🇳🇬Nigeria
Payment trends and fintech news from Nigeria
Sovra Secures Over $2 Million to Build Self-Custodial Digital Dollar Platform
Nigerian fintech startup Sovra has raised over $2 million to develop a self-custodial platform for digital US dollar transactions in Africa. The platform, led by CEO Tolu Adedayo, aims to give users direct control over their dollar assets and is scheduled to launch later in 2026.
African Fintechs Deploy Alternative Data to Extend Credit to Underserved
African fintech startups are using alternative data from mobile money and digital transactions to offer credit to an estimated 300 million people without formal credit histories. While the model shows promise in expanding financial access, its scaling faces challenges, including regulatory hurdles and low merchant adoption for services like BNPL in West Africa.
MTN Partners with Alipay to Launch Super App in Nigeria Amid Regulatory Shift
MTN Group is partnering with Ant International to launch a MoMo super app in Nigeria by Q3 2026, following the spinoff of its Nigerian fintech arm into a standalone company. The move aims to revitalise MTN's mobile money business in a competitive market now seen as more receptive due to evolving central bank regulations.
Nigeria's Central Bank Outlines Stablecoin Role in Payments Vision 2028
Nigeria's central bank has included stablecoins in its Payments System Vision 2028, marking a notable policy shift. The move contrasts with Ghana's recent ban on banks supporting crypto-linked accounts and South Africa's focus on a real-time payments platform over a digital currency.
Nigeria Emerges as Leader in Cross-Border Stablecoin Payments
Nigeria is leading Africa's adoption of cross-border stablecoin payments, with Flutterwave launching a new product to replace correspondent banking rails. The initiative is supported by a strategic investment from Ripple as part of Flutterwave's Series E funding round.
Ripple Makes Strategic Investment in Flutterwave's Series E Round
Ripple has invested in Flutterwave's Series E funding round to jointly accelerate stablecoin-based payment solutions across Africa. The partnership aims to leverage blockchain technology to create more efficient alternatives to traditional cross-border banking rails, tapping into growing demand in markets like Nigeria.
CBN Launches Payments System Vision 2028, Mandates Data Localisation
The Central Bank of Nigeria has launched its Payments System Vision 2028 and mandated that all payments data be hosted locally by 2027, ending offshore processing. The move is part of a broader regulatory push for data sovereignty and transparency, requiring banks and fintechs to disclose beneficial owners and adapt their operations.
Ripple invests in Flutterwave amid heightened African stablecoin competition
Ripple has invested in African fintech Flutterwave as the company prepares to launch a USD-pegged stablecoin in Nigeria. The funding round coincides with heightened activity in Africa's digital payments sector, where platforms like Ghana's PawaPay are processing billions of transactions annually.
Nigeria's Central Bank Mandates Fintech Restructuring and Data Localisation
The Central Bank of Nigeria has mandated that fintech companies separate their core payment operations from other business lines and comply with new data localisation and ownership disclosure rules. These regulations aim to increase oversight and control in Nigeria's fast-growing digital payments market, which processed N25 trillion through Monnify alone in Q1 2026.
Nigeria's CBN Grants National Licenses to OPay, Moniepoint, Kuda, and PalmPay
The Central Bank of Nigeria has issued national switching licenses to OPay, Moniepoint, Kuda Bank, and PalmPay. The move follows a regulatory directive for these fintechs to separate their payment and banking operations, aiming to bolster systemic stability.
CBN Orders Nigerian Fintechs to Separate Payment Operations
The Central Bank of Nigeria has mandated that fintech companies separate their payment operations from other business lines, with a six-month compliance deadline. This directive coincides with a separate data localisation policy requiring all financial data processing to be moved to Nigeria by 2027.
Ripple Invests in African Fintech Giant Flutterwave, Tying XRP to Payments
Ripple has made a strategic investment in Flutterwave to integrate its stablecoin, RLUSD, and the XRP Ledger into the African payments giant's network. The move aligns with growing stablecoin adoption in the region, exemplified by Nigeria's dominant share of inflows, and follows other African fintechs exploring similar digital currency initiatives.
