recoup capital, with early backers seeing up to 20x returns despite a tough funding market.

The acquisition advances Flutterwave’s vertical integration as fintechs face demands for better economics and diverse products. It adds open banking features like income checks and recurring payments. Hassan highlighted Africa’s shift to credit-driven inclusion: “If the economy is going to be credit-driven, you need deep data intelligence… while ensuring regulators trust the safety of funds and data.”

Both firms, Y Combinator alumni with Tiger Global backing, built on prior partnerships. Mono outpaced rivals like Okra (now shuttered) and Stitch (payments-focused). Despite a $50 million valuation from its 2021 Series A and profitability trajectory, Hassan said acquisition avoided funding pressures in a harsh climate.

The deal echoes global trends, like Visa’s blocked Plaid bid, and signals African fintech consolidation as funding dries up and regulations evolve. Flutterwave’s licences and compliance across markets position Mono for faster scaling.

Agboola added: “This allows us to expand what’s possible for businesses across African markets while staying grounded in security, compliance, and local relevance.”