The Nigerian Army has dismissed an advertisement in circulation purporting recruitment into the Direct Short Service Commission (DSSC) and Short Service Commission (SSC).

The Acting Director, Army Public Relations, Lt.-Col. Appolonia Anele, in a statement on Saturday said the advertisement was fake and did not emanate from the army.

Anele said the army had not commenced recruitment or commissioning exercise for DSSC or SSC for the year.

She urged members of the public to disregard the fake advertisement.

Anele said the public would be duly informed through official channels whenever such recruitment exercises were scheduled to begin.

“The Nigerian Army warns all to be cautious and avoid falling prey to fraudsters who exploit such fake information to deceive and defraud unsuspecting individuals.

“Anyone with information about such fraudulent activities or individuals should promptly report to the appropriate authorities for necessary action,” Anele said.

(NAN)

The Abia State Government has denied reports that the Abia State Governor, Alex Otti, met with his Imo State counterpart over alleged plans to defect to the All Progressives Congress.

They further described the rumour as false, baseless and unfounded.

In a statement issued on Saturday, the Special Adviser to the Governor (Media and Publicity), Ferdinand Ekeoma, said, “The report that His Excellency, Governor Alex Otti, held a meeting with Governor Hope Uzodimma of Imo State over his alleged planned defection to the All Progressives Congress (APC), is false, baseless and unfounded. It’s completely devoid of substance and thus should be disregarded.”

Ekeoma explained that after the National Economic Council meeting on Thursday, April 24, Otti and a few of his colleagues joined Uzodimma to attend the birthday celebration of his twin daughters.

According to him, this event had nothing to do with politics.

“It’s natural for Governor Otti’s impressive performance, popularity and towering credentials as the Governor of Abia State to attract admiration and permutations from interested parties, however, Governor Otti’s political decisions, especially those that would have huge impact and far-reaching consequences on Abians, would at all times be taken in conjunction with majority of Abians and his allies. Such decisions must be justified and be seen to be in the overriding interest of Abia people,” he added.

He further explained that Otti is currently focused on governance and not 2027 politics.

He said, “Governor Otti strongly holds the view that though political activities seem to have once again started gathering momentum, it would be unfair to the Abia electorate if politics of 2027, instead of governance, is allowed to dominate discussions less than two years into the administration.

Governor Otti remains a member of the Labour Party and is presently not planning or discussing with anyone to defect to the APC or any other party for that matter, as falsely alleged.”

[Punch]

The PDP governors are queuing up to jump into the APC. They say their ship is sinking. They are singing and dancing and justifying their capitulation as nation-building. The PDP once thought it was the greatest party in Africa. These are trying times on all fronts. The conspiracy of the ruling class could be the final straw. 

Indeed the PDP had been infected by a debilitating human virus. I need not name the motormouthed  Nebuchadnezzar. The man who planted the moles who have been used to debilitate that party. But some of the governors weren’t motivated by imminent political homelessness, they were threatened to submission. Some others only had to see the juicy carrot of a no-contest reelection to reconsider their relationship with the dying PDP. Bakare said the destruction of the opposition was the deliberate handiwork of political bandits led by the president. Tinubu, many now say, is driving Nigeria down a one-party slope. Tinubu’s priority is political conquest.   For the discerning, the future is concerning. 

A one-party state is a literal civilian dictatorship. Nigeria’s eastern neighbour, Cameroon, has a certain geriatric called Paul Biya as president. He has been the leader of that poor country since time immemorial. After eliminating his opponents, he devised a strain of multiparty democracy with the ruling party as an indomitable lion and he, the owner of the lion.  He stages regular elections to justify his perpetual presidency.  Many of his critics are in jail. Most of the time, he is in a hotel in Geneva. Sometimes, for three-month stretches, he lives in Switzerland, ostensibly on work visits. That is where he says he finds the peace to work. Paul Biya lives in opulence, indolence and paranoia. And Cameroon, now cracking, has endured severe growth retardation. 

Nigeria needs to look at Tinubu and look critically across the border to the east and recoil.  These cavorting politicians waving flags of surrender with pomp and pageantry could be the first victims. The former presidents, governors, and ministers might think that the grass will bear the brunt. But Cameroon is a vivid cautionary tale. Paul Biya chased Ahidjo into exile. Then he eliminated most of the big men. That’s what authoritarianism breeds. Summoning the populace into Tinubu the Tinubu bandwagon might seem a smart move today. But inevitability, paranoia, and gossip will collaborate to pick out and liquidate the early victims from the uppermost echelon. History might be kinder to Paul Biya. He ascended the throne when autocracy was rife in Africa. What shall we say of Tinubu, the prodemocracy activist who came when democracy was the norm 

Bakare has described a total emasculation of the parliament by the deft imposition of enterprising and often comical lackeys. They raise songs of adulation to worship the president when he comes to the parliament. The parliament was once described as a rubber stamp. But It is now more servile and less passive. It has the same quality of obsequious servility, but it no longer waits to be used, to be called upon to render abject service. It marches around searching for new ways, including bending the rules and sabotaging the Constitution to prove its subservience to the president. 

Bakare didn’t dwell on the courts. Perhaps with the parliament in the president’s back pocket, the president is technically above the law. After all, he can very easily disregard the courts. The only body that can sanction him has sworn to serve him. The courts are a little fortunate. This president pretends to be a Democrat. So he perhaps spares the courts public humiliation. Rather than allow himself to disobey the law of the judges, he can make sure the judges understand his philosophy. So they work harmoniously. He has a certain man nicknamed POS Africa and a few others who have certified expertise for that liaison. This president may never have to disobey a court. The courts can be retrofitted and synchronized to fly at the same altitude as the executive. By the time the  judges realize the damage, by the time a one-party state arrives, the judges would have gone from  being judicial merchants to no more than errand boys at the temple of the chosen one 

Like Bakare reminded the lawmakers and governors, no man is good enough or wise enough to be entrusted with absolute power. One-party rule has brought prosperity to a few countries. But it hasn’t worked anywhere in Africa. It might require a sense of shared nationhood, which doesn’t exist in most countries created by white imperialists. The impetus to work hard to be validated by the electorate won’t exist. The electorate will become detached and accustomed to the grossness. In a fragile multi-ethnic Nigeria, sick with tribalism, a one-party state will ultimately lead to marginalization, disenchantment and disintegration. Tinubu should know that. But will  Babasopecracy, which is his preferred democratic model, allow him some room for sober reflection?  Tinubu is preoccupied with political conquests. Bakare says Tinubu has ordained opportunism as the political philosophy of the conniving ruling class. 

