Digital Payments in Nigeria: Growth, Inclusion and the Economics of Execution

Olaniyi Evans

Hequation Review, 2026, vol. 3, issue 1, 14-21

Abstract: Nigeria has built one of the developing world's largest real-time payment systems, yet rapid transaction growth coexists with persistent exclusion, rising fraud, identity gaps and weak connectivity. This article examines the structure of Nigeria's digital payments ecosystem using primary data from NIBSS, EFInA, NIMC and the NCC. It positions the Payments System Vision 2028 as the latest policy response to longstanding constraints rather than a settled outcome. It concludes that execution, not ambition, is the binding constraint, and identifies priorities for regulators, investors and operators.

Keywords: digital payments; financial inclusion; payment system interoperability; fintech regulation; cross-border settlement (search for similar items in EconPapers)
JEL-codes: E42 G23 G28 O33 O55 (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:heq:heqrev:v3y2026i1a3

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