Nigeria’s BNPL Market Set to Reach $2.61 Billion by 2030, Driven by Fintech Innovation – EnterpriseNGR
Nigeria’s Buy Now, Pay Later (BNPL) market is on a steep growth trajectory and is expected to reach a market size of $2.61 billion by 2030, up from $1.42 billion in 2024. This represents a projected growth of over 83% in just six years, according to The State of Enterprise 2025 Report published by EnterpriseNGR.
The report attributes this exponential rise to the expansion of fintech companies in Nigeria, which are transforming the business landscape with digital financial tools, automated services, and inclusive credit access.
“BNPL grew at a 23.1% compound annual growth rate (CAGR) between 2021 and 2024 and is expected to continue expanding due to increased digital adoption,” the report states.
How Fintechs Are Powering Nigeria’s BNPL Boom
The EnterpriseNGR report underscores the pivotal role of fintech companies in enhancing business adaptability and financial inclusion across Nigeria. Fintechs are streamlining access to consumer credit through services like BNPL, especially for unbanked and underbanked populations.
Key fintech contributions include:
- Improved customer service and credit accessibility
- Digital tools for payments, lending, billing, and payroll
- Access to data-driven insights and global financial networks
- Support for SMEs and startups through collateral-free loans
“Fintech platforms such as Renmoney and FairMoney have revolutionized how Nigerians access loans, bypassing traditional barriers like credit history and collateral,” the report added.
Over 400 Licensed Digital Lenders Now in Nigeria
Nigeria’s digital lending ecosystem continues to grow rapidly. The report reveals that there are now over 400 licensed digital lenders operating nationwide. These platforms are crucial to expanding financial inclusion, especially for individuals and small businesses without traditional bank access.
Their offerings include:
- Low-interest microloans
- Flexible BNPL services
- Collateral-free SME financing
These developments are enabling broader participation in the economy and supporting the growth of Nigeria’s digital financial ecosystem.
Remittances and Mobile Payments on the Rise
The Central Bank of Nigeria’s 2024 policy reforms have also sparked a 63.7% increase in remittance inflows, growing from $2.33 billion in 2023 to $3.82 billion in 2024. Fintech innovation in cross-border payments has played a key role in this surge.
“The competitive environment created by CBN’s new guidelines has strengthened digital remittance services and improved user experiences,” the report stated.
Nigeria’s Instant Payment Transactions Exceed N1 Quadrillion
The report also highlighted the explosive growth in real-time payments:
- NIBSS instant payment transactions reached N1.07 quadrillion in 2024, up 80% from N600.36 trillion in 2023
- December 2024 alone saw N115.1 trillion in transactions, up from N71.9 trillion in December 2023
This growth underscores the adoption of mobile-first banking platforms, allowing users to conduct high-value transactions without visiting physical bank branches.
POS and Mobile Money Transactions See Massive Uptick
In addition to BNPL and digital lending, Point-of-Sale (POS) and mobile money services have seen significant growth:
- POS terminals handled N18.32 trillion across 1.38 billion transactions in 2024
- Mobile money operators facilitated N79.55 trillion in transactions, a 70.6% increase from 2023
- Mobile money transaction volumes rose 28%, from 3.04 billion to 3.9 billion
This highlights the growing dominance of card-based and mobile retail payments in Nigeria’s economy.
A Fintech-Powered Future
The EnterpriseNGR report paints a promising picture of Nigeria’s digital economy, driven by fintech innovation, mobile-first platforms, and expanding financial access. With BNPL services projected to hit $2.61 billion by 2030, Nigeria is set to become a leading digital credit market in Africa.
As mobile transactions surge and digital lending spreads deeper into underserved communities, fintech continues to dismantle traditional financial barriers, promote entrepreneurship, and build economic resilience.