Bakare says Tinubu is playing God. Tinubu’s brazen nepotism, cronyism and tribalism could all be elements of the God complex. Being answerable to no one. We could actually have misunderstood omniscience and omnipotence and questioned his disregard for equity and fairness. The sinister plot to wreck the opposition, demolish dissent, and corral the masses into a single party in some form of political monotheism could all be mortal designs of a motor park chairman. But Tinubu ‘s tendency to order reforms he won’t be bound by, travel to France to work from there for weeks and suspend a governor on a whim all fit into the God psychology. 

Pastor Bakare was courageous. Other pastors have gone mute. They are praying and fasting for good governance. They do not want to use their anointed heads to collect a wasp. Many erstwhile crusaders of social justice, democracy and good governance have lost their voices. Pastor Bakare was incisive. He didn’t powder the boil. And he didn’t just lacerate Tinubu and his friends; he pointed them to the path of redemption. Bakare asked Tinubu to think like the biblical Joseph, who planned an economy for good and bad days for the benefit of the people, transforming Egypt into a booming and resilient nation. 

Bakare wants  Tinubu to have a compelling vision which he can sell to all Nigerians to restore hope. He wants Tinubu to lead by personal examples. He wants Tinubu to discard hubris, embrace humility, and pursue reconciliation and national unity. He wants Tinubu to overhaul his team and find Joseph-type leaders to replace the hyenas in his cabinet. Bakare, like a good pastor, left many prescriptions. But he was emphatic that without a change of attitude to promote social justice, moral politics and good governance, Tinubu may become a god but his kingdom shall not endure.

 The world turns its eyes to Rome today as leaders from across the globe and millions of mourners prepare to bid farewell to Pope Francis, whose death on Monday at the age of 88 has left a profound void in the Catholic Church and beyond.

The funeral, which will commence at about 10 a.m. local time in St. Peter’s Square, is expected to draw an extraordinary mix of political power, religious devotion, and global attention. 

Though Pope Francis requested a simple burial — with a plain wooden coffin and an unmarked tomb at Santa Maria Maggiore, his favorite church — the scale of the gathering reflects his vast influence.

—A Quiet Burial, A Loud Legacy

Pope Francis, born Jorge Mario Bergoglio in Argentina, spent his papacy championing the poor, advocating for migrants, and calling for action on climate change.

His humility defined his leadership — and now, it defines his farewell. Rejecting the grandeur traditionally afforded to popes, he will be buried away from the usual tombs beneath St. Peter’s Basilica.

Despite the low-key nature of the rites, more than 170 foreign dignitaries are attending, including dozens of heads of state, royal family members, and religious figures. 

Security is tight, and Vatican officials are coordinating what is likely to be one of the most diplomatically complex funerals in recent history.

A Global Crossroads

Among those in attendance is former U.S. President Donald Trump, who had a famously rocky relationship with the pope. Still, Trump calls him “a very good man” and orders flags flown at half-staff. Ukrainian President Volodymyr Zelenskyy is also present, following recent tensions with the Vatican over the pope’s call for negotiations in the ongoing war with Russia.

The two leaders, who clashed in a tense White House meeting in February, are set to share the same venue for the first time since. Though they are seated apart, Zelenskyy has requested a private meeting with Trump, a request that remains unconfirmed.

The United Kingdom is represented by Prime Minister Keir Starmer and Prince William. King Charles, in a statement, calls Pope Francis a “man of profound compassion.” 

Other major leaders in attendance include France’s President Emmanuel Macron, Brazil’s President Lula da Silva, Italy’s Prime Minister Giorgia Meloni, and India’s President Droupadi Murmu.

Absent, but Not Forgotten

Notably missing from the ceremony are Russian President Vladimir Putin and Israeli Prime Minister Benjamin Netanyahu, both currently under international arrest warrants related to war crimes. Their absence, though expected, underscores the political subtext woven into the solemn occasion.

A Pope for the People

Pope Francis’s reach extended well beyond the Church. In Brazil, the Philippines, and throughout Latin America, millions are watching the funeral live, many holding vigils or attending local masses in his honor. 

From the slums of Buenos Aires to the corridors of the United Nations, his message of mercy and social justice struck a chord with believers and non-believers alike.

Today, as the world gathers in grief, it also honors a man who changed what it meant to be pope in the 21st century — and who leaves behind a legacy that will continue to shape faith, politics, and global conscience for years to come.

[Vanguard]

A few days ago, I had a conversation with one of the senior leaders of the Peoples Democratic Party (PDP) who was in London for a medical check-up. During our meeting, I sought his views on the latest developments in the party and who will likely emerge as the presidential candidate in the 2027 general elections. His response: “As you are aware, the PDP governors already said they won’t be part of any coalition but will rebuild the party into a formidable opposition. Well, if they are able to keep the party together and Atiku didn’t join the SDP, he is our best bet for now.”

The next question is, does Atiku stand a chance against a master political strategist and sitting president like President Bola Tinubu, who will likely seek reelection for another term? My host replied, “Yes, I think he stands a chance when you consider (President Bola) Tinubu’s abysmal performance and the opposition from the North, especially on issues relating to anti-North policies and (alleged) marginalisation. Don’t forget, Tinubu got the support of the majority of the northern governors to win the APC presidential ticket in 2022. They also worked massively for him in the 2023 presidential election.”

He continued, “However, even Tinubu knows that many of the northern governors and lawmakers are unhappy with him over the tax reform bill and other policies and will work against him, even though they may be shouting ‘Sai Tinubu’ in public now. I believe Atiku is in talks with Peter Obi, and he wants a repeat of the joint ticket they had in 2019. Obi has a huge followership among the youths, who constitute a greater percentage of the voting populace. If Obi can bring that to the table and Atiku also delivers the North and some southern states, then the deal is done. Tinubu will also want to consolidate his base in the South. So, it is likely going to be a north vs south contest.”

After our meeting, so many thoughts kept ringing in my head, especially the ‘north vs south’ contest which he mentioned. How does that bode for Nigeria’s unity? We are yet to recover from the deep-seated animosity and ethnic rivalries that permeated the entire landscape during the last general elections, and now some people are ready to deepen it further with a north vs south political battle. Just recently, these leaders in their Easter and Sallah messages enjoined Nigerians to shun division and embrace unity and co-existence. They also called for a renewed sense of national cohesion and empathy while also urging the citizens to rise above divisions and work collectively towards peace and progress in the country. Yet, because of insatiable lust for power, these same people are prepared to throw that unity to the wastebin and are scheming towards an election that will further polarise an already divided country.

Let me begin with Atiku, Nigeria’s vice president from 1999 to 2007 during the Olusegun Obasanjo presidency. Atiku has been contesting presidential elections since 1993, and he is likely to do so again in 2027. Unlike before, when he jetted off to Dubai after elections and resurfaced after four years, Atiku has played the role of an opposition figure very well since the conclusion of the 2023 elections, constantly checkmating every decision taken by the Tinubu administration. However, from a candid point of view, Atiku’s desire to become Nigeria’s president is driven more by desperation than patriotism. He mouths the need for unity in the country on festive occasions, but in his heart, he is ready to jettison that unity for his selfish ambition.

