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Nigeria’s banks confront fintech dominance in a fiercely competitive digital payments marketTraditional banks ramp up technology to reclaim market share from fintech disruptors like OPay and PalmPayTighter regulations challenge fintechs while enhancing competition, benefiting consumers with improved financial services
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s financial sector is witnessing one of its fiercest competitive battles yet as traditional banks and fintech startups fight for dominance in the country’s booming digital payments market.
Tier-1 lenders, once criticised for slow apps, failed transfers, and unreliable digital infrastructure, are mounting a powerful comeback after years of losing customers to fast-growing fintech companies such as OPay, PalmPay, and Moniepoint.
The battle for digital money gets tougher as Nigerian banks tackle fintechs. Credit: NovatisSource: UGC
The latest numbers underline the scale of the battle. Nigeria’s leading banks processed a combined N286.19 trillion in mobile transactions, reflecting
