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

Author

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  • Olaniyi Evans

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.

Suggested Citation

  • Olaniyi Evans, 2026. "Digital Payments in Nigeria: Growth, Inclusion and the Economics of Execution," Hequation Review, Hequation, vol. 3(1), pages 14-21.
    • Handle: RePEc:heq:heqrev:v3y2026i1a3
    DOI: 10.6084/m9.figshare.32560893
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    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Systems; Standards; Regimes; Government and the Monetary System
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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