The last presidential election reinforced my belief that Atiku is not a nationalist as he claims. There is an unwritten agreement that power should rotate between the north and south in the spirit of fairness, equity and justice. After a northerner, Muhammadu Buhari, was about to complete two terms of eight years, Atiku, who is from the northern state of Adamawa, threw his hat in the ring. If Atiku had won the election and served two terms, it would mean the north would have been in power for 16 consecutive years. How will that engender unity in a heavily polarised country? Will Atiku, in his heart of hearts, allow another southerner to become president after another southerner has completed eight years? Despite winning the presidential ticket of the PDP, Atiku’s party was heavily polarised, and he lost the main election. Just like he did with the Biblical Pharaoh, God ‘hardened’ the heart of Atiku, and he refused all the entreaties of party stakeholders, especially the G-5 governors led by Nyesom Wike. The rest, as they say, is history.

Atiku, who will be 80 years old in 2027, lost two golden opportunities to become Nigeria’s president. The first was in 2003 when the majority of the governors of the then ruling party, PDP, agreed to back him in the party’s presidential primary against his principal, Olusegun Obasanjo. The old, wily Obasanjo knew he had to stoop in order to conquer, and he did just that – he knelt down before Atiku and begged him to allow him to run for a second term.

Giving a vivid picture of what transpired then, Nobel laureate Prof. Wole Soyinka, as published by TheCable in the August 3, 2018 edition, said: “Before the PDP primaries in January 2003, Obasanjo got everyone he knew could reach me on the surface of the earth, including Yemi Ogunbiyi and my son, to get me to help him intercede when it was clear that (Abubakar) Atiku was in a position to take his job. He knew Atiku had a lot of regard for me and called me ‘Uncle’.

“The pressure was intense. Of course, I could not have knelt before Atiku, not to embark on a course of action that would lead to his boss’ disgrace. But I can confirm to you that Obasanjo, as president, knelt down before Atiku so that he would not lose his job. But I warned Atiku that for making Obasanjo kneel down for you, be sure you would have to pay heavily for that. I guess my warning came to pass if you remember Atiku’s dramatic change of fortune once Obasanjo was sworn in for a second term of office.”

The second golden opportunity missed by Atiku was in the last presidential election when Atiku refused entreaties by major stakeholders in the PDP to respect the zoning formula in the party, which states that the presidential candidate and national chairman cannot come from the same region. Atiku is from the North-East (Adamawa), while the then national chairman of the party, Iyorchia Ayu, is from the north-central (Benue). The director-general of the presidential campaign, Aminu Tambuwal, is also from the north-west (Sokoto). In the interest of unity, the stakeholders want Ayu to resign so that another chairman from the southern part of the country can step in, but Atiku disagreed.

Also, the PDP stakeholders pleaded with Atiku to field Wike as his running mate. After a series of meetings both locally and abroad, Atiku breached the agreement and settled for Ifeanyi Okowa, the immediate past governor of Delta State. Now, Okowa has dumped Atiku and the PDP and has gone to pitch his tent with President Tinubu’s APC.

Speaking on Channels Television recently, Governor Seyi Makinde said the PDP also made a grave mistake by handing the presidential ticket, national chairman slot, and office of the director general of the presidential campaign to members from the northern region only. He said the exclusion of southerners from the three major slots dealt a self-inflicted blow to the PDP, which culminated in the loss suffered by the party in the poll.

How can you breach the rotation agreement between the north and south as well as the zoning formula within your party, and then convince Nigerians that you have the capability to unite the country? That is food for thought for Alhaji Atiku.

As for President Tinubu, he granted an interview in the ThisDay publication of April 13th, 1997, where he declared that ‘I don’t believe in One Nigeria’. The interview resurfaced online during the build-up to the 2023 presidential election, but his loyalists claimed that he was quoted out of context, especially when you consider the fact that as governor of Lagos State, he ran a pan-Nigerian cabinet which included many non-Yoruba-speaking people.

However, since becoming president, questions have been raised about his appointments, which some Nigerians believe are heavily skewed in favour of the south-west. To counter this, his media aides released the list of ‘all’ the appointments made by the president, but also quickly withdrew it after many loopholes were discovered. Sunday Dare promised to provide an updated list very soon, but he has yet to do so three weeks later.

Having lost Lagos, Osun, Enugu, Akwa-Ibom, Edo, Abia, Plateau, Bayelsa, Cross River, Delta, Ebonyi, Anambra and Imo in the 2023 presidential election, President Tinubu cannot afford to take chances again if he desires to seek re-election in 2027. It is glaring that many of the northern stakeholders who worked for him in the 2023 presidential election will not do so again. This singular reason explains the recent actions taken by the president in Lagos during the Obasa impeachment imbroglio. Tinubu weighed the political value of Obasa on one hand and Governor Babajide Sanwo-Olu and the 36 lawmakers on the other. His verdict? Obasa, one of his die-hard loyalists, has more political value than Sanwo-Olu and the lawmakers. He therefore did everything possible to restore Obasa to his position.

The president also did the same in Rivers during the battle between the former governor of the state, Nyesom Wike, who is now the minister of the FCT, and the current governor, Siminalayi Fubara. Many analysts believe that Tinubu sided with Wike, especially given the fact that only Fubara was suspended for six months while Wike remained in office. Last week, it was reported that Fubara met with the president in London, and they allegedly had an agreement that Fubara’s sins would be forgiven if he joins the APC. Now, Delta state is already in the kitty with the defection of Governor Sheriff Oborevwori and his predecessor, Okowa. We are also told to expect more defections into the APC in the days ahead.

If things continue this way, then, as rightly predicted, the 2027 presidential election will be a serious battle between the north and south, a complete departure from the June 12, 1993 presidential election, which to date remains the freest, fairest and most credible election in Nigeria’s history. Is that the future our leaders desire for our beloved country and generations unborn?

Akinsuyi, former group politics editor of Daily Independent, currently studies sustainability communications strategies at the London School of Economics and Political Science.

The Joint Admissions and Matriculation Board (JAMB) has delisted four computer-based test centres for failing to meet the required technical standards during the ongoing Unified Tertiary Matriculation Examination (UTME).

The affected centres are Adventure Associate, located off Hadejia Road in Kano, Kano; Saadatu Rimi College of Education on Zaria Road, Naibawa, Kano; and Penta M & F Technical Services Ltd’s Centres 1 and 2, both situated at 96km on the Sokoto-Jega Road, Tambuwal.

Fabian Benjamin, the board’s spokesperson, said JAMB commended the 883 centres that have shown exceptional performance.

It, however, warned that any centre that falls below the ethical or technical standards will be blacklisted.

JAMB stated that candidates previously scheduled to take their exams at the delisted centres are to reprint their slips for new centres and dates.

