Remita Unveils Landmark Report on AI’s Impact in Nigeria’s Fintech

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April 2, 2025
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Omolabake Fasogbon

Artificial Intelligence (AI) is redefining the financial technology landscape, driving multi-dimensional transformation through efficiency, innovation and enhanced fraud management. As AI-powered solutions revolutionise operations, decision-making, and customer engagement, it is expedient that Nigeria’s fintech industry move beyond just observing to structured adoption.

Thus, embracing AI strategically will not only enhance operational effectiveness, but also expand access to financial services, ensuring a more inclusive and resilient digital economy.

According to data, Nigeria’s AI market is projected to reach $434.4 million by 2026, growing at a staggering 44.2% compound annual growth rate (CAGR), organisations must therefore position themselves to harness its transformative potential. For Nigerian fintechs with a long-term vision, the urgency to act has never been greater. The sector stands at a critical juncture where embracing AI is no longer optional but essential for sustainable growth, innovation, and competitive advantage.

Remita being at the forefront of Nigeria’s transformative payment solutions is setting the benchmark for secure and seamless payment transactions. As fintech enters the AI-driven era, the firm is leading the charge with the launch of its latest report – ‘Unlocking the Power of AI in Nigeria’s Fintech Sector’.

The report serves as an industry blueprint providing actionable insight for AI adoption in financial services, and equipping fintechs with practical steps to harness AI for business growth, operational resilience and sustainable innovation. Conceived as a critical resource for fintech leaders, the report provides industry players with insights to future-proof their operations and stay ahead of evolving global trends.

“Nigeria’s fintech sector is expanding rapidly, commanding 52% of Africa’s total fintech funding and housing five of the continent’s nine unicorns as at 2024. According to industry data, the sector has played a significant role in doubling financial inclusion rates from 32% in 2012 to 64% in 2024 – a 100% increase in financial inclusion within a decade. This momentum is underscored by Nigeria’s surging digital transaction volume, which grew by 16.7% between 2023 and 2024, reaching over 11.2 billion transactions valued at $713 billion (N1.07 quadrillion) in 2024 alone. AI is setting the stage for more multi-dimensional growth in the fintech sector, propelling the industry to new heights,” the report revealed.

Commenting on the report, the Managing Director of Remita, DeRemi Atanda, said: “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.

“The leaders of tomorrow will be those who understand how to leverage the capabilities that new technologies like AI bring to the fore. The question is no longer whether to adopt AI, but how to do so in a way that delivers maximally. Similarly, as AI becomes central to financial technology, businesses that fail to integrate it into their core operations risk losing relevance in an increasingly digital-first economy.”

According to him, artificial intelligence is already proving its worth within the fintech industry by improving user experiences, enhancing operational efficiency, combating fraud, accelerating innovation, reducing time to market and lowering costs.

“The benefits of AI are becoming increasingly evident at Remita, where in-house tests show a 40% improvement in customer experiences, a 50% acceleration in API integration timelines, and a 19% reduction in customer inquiries. This clearly indicates that AI adoption is no longer a futuristic concept but a present necessity for fintechs looking to scale and remain competitive.

“The new report available on bit.ly/remita-AI

offers a comprehensive guide for fintech firms, regulators and industry players, outlining key actions necessary for AI adoption. It provides AI transformation strategies for fintechs drawn from Remita’s AI implementation journey,” he said.

The report also details a framework for regulatory collaboration to ensure AI-driven financial services remain ethical, transparent, and secure while providing guidelines for workforce AI-readiness to help teams build the skills and literacy needed to drive AI-powered fintech innovation.

Chief AI Officer of Remita, Uchenna Okpagu, remarked: “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. In the same vein, deploying AI is not just about having the latest technology and keeping up with trends, it requires carefully structured implementation, risk assessment, and a commitment to responsible innovation.

Atanda further reiterated the company’s committment to AI innovation, noting that it is not just about business transformation, bur strengthening Nigeria’s position as Africa’s fintech powerhouse.

