Nigeria’s fast-growing digital payments industry risks falling short of its full potential unless critical investments are made in infrastructure, trust-building and responsible artificial intelligence deployment, according to industry leaders, regulators and fintech executives.
They made the call at the 2026 Digital Pay Expo in Lagos. While Nigeria has recorded significant gains in digital payment adoption over the past decade, the industry must now move beyond simple digitisation and focus on building a stronger and more resilient financial ecosystem, they affirmed.
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Rekiya Yusuf, director of the payment system supervision department at the Central Bank of Nigeria (CBN), said artificial intelligence is becoming a key driver of transformation within the payment ecosystem.
According to Yusuf, AI is already improving real-time fraud detection, enhancing customer experiences and helping financial institutions reach underserved communities that have traditionally remained outside the formal financial system.
“The goal
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