The board revealed that as of Friday, April 25, 2025, over 900,000 out of 2,083,600 candidates have completed their UTME.

JAMB also revealed that 27 impersonators were apprehended during the exams and have been handed over to the police for immediate prosecution.

Among other issues, the board condemned the unauthorised restrictions imposed on candidates wearing hijabs at Caleb University.

In response to the incident, the board claimed it was “the result of an overzealous security officer”.

It added that the university’s vice-chancellor condemned the act.

JAMB apologised to the affected candidates and commended the leadership of the centre and university for their intervention.

The 2025 UTME commenced on April 24.

[TheCable]

Nigeria’s banking and financial services sector is undergoing a rapid digital transformation, setting the stage for a markedly different landscape by 2030. Driven by a young, tech-savvy population and a vibrant fintech ecosystem, the country is going to be leveraging artificial intelligence (AI) and other emerging technologies to reshape how financial services are delivered. Nigeria is one of Africa’s largest economy with a population projected to exceed 260 million by 2030 , giving it a huge addressable market for digital finance. In recent years, mobile connectivity and fintech innovation have already begun to loosen the grip of traditional banking models, accelerating financial inclusion and introducing new services. This report provides a data-driven predictive analysis of Nigeria’s banking sector trajectory toward 2030, focusing on the integration and impact of AI and key technologies. It examines major technological trends (mobile banking, blockchain, digital lending, AI in customer service and fraud detection, etc.), contrasts implications for consumer vs. corporate banking, evaluates economic and regulatory enablers, and compares Nigeria’s progress with other African and global markets. The goal is to present a comprehensive outlook – supported by current data, expert forecasts, and emerging trends – on how Nigeria’s financial services will evolve over the rest of the decade.

Key Technological Trends Shaping the Future (2025–2030)

Technology is the primary catalyst for change in Nigeria’s banking sector. Several key tech trends are expected to drive innovation and competition through 2030, fundamentally altering service delivery in both retail and corporate banking:

 • Mobile Banking & Digital Payments: Mobile banking has become ubiquitous in Nigeria’s retail finance. Approximately 39% of Nigerian adults now use mobile banking services, according to EFInA, reflecting a 40% usage growth over the past five years . Smartphone penetration and widespread USSD/mobile apps have enabled customers to transfer funds, pay bills, and access accounts without visiting branches. The Nigeria Inter-Bank Settlement System (NIBSS) reported a 128% year-on-year surge in mobile transaction volume in early 2022 , and the total number of mobile banking transactions skyrocketed from about 315 million in 2019 to over 10.7 billion in 2023 . This explosive growth illustrates Nigeria’s leap towards a cash-lite society. By 2030, mobile platforms are expected to handle an overwhelming majority of payment transactions, supported by near-universal mobile phone access and the expansion of agent banking networks into rural areas. Digital wallets and fintech payment apps (e.g. Paga, OPay) as well as banks’ own mobile apps will likely be the dominant channels for everyday banking. The Central Bank of Nigeria (CBN) has actively pushed a cashless policy to reduce cash usage and improve efficiency, which has accelerated the shift to e-payments . We anticipate that by 2030, Nigeria will approach universal financial access largely through mobile accounts, with cash usage greatly diminished in urban centers. Mobile banking will continue evolving with features like near-instant transfers, QR code payments, and integration into “super apps” that combine banking with e-commerce and other services.

 • Digital Lending and Alternative Credit: Digital lending has emerged as a critical fintech segment in Nigeria, providing quick, collateral-free loans via mobile apps to consumers and small businesses. Fintech lenders leverage alternative data (mobile phone records, social data, transaction history) and AI-driven credit scoring to underwrite loans within minutes – a sharp contrast to the slow, paperwork-intensive processes of traditional banks. This innovation addresses a huge credit gap; banks historically have low lending penetration in retail and SME markets. Industry analysts predict that by 2030, fintechs could dominate Nigeria’s personal and SME lending market unless banks aggressively digitize their lending models . Already, digital lenders like Carbon and Renmoney partner with banks or operate independently to reach underserved borrowers. We expect more Bank-Fintech collaborations in this space – for example, banks integrating fintech credit platforms or acquiring successful lenders – to expand credit access. The regulatory environment is also adapting: the government has begun issuing guidelines for digital lending to curb predatory practices and improve transparency. By 2030, digital lending is poised to be mainstream, with most consumers able to obtain micro-loans or “Buy Now, Pay Later (BNPL)” financing instantly from their phones. Indeed, Nigeria’s BNPL market is forecast to grow steadily at double-digit CAGR through 2030 . In the corporate segment, digitization of credit processes and supply-chain financing will similarly speed up loan approvals for businesses. Overall, faster credit decisioning via AI and data analytics will help close Nigeria’s credit gap and support economic growth, with traditional banks either adapting to these models or ceding ground to fintech upstarts.

 • Blockchain and Cryptocurrency: Despite regulatory pushback, Nigeria is one of the world’s leaders in cryptocurrency adoption. As of 2023, Nigeria ranked second globally on the Chainalysis Crypto Adoption Index and led Africa in raw crypto transaction volume . This popularity is driven by citizens using crypto as an inflation hedge, for remittances, and as an alternative store of value amid currency devaluation and capital controls. Bitcoin and stablecoins have become especially common for saving and peer-to-peer transfers in Nigeria’s informal economy. Regulators have taken a cautious stance – the CBN barred banks from facilitating crypto trades in 2021, even as it launched the eNaira (Nigeria’s own central bank digital currency) in October 2021. Uptake of the eNaira has been slow (less than 1% of Nigerians used it in the first year) , but it signifies the central bank’s recognition of blockchain’s potential. By 2030, we expect a more mature and balanced integration of blockchain technology. Fintech firms are already using blockchain for cross-border payments and remittances, bypassing slow correspondent banking networks . If a clear regulatory framework emerges, banks too could leverage distributed ledger technology for trade finance, secure document management, and inter-bank settlements. We anticipate that cryptocurrency will remain popular among Nigerians – possibly even more so if macroeconomic instability persists – and by 2030 the government may regulate and tax crypto activities rather than prohibit them, following global trends. Nigeria’s experience could mirror that of other markets where initial resistance gave way to regulated coexistence of crypto exchanges and traditional finance. Additionally, blockchain-based solutions (smart contracts, decentralized finance platforms) might see niche adoption in Nigeria’s corporate banking for things like supply chain financing and transparent record-keeping, provided legal frameworks evolve. Overall, blockchain innovations are set to contribute to a more inclusive and efficient financial system, even as authorities work to mitigate risks like fraud and money laundering.