“Apart from the general insights shared, this report provides some insight into how we have leveraged AI over the years and reinforces our position as a thought leader in AI and fintech innovation. With the right partnerships, policies and execution, we can all create a Nigeria and indeed Africa where AI-driven financial services are accessible, efficient and built to last.

“As a pioneer in payments and digital finance, we are not just adopting AI, we are shaping the standards for AI integration in fintech. This strategy is part of the company’s vision to remain at the forefront of fintech innovation, driving forward-thinking solutions that empower businesses, governments and individuals. The future of fintech will be defined by those who build with intention, execute with precision, and adapt to the realities of an AI-driven world,” he stated.

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PCNGI, Firm Sign $27.3m Mini-LNG Deal to Boost CNG Penetration

Emmanuel Addeh in Abuja

The Presidential Compressed Natural Gas Initiative (PCNGI) yesterday signed a Memorandum of Understanding (MoU) with LNG Arete Limited, an indigenous company, for the construction of a $27.3 million Liquefied Natural Gas (LNG) plant in Ajaokuta, North-central Nigeria.

When completed, the facility would have a processing capacity of 7 Million Standard Cubic Feet Per Day (MMSCFD) and will primarily serve northern Nigeria and by extension the entire country.

Speaking in Abuja at the signing ceremony, a breakdown by the Chief Executive of the PCNGI, Micheal Oluwagbemi, showed that LNG Arete woulf provide a about $12 million of the funding as equity, while PCNGI is expected to contribute about $6 million equity. In addition, the remaining amount will be sourced from other identified investors.

“To achieve this, it’s very important that we provide the raw material, which is gas, which this country has in abundance to the end-user. Currently Nigeria’s gas resources far outstrips what we have in oil, but the constraint has always been how do we not just produce it, how do we distribute it and how do we get it to the final user in various forms,” Oluwagbemi stated.

Stressing that Nigeria has no business being solely dependent on oil, with gas being cheaper, safer and more reliable, Oluwagbemi stated that there has been increasing demand to be able to access gas to enable transportation and other sectors.

The PCNGI CEO stated that the project would be completed in between 12 to 16 months, explaining that when completed, it will help unlock gas resources to the north and democratise access to gas resources across Nigeria.

“So this is about industrialisation in the first instance. Many industries across the north, from textile to agriculture to processing to manufacturing, will benefit hugely from this project. The logistics of moving goods from the north down to the south, food items especially, processed and manufactured products will also be cheaper because of this project.

“And even more importantly, is that even when the north gets piped natural gas in a few years’ time, this plant is still going to be very critical to enable LNG trucks that run more efficiently on LNG, even better than CNG,” Oluwagbemi noted.

With the company having gone through various processes, and putting in about $12 million, Oluwagbemi stressed that the company is now able to unlock counterparty funding from the presidential CNG initiative.

According to him, the plant would employ over 100 Nigerians when completed, with plans for at least three additional plants in every state at the initial phase.

“This project is expected in total to take about $27.3 million. We are providing $6 million. And of course, we have given ourselves an opportunity to do more, if need be. We need to expand the footprint of this project, especially in the section of CNG stations and their network across the North. We expect this project to be completed in 12 to 16 months,” Oluwagbemi said.

In her remarks, Project Director, Arete LNG, Hajara Pitan, expressed delight at the significance of the agreement, lauding President Bola Tinubu and other stakeholders for enabling the project.

“LNG Erete is a 7 million LNG facility. And we’re very excited about what mini LNG unlocks in terms of Nigerian participation in the gas sector. The major reason for lack of development of the gas sector has been the fact that infrastructure and gas is expensive.

“But with the mini LNG technology, we’re able to participate as Nigerians in this sector in a major way. Our aim is to support the federal government in deepening gas utilisation across Nigeria, and especially in the underserved regions of northern Nigeria. So we’re very excited.

“This project is going to be completed in a 12 to 16 month timeline. And we’re excited for what it does, not just for mobility, which is one of our major targets, but for industrialisation in the region, and the employment of youth in that region,” she stated.

