Nigeria’s Buy Now, Pay Later (BNPL) market is projected to grow by over 83% in the next six years, reaching a market value of $2.61 billion by 2030, up from $1.42 billion in 2024.
This was disclosed in The State of Enterprise 2025 Report by EnterpriseNGR, which highlights the role of fintech companies in transforming the Nigerian business landscape through digital financial tools, automation, and inclusive credit services.
“BNPL grew at a 23.1% CAGR between 2021 and 2024 and is projected to reach $2.61 billion by 2030 from $1.42 billion in 2024,” the report stated.
The report credits the rapid growth of fintechs with enhancing Nigeria’s business adaptability and resilience
“Fintech companies have significantly enhanced Nigeria’s business ecosystem by providing tools and services that support business growth and adaptability.
“These include improved customer service, access to capital, digital financial tools, data-driven insights, global connectivity, and collaborative innovation.
“Key contributions include streamlining digital payments, automating billing and payroll, and offering consumer services such as Buy Now, Pay Later,” the report stated.
Fintech lending is playing a critical role in advancing financial inclusion in Nigeria, with over 400 licensed digital lenders now operating in the country by offering affordable credit to individuals and small and medium-sized enterprises (SMEs) who lack traditional financial histories or collateral.
The report also highlights significant growth in remittance inflows into Nigeria, following the Central Bank of Nigeria’s 2024 policy reforms.
“There are now over 400 licensed digital lenders in Nigeria. In addition, fintechs have strengthened remittance services; under the CBN’s 2024 guidelines, increased competition has boosted inflows by 63.7%, from $2.33 billion in 2023 to $3.82 billion in 2024,” the report stated.
This growth reflects the rising impact of fintech in deepening financial access, promoting inclusion, and enabling cross-border transactions through digital channels.
NIBSS instant payment transactions in Nigeria surged to N1.07 quadrillion in 2024, marking an 80% increase from N600.36 trillion recorded in 2023.
“In 2024, NIBSS instant payment transactions reached N1.07 quadrillion, an approximately 80% increase from N600.36 trillion in 2023.”
“December 2024 alone saw N115.1 trillion in transactions, up from N71.9 trillion in December 2023,” the report stated
The report noted that mobile-first platforms have played a major role in this shift, eliminating the need for physical bank visits.
“Mobile-first platforms allow users to manage finances without visiting bank branches, while digital lenders such as Renmoney and FairMoney offer quick, collateral-free loans to individuals and small businesses.”
“Mobile-first platforms allow users to manage finances without visiting bank branches, while digital lenders such as Renmoney and FairMoney offer quick, collateral-free loans to individuals and small businesses.”
“These innovations are breaking traditional financial barriers, supporting entrepreneurship, and boosting financial resilience,” the report stated
Point-of-Sale transactions and mobile money also recorded major growth, with POS terminals handling N18.32 trillion across 1.38 billion transactions in 2024 while Mobile money operators facilitated N79.55 trillion in transactions, a 70.6% increase from 2023, with transaction volumes growing 28%, from 3.04 billion to 3.9 billion, highlighting the rise in card based and mobile retail payments.