 • Artificial Intelligence in Banking (Customer Service & Fraud Detection): AI is increasingly embedded in Nigerian banking operations, and this will deepen significantly by 2030. A global survey found 77% of banking professionals believe AI will spell the difference between success and failure for financial institutions . In Nigeria, banks are already adopting AI-powered solutions to improve customer experience, automate processes, and enhance security. For instance, major banks have introduced AI virtual assistants or chatbots on popular channels (like WhatsApp and web platforms) to handle customer inquiries 24/7. Notably, UBA’s chatbot “Leo” (launched 2019) and Zenith Bank’s “ZiVA” (launched 2023) allow customers to check balances, transfer funds, and get support via conversational AI . These virtual assistants have revolutionized customer service, enabling instant, personalized responses at scale. By 2030, AI-driven chatbots and voice assistants are expected to handle a majority of routine customer interactions in retail banking, drastically reducing wait times and operational costs. Banks will likely use natural language processing (NPL) and possibly integrate generative AI to offer even more human-like assistance and financial advice (for example, AI-based personal finance coaches).

Beyond customer service, AI and machine learning (ML) are becoming indispensable for fraud detection and risk management. Nigerian banks face frequent fraud attempts – from card fraud to cyber-attacks – especially as digital transactions increase. AI systems can analyze transaction patterns in real time to flag anomalies. In fact, fraud detection is one of the top use cases for AI in banking globally: 58% of banks report extensive use of AI for fraud detection, according to an Economist Intelligence Unit survey . Nigerian financial institutions are following suit by deploying machine learning models to monitor for suspicious activities and identity theft, helping to curb fraud losses. By 2030, we project that virtually all major Nigerian banks and payment providers will employ advanced AI algorithms to safeguard transactions, with capabilities to instantly block or alert on fraudulent behavior – a necessity for trust in a fully digital banking ecosystem. Additionally, AI will support credit risk analysis (e.g. automated loan credit scoring), compliance (anti-money-laundering pattern recognition), and hyper-personalization of services. As data analytics capabilities grow, banks can offer personalized product recommendations and financial planning tips to customers based on AI analysis of their behavior. Globally, it’s projected that by 2030 AI integration could save financial institutions over $1 trillion in costs, and banks may reduce 22% of their operating expenses through AI efficiencies . Nigerian banks are poised to capture these benefits – by the end of the decade AI will be deeply woven into the fabric of banking operations, from front-office to back-office, driving massive gains in productivity and cost-effectiveness.

 • Open Banking and Fintech Ecosystem: An important catalyst for technological disruption in Nigeria is the move toward open banking and greater bank–fintech collaboration. In March 2023, Nigeria became the first country in Africa to issue open banking operational guidelines, outlining standards for secure data sharing via APIs . This regulatory framework compels traditional banks to securely open up customer data (with consent) to third-party fintech firms, fostering the development of customer-centric products and services . By 2030, open banking is expected to greatly broaden consumer choice and enable a rich fintech ecosystem: for example, budgeting apps aggregating accounts, alternative credit scoring services pulling bank data, or payment initiation services rivaling traditional bank transfers. The early adoption of open banking in Nigeria is a strategic advantage, likely to spur competition and innovation in a way similar to the UK and EU where such policies have been in place. We foresee the lines between banks and fintechs blurring as a result. Already, the mindset is shifting from competition to collaboration – banks contribute regulatory know-how and customer trust, while fintechs contribute agility and digital innovation . By 2030, it will be common to see strategic partnerships (or even mergers) where banks provide the balance sheet and licenses and fintech startups provide the technology platforms. Indeed, this trend has begun; for example, traditional institutions partnering with payment fintechs (like Access Bank’s partnership with Paystack) to extend services . Meanwhile, Nigeria’s fintech sector itself is booming: as of early 2025 the country hosted over 430 fintech startups (a >70% surge in a few years), and the sector attracted more than $2 billion in investment in 2024 alone . This robust ecosystem – covering payments, lending, wealth tech, insurtech, and more – will continue to expand into new niches. We expect by 2030 the emergence of “super apps” and ecosystem plays that integrate multiple services (payments, banking, e-commerce, ride-hailing, etc.) into one customer app experience . Fintech super-apps like OPay and PalmPay are already growing rapidly, and by 2030 they could rival banks in customer reach, especially among younger demographics. Furthermore, more traditional banks may launch digital-only sub-brands or mimic fintech user experience to stay relevant. All these developments mean that by 2030 Nigeria will have a highly interoperable and innovative financial services environment, where consumers can seamlessly use a mix of bank and non-bank services tailored to their needs.

Traditional banks in Nigeria may be required by the CBN or out of strategic necessity to increase their AI capabilities by increased AI capacity-building on their boards and executive management, by creating the C-Suite position of Chief AI officers and AI proficient board members. 

Consumer vs. Corporate Banking Segments – Impact and Opportunities

The technological trends above will impact consumer (retail) banking and corporate/wholesale banking in different ways. We analyze each segment’s outlook toward 2030:

Consumer Banking Revolution

For the retail consumer, banking by 2030 in Nigeria will be predominantly digital, convenient, and inclusive. Mobile banking and fintech services are expected to bring millions of previously unbanked Nigerians into the formal financial system. Notably, Nigeria still had a sizable financially excluded population (estimated 30+ million adults in the mid-2020s), but this is changing quickly . The CBN’s aggressive financial inclusion drive – targeting 95% inclusion of adults – combined with mobile wallet proliferation means rural and low-income consumers will have far greater access to accounts and credit by 2030 . Fintech mobile money operators (including telecom-led Payment Service Banks like MTN’s MoMo and Airtel’s SmartCash) are extending services to underserved areas through agent networks and simple phone interfaces. We anticipate that by 2030, virtually all Nigerians who own a phone can perform basic banking activities (payments, savings, credit) digitally, narrowing the urban-rural gap. The user experience for consumers will also dramatically improve. Banks and fintechs are investing heavily in user-centric design – one of the battlegrounds is customer experience as noted by industry observers . By 2030, expect personalized banking apps that use AI to provide financial insights, budgeting tips, and product recommendations tailored to each individual’s behavior. Customer service will be on-demand via AI chatbots and video banking, making banking a 24/7 accessible service. Consumers will also benefit from more competition and choices: switching accounts or using multiple providers for various needs will be easier under open banking. For example, a customer might use a traditional bank for a salary account, a fintech app for lending, and a cryptocurrency wallet for savings – all integrated on their smartphone. Trust and security will be crucial to sustain this consumer revolution; banks are likely to emphasize robust cybersecurity and fraud guarantees as a selling point. Overall, the retail banking segment is moving towards a “digital-first” model – fewer branch visits (branches may transform into advisory or experience centers), more self-service via digital channels, and a proliferation of innovative financial products (micro-loans, instant insurance, investment apps) accessible to the average Nigerian. If current trajectories hold, by 2030 Nigeria could join the ranks of countries like Kenya or China where digital finance is deeply embedded in daily life, though achieved through its own unique mix of bank-led and fintech-led initiatives.

