Remita, a pioneer in Nigeria’s payment solutions industry, has urged fintech companies to embrace Artificial Intelligence (AI) as a crucial tool for securing their share of the rapidly expanding digital finance market. With Nigeria’s fintech sector projected to hit $434.4 million by 2026, growing at an annual rate of 44.2 per cent, the company insists that AI adoption is no longer optional but essential for survival and success.
In a newly released report titled Unlocking the Power of AI in Nigeria’s Fintech Sector, launched on Wednesday, Remita highlights the transformative role of AI in streamlining operations, improving decision-making, and tackling fraud in the financial services space. The report emphasizes that fintech firms must integrate AI-driven solutions if they hope to maintain their relevance in an industry that, as of 2024, accounts for 52 per cent of Africa’s fintech funding and boasts five out of the continent’s nine unicorns.
“Adoption is essential to position firms for this growth,” the report stated, stressing that AI is a necessity for innovation and resilience in the evolving digital economy.
Remita, a subsidiary of SystemSpecs Holdings, has played a key role in shaping Nigeria’s financial technology landscape, particularly through its work on the Treasury Single Account (TSA). Now, the company is calling on industry stakeholders to seize the vast opportunities that AI presents in redefining financial services.
According to the report, digital transactions in Nigeria reached 11.2 billion in 2024, reflecting a 16.7 per cent increase from 2023. The total transaction value surged to $713 billion (N1.07 quadrillion). AI, Remita argues, has the potential to further amplify this growth by enhancing security, efficiency, and customer experience.
The call for AI integration comes at a time when financial inclusion in Nigeria has doubled from 32 per cent in 2012 to 64 per cent in 2024, largely driven by fintech advancements. However, Remita warns that firms that fail to adopt AI risk falling behind, missing out on the next phase of digital transformation.
“The urgency has never been greater,” the report noted, adding that AI-powered innovation could expand financial access while strengthening operations in an economy facing inflationary pressures.
The Managing Director of Remita, DeRemi Atanda, underscored the importance of AI in the fintech sector’s future. “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,” he said.
He added that the future leaders in the fintech space would be those who fully integrate AI into their business models. “The question is no longer whether to adopt AI but how to do so in a way that delivers maximally,” Atanda noted.
The report also serves as a guide for fintech firms, regulators, and industry stakeholders on how to successfully implement AI. It offers practical strategies based on Remita’s own experience with AI adoption and outlines steps for regulatory collaboration to ensure ethical, secure, and transparent AI-driven financial services.
Remita’s Chief AI Officer, Uchenna Okpagu, reinforced the message that AI should not be viewed as just another technology trend but as a fundamental driver of transformation. “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,” he said.
Beyond technology, the report stresses that AI adoption requires structured implementation, risk assessment, and a commitment to responsible innovation. It also includes guidelines on workforce AI-readiness, helping fintech teams build the necessary skills and knowledge to maximize AI-driven opportunities.
As a leader in digital finance, Remita is not just embracing AI but actively setting standards for AI integration in the fintech sector. The company’s strategy reflects its broader vision of staying at the forefront of innovation, offering cutting-edge solutions that empower businesses, government agencies, and individuals in Nigeria’s evolving financial ecosystem.