Emmanuel Addeh in Abuja The Presidential Compressed Natural Gas Initiative (PCNGI) yesterday signed a Memorandum of Understanding (MoU) with LNG Arete Limited, an indigenous company, for the construction of a

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Gueye Names Mane as Senegal’s Best Ever in Premier League

• Redemption on Line against Arsenal at Goodison Park

Everton, stung by their derby defeat to Liverpool, face a monumental challenge against high-flying Arsenal. The Toffees are desperate for three points to climb the table, while Arsenal know any slip-up could derail their title chase.

Showmax brings you an exclusive, inside look ahead of this crucial clash, with a captivating interview featuring Everton’s Senegalese star, Idrissa Gana Gueye, who opens up about life at Merseyside and his deep connection to Senegal.

Catch Everton v Arsenal live on Showmax Premier League today, at 13:30.

As much as it pains him to say it, Idrissa Gana Gueye believes that Sadio Mane is the greatest Senegalese player to have played in the Premier League.

Having played for his rival club Liverpool, Gueye says it’s not easy to admit that Mane is the best player to have represented Senegal in the Premier League.

“Maybe it’s difficult for me to say it, but Sadio is the best Senegalese to have ever played in the Premier League, he just played in the wrong colour,” Gueye tells Showmax as he giggles away.

There have been 46 Senegalese players who have played in the Premier League since its inception in 1992, but Gueye says Mane is head and shoulder above the rest.

“He is the king of Senegal, and I am just so proud of him,” says Gueye. “He represents the country in the best way, he has scored a lot of goals, assisted plenty, won so many trophies, and so I am really happy to have him in Senegal, and so happy for his career. He has shown kids in Africa that everything is possible. He was close to winning a Ballon d’Or, he won the Champions League and the Premier League, and hopefully he will give the country another African Cup of Nations (AFCON) soon.”

He says Mane has also been a great example off the pitch to millions of young and old football fans.

“He is such a great guy, and a very good example off the pitch for everyone. He’s a great player and a good person, and a really good friend of mine. Even when he played for rival clubs, we would always speak. He would text me when we would be playing against each other, and we have kept in touch until now.”

There have been plenty of great Senegalese players to have played in the Premier League, so for Gueye to single Mane out as the greatest, especially since he has played for Liverpool, is a massive compliment from the commanding midfielder.

He says, however, that he is incredibly proud of all the Senegalese footballers who have played in arguably the greatest football league in the world.

“It means a lot for our country that so many of our players have had the opportunity to play in the Premier League and in Europe in general. It means a lot for us to be able to get out of our country and play in these top leagues. Playing in the Premier League for us Senegalese means success, it means happiness, it means security for our families. We are all so proud to represent Senegal in the Premier League.”

This is Gueye’s second stint in the Premier League, having left Everton for a move to France with Paris Saint-Germain, before returning to Merseyside to play for the Blues once again.

He says he is delighted to be back as Everton means everything to him.

“I will always support Everton. It doesn’t matter what happens. I can’t explain it. The club touched me in some way. The club and stadium are so special, it just feels different. I am really happy to be here once again. I have some great friends here, and always kept in touch with them even when I was in Paris. I was always in touch with Seamus Coleman, Mason Holgate, Jordan Pickford and many others, because I had such a good time during my first stint at the club. When I moved to Paris, I kept supporting the team and used to watch all the games with some of my team mates at PSG. It was tough to watch during that time because we had lost a lot of games in the beginning, but I kept supporting them with all my heart.”

He says that when a move back to Everton was on the cards for him, it was a no-brainer.

“My friends and family were really happy when I told them about the possibility of moving back to the Premier League with Everton.

They used to send me these messages on social media where fans were asking me to come back to the club. I was really happy to come back. I had a nice experience in Paris, but coming back to Everton was something really special for me and my family.

My dad and brother asked me what I was waiting for. They wanted to see me back in n the Premier League already. I am happy to have come back to a club I dearly love. I didn’t need any convincing. As soon as I knew that there was interest from Everton, I didn’t hesitate one bit, and could not say no.”

• Redemption on Line against Arsenal at Goodison Park Everton, stung by their derby defeat to Liverpool, face a monumental challenge against high-flying Arsenal. The Toffees are desperate for three