Corporate and SME Banking Transformation

In the corporate banking arena (serving large firms, SMEs, and institutional clients), the integration of emerging technologies will primarily enhance efficiency, credit access, and product offerings by 2030. Large corporate clients of banks will benefit from faster, more automated transaction services – for instance, AI-driven treasury management that can predict cash flow needs, or blockchain-based trade finance platforms that expedite processing of Letters of Credit and cross-border payments. Nigerian banks are likely to implement hyper-automation and cloud-based systems (identified as key future technologies ) to streamline back-office operations for corporate services, resulting in quicker turnaround for activities like loan processing, international transfers, and compliance checks. By 2030, a corporate client could, for example, apply for a multi-billion-naira credit facility through a digital portal where AI instantly assists in document analysis and credit assessment, significantly cutting down the weeks-long process seen today.

The SME segment (which straddles retail and corporate) stands to gain enormously from fintech innovation. Small and medium enterprises in Nigeria have historically been under-served by banks, facing hurdles in obtaining credit and banking services due to high perceived risk and lack of collateral. Fintech platforms are addressing this via alternative financing models: peer-to-peer lending for SMEs, invoice factoring platforms, crowdfunding, and AI-based credit scoring that uses business cash-flow data. By 2030, we expect mainstream adoption of these models. Traditional banks will either back these platforms or launch their own digital SME lending products to remain competitive. Indeed, as noted earlier, fintech lenders could capture a large share of SME credit if banks are sluggish . We anticipate a convergence where banks leverage fintech capabilities to serve SMEs better – for example, offering an integrated app for SMEs that includes accounting software, payroll, and financing options (some Nigerian banks have started offering such value-add services). On the payments side, businesses will enjoy more efficient payments and collections: instant payment systems and possibly smart contracts could automate B2B payments upon delivery of goods or services. Corporate banking will also be influenced by the same open banking regime, meaning corporate clients can more easily connect their bank accounts with third-party enterprise software or fintech services for reconciliation, analytics, etc.

In summary, by 2030 Nigeria’s corporate banking will be more data-driven and client-centric. Large corporates will interact with banks through digital channels enriched by AI insights (for example, AI-generated market analytics or investment advice). SMEs will have greater access to financing thanks to digital credit and government initiatives guaranteeing SME loans. Economic growth through the late 2020s (if realized) will enlarge the corporate sector, and banks equipped with emerging tech will be pivotal in supporting sectors like agriculture, manufacturing, and tech startups with tailored financial services. Both segments will need to balance innovation with robust risk management, but those institutions that embrace technologies like AI and blockchain in corporate banking could drastically improve service quality and capture market share in trade finance, project finance, and commercial lending.

Economic and Regulatory Factors Influencing Tech Adoption

The trajectory of technology integration in Nigeria’s banking by 2030 will be shaped not just by innovation, but also by economic conditions and regulatory policies. Several factors in these domains will either accelerate or constrain the adoption of AI and other fintech innovations:

Economic Drivers and Challenges

Nigeria’s macroeconomic environment provides both impetus and challenges for banking innovation. On one hand, the country’s demographics and market size are strong growth drivers. With a population growth rate of about 2.5% per year, Nigeria’s working-age population is expanding rapidly, providing a large pool of new consumers and entrepreneurs entering the financial system each year. This young demographic (median age ~18) is highly receptive to digital solutions, creating fertile ground for mobile banking and fintech services. Additionally, Nigeria’s GDP is the largest in Africa (over $500 billion in nominal terms) and is projected to grow through 2030, assuming continued diversification beyond oil. A growing economy and rising middle class will increase demand for sophisticated financial products – from mortgages to investments – spurring banks to adopt advanced analytics and digital platforms to serve customers at scale. Furthermore, certain economic challenges in Nigeria have inadvertently accelerated fintech adoption. Episodes of high inflation and currency instability (Naira depreciation) have driven citizens to seek alternatives like cryptocurrency as a store of value , thereby pushing the financial sector to innovate around remittances and stablecoin offerings. Likewise, Nigeria’s past cash shortages (e.g. during the 2023 currency redesign crisis) forced many consumers and businesses to try digital payments out of necessity, boosting familiarity with cashless channels. These kinds of shocks can lead to permanent shifts in behavior, hastening the move to digital finance.

However, economic hurdles remain. Infrastructure deficits – such as unreliable electricity and patchy internet coverage in some areas – can slow the adoption of digital banking. Fintech services presume connectivity; thus, uneven telecom infrastructure means rural fintech usage might lag unless mobile network expansion continues. The government’s investments in telecom and power by 2030 will directly impact how evenly distributed fintech benefits are. Moreover, the overall health of the economy affects banks’ capacity to invest in new technology. If Nigeria faces economic downturns or fiscal crises, banks may be more cautious and funding for tech projects or startups might tighten. Presently, though, investment in fintech is robust: Nigeria has been the top destination in Africa for fintech funding (e.g. it accounted for about 32% of Africa’s fintech startups as of 2023 and a large share of tech funding flows). The continuity of this trend into the late 2020s will depend on macro stability and investor confidence. In summary, Nigeria’s huge market potential and necessity to overcome economic challenges (like financial exclusion and inefficiencies) form a powerful incentive to embrace AI and fintech. If economic reforms and diversification succeed, they will provide a conducive environment – resources and demand – for technological advances in the banking sector to flourish by 2030.

Regulatory Environment and Initiatives

The role of regulators – chiefly the Central Bank of Nigeria and other agencies – is pivotal in shaping the adoption of emerging technologies in finance. In the past decade, Nigerian regulators have shown a mix of supportive innovation and protective caution. Going forward to 2030, this careful balancing act will continue to influence outcomes:

On the supportive side, Nigeria has been proactive in issuing regulations that enable fintech growth. The CBN’s issuance of Operational Guidelines for Open Banking (2023) is a prime example, positioning Nigeria as a regional leader in open banking policy . This move is expected to foster a collaborative fintech ecosystem and signals regulators’ willingness to modernize frameworks in line with global best practices. Another positive step was the creation of new license categories such as Payment Service Banks (PSBs) which allowed non-bank entrants (like telecom companies) to offer basic financial services. This policy change addressed inclusion goals by permitting alternative providers into the market. The government also launched initiatives like regulatory sandboxes for fintech, and the Nigeria Startup Act (2022) which provides incentives and legal clarity for tech startups, including those in fintech. Collectively, these indicate an encouraging regulatory stance that sees fintech and AI as tools for national development (financial inclusion, cashless economy, etc.) and thus something to be guided and harnessed rather than stifled. By 2030, we expect further refinement of regulations around digital banking, such as clearer rules on digital lending (to protect consumers from predatory lending rates or data abuse) and stronger data protection laws as digital finance grows. The Securities and Exchange Commission (SEC) and other bodies are also increasingly involved – for instance, setting up committees to explore AI use in capital markets – suggesting a broadening regulatory oversight across all financial subsectors as technology blurs the traditional boundaries.

