B2B Merchant Payment Infrastructure for Nigeria's Informal Sector SMEs

What we checked

• Scored 82 of 100 by our analysis model, which ranks this list. Not an independent rating.
• 3 source reports read and listed below.
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What is driving it

• Moniepoint processing over $17B/month signals massive underserved informal-sector payment volume
• CBN's active support for digital financial services and fintech licensing
• Nigeria appointed AfCFTA Co-Champion for Digital Trade, opening cross-border payment corridors into 54 African markets

What could go wrong

• Naira exchange-rate volatility increases EUR-denominated return uncertainty
• Intense competition from established players (Moniepoint, Flutterwave, Paystack) compresses margins for niche entrants

Full analysis

Nigeria is experiencing a significant investment rebound in 2025-2026, with combined FDI and FPI reaching nearly $14 billion in the first nine months of 2025 — surpassing total 2024 inflows — driven by FX liberalisation, fuel subsidy removal, and monetary tightening under President Tinubu's Renewed Hope Agenda. Q1 2025 GDP data highlights Rail Transport & Pipelines (+28.95% YoY) and Metal Ores (+25.20%) as the fastest-growing sectors, while the electricity/energy supply sector rebounded 18.65%. The fintech space continues to attract global capital (Moniepoint achieved unicorn status with a $110M Series C backed by Google's Africa Investment Fund), agro-processing is unlocking AfCFTA export routes following Nigeria's appointment as Co-Champion of the AfCFTA Digital Trade Protocol, and a March 2026 UK-Nigeria ETIP ministerial dialogue formalised new bilateral investment priorities in agrifood, creatives, and digital sectors. A June 2025 World Bank CPSD report identified up to $20 billion in private investment potential if targeted reforms continue.

Moniepoint's $110M Series C (backed by Google's Africa Investment Fund) and unicorn status in 2024-2025 validated investor appetite for merchant payment infrastructure serving Nigeria's vast informal sector. Nigeria's new Investment and Securities Act 2025 strengthens the capital market regulatory framework, reducing compliance risk for equity-based fintech entry at the SME supply-chain layer.

Market drivers:

• Moniepoint processing over $17B/month signals massive underserved informal-sector payment volume
• CBN's active support for digital financial services and fintech licensing
• Nigeria appointed AfCFTA Co-Champion for Digital Trade, opening cross-border payment corridors into 54 African markets

Risks:

• Naira exchange-rate volatility increases EUR-denominated return uncertainty
• Intense competition from established players (Moniepoint, Flutterwave, Paystack) compresses margins for niche entrants

Sources

What the analysis was built on. Some rows hold a headline, some hold the address of the report; both are printed as filed. We do not host the originals.

• practiceguides.chambers.com/practice-guides/corporate-ma-2025/nigeria/trends-and-developments
• www.legal500.com/developments/thought-leadership/understanding-foreign-direct-investment-regulations-in-nigeria/
• www.vanguardngr.com/2026/01/nigeria-attracts-14bn-in-foreign-investments-in-first-nine-months-of-2025-fmiti/

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