Remita champions AI adoption to unlock $434m fintech market
Remita, Nigeria’s payment solutions pioneer, is calling on fintechs to adopt Artificial Intelligence to secure their stake in a $434.4 million market projected by 2026, growing at a robust 44.2 per cent annually.
Its new report, Unlocking the Power of AI in Nigeria’s Fintech Sector, launched on Wednesday, casts AI as the key to positioning the industry for a transformative boom.
The report urges fintechs to harness AI’s potential—streamlining operations, enhancing decision-making, and tackling fraud—to ensure they thrive in a sector commanding 52 per cent of Africa’s fintech funding and five of its nine unicorns as of 2024.
“Adoption is essential to position firms for this growth,” it stated, framing AI as a non-negotiable step toward resilience and innovation.
A SystemSpecs Holdings unit, Remita has long shaped Nigeria’s payments landscape, notably with the Treasury Single Account. Now, it’s rallying the industry to seize a market opportunity that could redefine financial services.
Nigeria’s digital transactions hit 11.2 billion in 2024, up 16.7 per cent from 2023, valued at $713bn (N1.07 quadrillion)—a surge AI could amplify, the report argues.
The call comes as financial inclusion doubled from 32 per cent in 2012 to 64 per cent in 2024, driven by fintechs. Yet Remita warns that without AI, firms risk missing the next leap.
“The urgency has never been greater,” the report noted, eyeing a boom that promises broader access and operational heft in a digital economy facing inflationary strain.
The Managing Director, Remita, DeRemi Atanda said, “For years, fintech in Nigeria has been defined by bold ambition and relentless execution, but the next phase of development requires more strategic intelligence, and AI is one of the keys to unlocking what more represents.
“The leaders of tomorrow will be those who understand how to leverage the capabilities that new technologies like AI bring to the fore. The question is no longer whether to adopt AI but how to do so in a way that delivers maximally.”
The new report from Remita offered a comprehensive guide for fintech firms, regulators, and industry players, outlining key actions necessary for AI adoption. It provides AI transformation strategies for fintechs drawn from Remita’s AI implementation journey.
The report also detailed a framework for regulatory collaboration to ensure AI-driven financial services remain ethical, transparent, and secure while providing guidelines for workforce AI-readiness to help teams build the skills and literacy needed to drive AI-powered fintech innovation.
Chief AI Officer Remita, Uchenna Okpagu said, “AI should be a force multiplier—not just an isolated feature set. Fintech firms that embed AI into their operational DNA to transform security, scalability, and business intelligence will be the ones to drive the next decade of financial transformation.”
In the same vein, deploying AI is not just about having the latest technology and keeping up with trends; it requires careful, structured implementation, risk assessment, and a commitment to responsible innovation.
As a pioneer in payments and digital finance, Remita is not just adopting AI; it is shaping the standards for AI integration in fintech. This strategy is part of the company’s vision to remain at the forefront of fintech innovation, driving forward-thinking solutions that empower businesses, governments, and individuals.
The future of fintech will be defined by those who build with intention, execute with precision, and adapt to the realities of an AI-driven world, concludes the report.