At the same time, regulators have taken cautious or restrictive measures when they perceive risks to financial stability or consumers. The ban on cryptocurrency-related transactions through the banking system, instituted by the CBN in 2021, highlights the conservative approach to unregulated digital assets. Similarly, regulators closely monitor fintech activities to prevent systemic risks; the CBN has caps on mobile money transaction sizes and the FCCPC has cracked down on unethical practices by some digital lenders. These protective actions will likely continue, but possibly with more nuance by 2030. It is anticipated that Nigeria will develop a comprehensive fintech regulatory framework that brings currently grey areas (like crypto trading, peer-to-peer lending) into the regulated domain. For example, by 2030 the CBN and SEC might introduce licensing for crypto exchanges or explicit guidelines for blockchain usage by financial institutions, reflecting a shift from outright bans to controlled engagement as seen in some other countries. Regulatory support for innovation might also extend to incentives – e.g. tax breaks for banks investing in AI or mandates for certain tech (as was done with biometric ID enrollment earlier). The central bank’s cashless policy will remain a cornerstone: policies that discourage cash usage (such as limits on free cash withdrawals, or promoting the eNaira) will directly boost digital payments adoption . In addition, adherence to international standards (Basel frameworks, data privacy standards like GDPR, etc.) will shape how Nigerian banks implement AI and cloud solutions, ensuring risk is managed.

In summary, Nigeria’s regulatory climate is increasingly fintech-friendly albeit vigilant. Policymakers recognize that technology is critical to achieving financial inclusion and efficiency goals, and thus have largely been enabling – seen in open banking regulations and licensing reforms. Provided regulators maintain this adaptive approach, addressing new risks with sensible rules, Nigeria’s banking sector should have the guidance and freedom to innovate with AI, blockchain, and other technologies through 2030. The interplay of regulation and innovation will determine the pace: supportive regulation could make Nigeria one of the most advanced fintech markets in the developing world, while any heavy-handed actions could slow progress. Current signs, however, point to a constructive engagement between industry and regulators.

Comparative Perspective: Nigeria in Africa and the Global Context

Nigeria’s advancements in banking tech do not occur in isolation. It is instructive to compare Nigeria’s trajectory with trends in other African markets and globally:

Within Africa, Nigeria is both a leader and a unique case. In terms of fintech scale, Nigeria is at the forefront – along with South Africa, Kenya, and Egypt – in driving the continent’s fintech boom. A recent study by BCG projected Africa’s fintech revenues will grow thirteenfold to $65 billion by 2030, with Nigeria identified as one of the key markets powering this growth . Nigeria’s large population and entrepreneurial fintech scene have made it a magnet for innovation, exemplified by its 200+ fintech startups (highest in Africa) and several unicorns (e.g. Flutterwave, Interswitch). By contrast, Kenya achieved digital finance success early via mobile money – over 70% of Kenyan adults use mobile money (M-Pesa) and it handles a significant share of the country’s GDP in transactions. Nigeria was a late bloomer in mobile money due to a different regulatory approach (bank-led model), but is catching up fast through fintech and PSBs. By 2030, Nigeria is likely to have closed much of the adoption gap with Kenya in mobile payments, although the models differ (Nigeria’s ecosystem is more fragmented with many providers vs. Kenya’s M-Pesa dominance). South Africa, on the other hand, had a very mature traditional banking sector and slower initial fintech uptake, but its banks are now adopting AI and digital channels extensively. Nigerian banks can draw lessons from South African banks’ digital transformations while leveraging Nigeria’s less bank-saturated market to leapfrog in areas like agency banking and payments. Ghana and Egypt present interesting comparable trajectories too – both have growing fintech sectors and supportive regulators. Ghana, for instance, has high mobile money usage and is piloting a CBDC (e-Cedi), akin to Nigeria’s eNaira effort. In regulatory innovation, Nigeria leads (open banking guideline ahead of others; one of the first to launch a Central Bank Digital Currency (CBDC) in the world), which could give it an edge in shaping Africa’s fintech narrative by 2030.

Regionally, a trend of pan-African integration may also influence Nigeria by 2030. Initiatives such as the African Continental Free Trade Area (AfCFTA) and the Pan-African Payment and Settlement System (PAPSS) aim to harmonize cross-border payments and financial services. Nigeria, as Africa’s largest economy, will likely be central to these efforts. By 2030, we might see Nigerian banks and fintechs operating more across borders, exporting payment solutions or partnering in other markets. Competition could also intensify if, for example, Kenyan or South African fintech firms enter Nigeria (some have already begun small forays). Nigeria’s comparative strength lies in its huge domestic market and rapid growth, which should keep it as a pacesetter in African fintech through 2030, even as other countries innovate in parallel.

Globally, Nigeria’s banking tech evolution aligns with many broader trends, though at different scales. In mobile and digital payments, Nigeria’s trajectory resembles that of India – another populous emerging market that leapfrogged traditional banking via mobile innovations (India’s UPI real-time payments saw 74 billion transactions in 2022, highlighting what is achievable ). While Nigeria’s absolute volumes are smaller, the growth rates are comparable, and both countries emphasize financial inclusion. In AI adoption, Nigerian banks are following in the footsteps of banks in advanced economies that have used AI for years in customer service and risk. By 2030, the level of AI penetration in Nigerian banking could be on par with Western banks, given how quickly AI tech is disseminating (for instance, AI chatbots are now standard from London to Lagos). One difference is that global banks in mature markets often have more legacy systems to overhaul, whereas Nigerian institutions (especially newer fintechs and digital banks like Kuda) can build with modern tech from the ground up. This could allow Nigeria to skip some stages and implement cutting-edge solutions faster, a classic leapfrogging scenario.

On regulatory benchmarks, Nigeria’s open banking initiative is modeled after the UK’s Second Payment Services Directive (PSD2) and similar EU regulations, meaning Nigeria is keeping pace with global best practices in that area. Conversely, on cryptocurrency, Nigeria’s strict stance is actually not unusual – many countries grappled with how to regulate crypto; by 2030 we foresee Nigeria will converge towards international norms (possibly regulating crypto assets similar to how the EU is moving with MiCA regulation). Another global comparison is the prevalence of fintech vs traditional banks. Globally, fintech’s share of financial services revenue is expected to rise from about 4% in 2024 to 10% by 2030 . In Nigeria, this shift could be even more pronounced given how aggressively fintech startups are growing. It’s plausible that by 2030, fintechs (including digital banks) command a double-digit percentage of retail banking revenue in Nigeria, pressuring incumbents more than in some developed markets. Yet, collaboration may blur this as well, much as globally banks and fintechs are increasingly partnering.

