Fintech firm plans major B2B growth in digital shift

Nigerian fintech Loma Bank said it is positioning itself to take advantage of Africa’s evolving fintech landscape by focusing on business-to-business growth, as the digital finance sector undergoes significant transformation.

The disclosure was made in a note to The PUNCH, where the bank highlighted emerging trends reshaping the sector.

Nigeria’s fintech sector is rapidly growing, with approximately 217 startups reported in 2023, up from 144 in 2021.

Fintech represents over 40 per cent of all startups in the country, with significant investment activity and diverse offerings like digital payments, lending, and blockchain.

According to the co-founder of Loma Bank, Ayomide Olupitan, the shift toward business-to-business solutions is being driven by the growing adoption of embedded finance, where financial services are integrated seamlessly into non-financial platforms.

Olupitan described the trend as a game-changer, noting that businesses in retail, e-commerce, and other sectors are increasingly incorporating financial services to enhance customer experiences.

He said, “It’s no longer just about standalone products offered by banks or fintech. Businesses now want to deliver financial solutions directly within their platforms, creating a frictionless experience for their customers. Loma Bank is actively positioning itself to meet this demand by offering tailored B2B solutions.”

The note also touched on the rising adoption of digital currencies and open banking as key drivers of growth for the fintech ecosystem.

Olupitan predicted that digital currencies would address longstanding issues in cross-border payments, while open banking would foster collaboration between traditional financial institutions and fintech startups, paving the way for innovative solutions.

“2025 will be a defining year for Africa’s fintech landscape,” Olupitan added. “We’re seeing regulators across the continent begin to embrace open banking frameworks, which will empower fintech to create products that cater for local needs while improving competition in the sector.”

Loma Bank’s strategic pivot toward B2B solutions underscores the evolution of Africa’s fintech scene, which has historically been dominated by consumer-focused offerings.

As more businesses adopt embedded finance and digital innovations, the bank aims to play a leading role in driving financial inclusion and economic growth across the continent.