Flutterwave Secures Strategic Investment from Ripple, Valuation Reaches $3.2 Billion
Nigerian payments giant Flutterwave has secured a strategic investment from blockchain payments firm Ripple, reaching a $3.2 billion valuation. The funding announcement coincides with a new directive from Nigeria's central bank ordering fintechs to separate their licensed payments businesses from other financial services.
Myka Raises Pre-Seed Capital to Digitise Nigeria's Insurance Distribution
Nigerian insurtech startup Myka has raised pre-seed funding from Ventures Platform and TLcom Capital to build a digital platform for insurance distribution. The company aims to modernise the country's fragmented agent network to improve sales efficiency and policy management.
Peerless Launches SeaBaas Lite Core Banking Platform for African Microfinance
Digital banking platform provider Peerless has launched SeaBaas Lite, a cloud-based core banking system designed for African microfinance banks. The platform aims to lower infrastructure costs and help smaller lenders digitize operations to expand financial inclusion.
Interswitch Partners with Temenos to Expand Digital Banking Services
Interswitch has partnered with Swiss software firm Temenos to integrate its Banking Cloud platform, expanding the Nigerian company's ability to offer digital banking solutions to financial institutions across Africa. The move signals Interswitch's strategic shift towards providing a more comprehensive suite of technology services beyond its core payments infrastructure.
CBN Directs Nigerian Banks and Fintechs to Disclose Beneficial Owners
The Central Bank of Nigeria has ordered all banks and fintechs to reveal their ultimate owners and store payments data locally by July 10, 2026. The directive aims to enhance transparency and control in the country's fast-growing digital finance sector.
Paga Partners with Crossmint and Sui to Advance Stablecoin Infrastructure
Nigerian fintech Paga has partnered with blockchain firms Crossmint and Sui to integrate USD Coin stablecoins into its platform, targeting cheaper and faster remittances and payments. The move aligns with broader African fintech trends towards more interconnected digital finance infrastructure.
MTN Unbundles Mobile Money Operations in Nigeria and Uganda
MTN Group is legally separating its mobile money businesses in Nigeria and Uganda to attract external investment, aiming to fuel expansion and develop its MoMo platform into a 'super app' in partnership with Ant Group's Alipay. The move is part of a wider strategy to unlock value from its high-growth fintech division, which processed over $250 billion in transactions last year.
Moniepoint CEO Advocates for Credit Integration on Nigeria's Payments Infrastructure
Moniepoint CEO Tosin Eniolorunda is advocating for the integration of credit services into Nigeria's established digital payment systems to drive economic growth and inclusion. His call comes as lending becomes a key competitive focus for Nigerian fintechs and follows Moniepoint's own growth into a billion-dollar company backed by significant early investment.
Kora Joins IATA Network to Streamline Airline Settlements in Africa
Nigerian fintech Kora has integrated with the International Air Transport Association's payment network to streamline how airlines collect and settle funds across Africa. The partnership aims to replace manual, country-specific processes with a unified digital platform, reducing costs and friction for carriers operating on the continent.
Crossmint and Paga Partner to Create Stablecoin Bridge for Africa-Global Payments
Crossmint and Paga have partnered to create a bi-directional payment bridge using USDC stablecoins to facilitate cheaper and faster cross-border transactions between Africa and global markets. The initiative, announced on June 12, 2026, is part of a broader industry trend where African fintech firms are integrating digital assets to improve financial infrastructure.
Yuno Partners with Onafriq to Connect Global Merchants to African Payments
Yuno has partnered with Onafriq to integrate hundreds of African payment methods into its global orchestration platform. The deal aims to simplify cross-border commerce for international merchants by providing a single gateway to local options like mobile money and bank transfers.
MTN Finalises Spinoff of Nigerian Fintech Arm to Compete with OPay and PalmPay
MTN Group has completed the spinoff of its Nigerian mobile money fintech business into a separate entity to better compete with rivals OPay and PalmPay. The move comes as lending becomes a central battleground in Nigeria's fintech sector, with companies like Moniepoint urging regulators to facilitate easier access to credit.