In summary, Nigeria in 2030 is projected to be a fintech powerhouse in Africa, contributing significantly to the continent’s $65 billion fintech revenue pool . It will likely stand out for its early adoption of AI and open banking in the region. Globally, Nigeria will be cited as a case of rapid digital finance adoption in a large emerging economy – possibly often compared to India, China, or Indonesia in discussions of high-growth fintech markets. While Nigeria’s banking sector may not reach the absolute technological sophistication of top global financial centers by 2030, the gap will certainly narrow. The country might also export fintech innovations – for example, Nigerian payments or remittance solutions being used in other countries – thereby influencing global fintech trends from the bottom up.

Outlook and Projections for 2030

Looking ahead, all indicators suggest that Nigeria’s banking and financial services sector by 2030 will be significantly more digital, efficient, and inclusive than it is today. The convergence of mobile technology, AI, and supportive regulation sets the stage for substantial growth across key metrics. Below is a summary of projected sector developments through 2030 based on current data and expert forecasts:

Metric 2020 2025 (Est.) 2030 (Proj.) Source / Notes

Population (Nigeria) ~206 million ~221 million ~262 million UN/World Bank projections

Adults with Bank or Mobile Account 45% (2021) ~64% (2025)** ~90% (2030)** Global Findex; CBN target (95% by 2024)

No. of Fintech Startups (Nigeria) ~200 (2019) 430+ (early 2025) 600+ (2030)** Disrupt Africa; FintechNews

Fintech Investment Raised (Nigeria) ~$300M (2020)* ~$2B (2024) ~$2.5–3B annually (2030)** Nigeria Economic Report

Mobile Banking Transactions (annual) 769 million (2020) 1.93 billion (2022) >15 billion (2030)** NIBSS/FRED data

African Fintech Market Revenue $5 billion (2021) ~$20 billion (2025)* $65 billion (2030) BCG & QED Report

AI Adoption in Banks ~30% using AI (2020)* ~80% using AI (2025)* ~100% widespread use (2030)** EIU survey (global)

Cost Savings from AI (Global Banking) – – >$1 trillion saved by 2030 Marsh & McLennan forecast

Crypto Adoption (Global Rank) – #2 globally (2023) Top 5 globally (2030)** Chainalysis Index

Open Banking Implementation Planning stage Guidelines issued (2023) Full industry adoption CBN (first in Africa)

Table: Key indicators for Nigeria’s banking sector trajectory. (Est. = estimated; Proj. = projected; * = approximate/third-party estimate; ** = author’s projection or target-based scenario)

As the table highlights, Nigeria is on track for near-universal financial access by 2030, assuming current inclusion initiatives continue. Mobile-driven account ownership is expected to push the share of adults with access to formal finance toward 90% or higher, up from roughly 45% in 2021 . The number of fintech startups and the volume of digital transactions are set to keep climbing, though the pace may moderate as the market matures. By 2030, Nigeria could host well over 600 fintech companies, some of which will likely expand across Africa. Annual mobile banking transaction counts are projected to cross into the tens of billions, cementing digital payments as the norm.

Importantly, Nigeria’s role in the African fintech economy will be dominant – possibly accounting for a quarter or more of Africa’s $65 billion fintech revenue in 2030. This reflects both Nigeria’s size and its success in fostering innovation. On the technology front, AI will move from experimentation to ubiquity in Nigerian banking. We expect that by 2030 every major bank and fintech will leverage AI/ML for customer interfacing, fraud detection, credit scoring, and operations. The result will be substantial efficiency gains (global estimates suggest over $1 trillion savings in banking from AI by 2030) , some of which will translate into lower costs and better rates for customers. Additionally, while Nigeria today is one of the world’s leaders in grassroots crypto adoption , by 2030 the crypto landscape may evolve with clearer regulations; Nigeria is likely to remain in the top tier globally for crypto usage, given strong underlying demand.

In qualitative terms, the trajectory to 2030 points toward a Nigerian financial sector that is more integrated, innovative, and inclusive than ever before. Banks and fintechs are expected to converge into a collaborative ecosystem delivering services that are faster, cheaper, and tailored to user needs. Consumers will enjoy banking that is as easy as using social media – a significant shift from a decade prior where cash and physical bank visits were prevalent. Small businesses will have more financing options beyond traditional bank loans, leveraging fintech platforms for growth. Large corporations will conduct transactions with far greater speed and transparency, potentially using digital currencies or blockchain networks for settlement. The government’s policy goals (such as a cashless Nigeria and broad financial inclusion) are largely aligned with these technological trends, which increases the likelihood of realization.

Of course, this optimistic outlook assumes steady progress and no major derailments. Potential risks to watch include cybersecurity threats (which will need ongoing vigilance as digital channels grow), fintech valuation bubbles or shakeouts (as seen globally in 2022) that could impact investment, and macroeconomic instability which could slow consumer adoption or bank investment capacity. Regulatory missteps could also introduce uncertainty. However, if stakeholders remain adaptive – which thus far they have, as evidenced by Nigeria’s evolving regulations – the overall direction towards a tech-driven financial sector is unlikely to reverse.

Conclusion

By 2030, Nigeria is poised to be a leader in banking innovation, having harnessed mobile technology, AI, blockchain, and a dynamic fintech ecosystem to transform its financial services landscape. The integration of artificial intelligence will deliver smarter customer service and stronger security, while mobile and digital platforms will make banking virtually borderless and frictionless for Nigerians. Both consumers and businesses stand to benefit immensely: individuals with greater financial inclusion and personalized services, and companies with improved access to credit and efficient transaction infrastructure. Nigeria’s experience will serve as a valuable case study of how an emerging market can leapfrog into a digitally-driven banking paradigm, guided by forward-looking regulation and an entrepreneurial spirit. In comparative context, Nigeria is expected to hold its own among global innovators – blending lessons from leading markets with homegrown solutions suited to its unique context. The stage is set for Nigeria’s banking sector to not only support domestic economic growth through 2030 but also to contribute to the broader evolution of financial technology in Africa and beyond. The coming years will reveal how effectively the country can navigate challenges and sustain this momentum, but the predictive indicators and current trends strongly suggest a future where banking in Nigeria is AI-empowered, inclusive, and seamlessly digital.

Sources: This analysis was informed by industry reports, regulatory publications, and expert surveys, including data from the Central Bank of Nigeria, Boston Consulting Group, Chainalysis, and others as cited throughout the report. The projections for 2030 are based on extrapolating these trends and stated targets, and while subject to uncertainties, they offer a grounded outlook on Nigeria’s financial sector trajectory.

Sonny Iroche, is one of Nigeria’s pioneer AI experts with a Post Graduate degree in Artificial Intelligence from the Saïd Business School of the University of Oxford. He is also the Chairman of GenAI Learning Concepts Ltd. He was an Investment Banker with over 35 years experience. His banking career spans Operations and Corporate Banking Departments of one of Nigeria’s leading investment banks-International Merchant Bank (an affiliate of the First National Bank of Chicago).