Nigeria’s digital payments market has grown tremendously over the past decade, highlighting its strong investment potential. In 2023, payment transactions reached ₦657.8 trillion ($730.9 billion), a 47.4 times increase from the ₦13.9 trillion ($89.16 billion) processed in 2013. Several factors have driven the surge in digital payments, including Nigeria's fast-growing, youthful, and rapidly urbanising population and the Central Bank of Nigeria's (CBN) push for financial inclusion and a cashless economy. Despite this impressive progress, significant risks and uncertainties remain in the market, particularly in regulation, currency volatility, infrastructure deficits, and fraud.
Our RIMC analysis—covering Regulatory, Infrastructural, Macroeconomic, and Cybersecurity factors—evaluates the likelihood of occurrence and the potential impact on business value. We rated each factor on a scale of 1 to 5 and determined the overall magnitude of risk by multiplying these two scores.
Given the critical importance of predictability and stability in investment decisions, this report provides in-depth insights
