Remita has called for increased investment in digital infrastructure, cybersecurity and financial inclusion, warning that millions of Nigerians risk being left behind as the country's digital economy expands.
The payment technology company made the call at the Nigeria Information Technology Reporters Association (NITRA) Innovative and Scientific Conference in Lagos, where it argued that inadequate connectivity, rising internet costs and limited access to digital services continue to widen Nigeria's digital divide.
Speaking at the event, Divisional Head of Financial Industry Partnerships at Remita, Lanre Idowu, said Nigeria's digital economy is projected to reach $18.3 billion by the end of the year, but many citizens remain unable to benefit from the opportunities because of structural barriers.
Digital divide remains a major challenge
Idowu described Nigeria's digital transformation as the story of "two Nigerias" with one attracting global recognition for fintech innovation while the other continues to struggle with poor broadband coverage and limited digital access.
According to him, Nigeria has built one of Africa's fastest-growing fintech ecosystems, with instant payments becoming the norm for individuals, businesses and government institutions, while indigenous technology startups continue to gain international recognition.
However, he said broadband penetration remains uneven across the country, particularly in underserved communities, while the increasing cost of digital connectivity continues to exclude millions of Nigerians.
"The country's digital divide should be viewed as an opportunity divide because millions remain excluded from education, healthcare, financial services and economic opportunities," he said.
He added that digital solutions should be designed from inception to accommodate different languages, literacy levels, income groups and device types to ensure broader adoption.
According to him, connectivity, affordability, digital literacy, access to devices and trust remain the five biggest barriers to inclusive digital transformation.
Trust key to digital adoption
Idowu said building public trust is critical to accelerating digital adoption, noting that many Nigerians still lack confidence in digital platforms when transactions fail or dispute resolution processes are slow and ineffective.
He recalled that banking in Nigeria was once almost entirely manual, requiring customers to complete paper forms and spend long hours in banking halls before transactions could be processed.
He said innovations such as Automated Teller Machines (ATMs), mobile banking, agency banking, USSD services and digital payment platforms have fundamentally changed the financial services landscape by making banking faster and more accessible.
"The future of Nigeria's digital economy depends not only on innovation but also on inclusion. When technology becomes accessible to everyone, regardless of geography or income level, we truly begin to bridge the digital divide," he said.
Collaboration behind fintech success
Idowu attributed the rapid growth of Nigeria's fintech sector to collaboration among government, regulators, financial institutions, telecommunications operators, fintech companies, consumers and the media.
According to him, government has provided policy direction, regulators have created frameworks that support responsible innovation, banks have pioneered digital financial services, while telecom operators have expanded connectivity nationwide.
He noted that the introduction of USSD banking helped extend financial services to Nigerians without smartphones or internet access, but warned that rising USSD transaction charges could discourage low-income users from using the channel.
"No single institution built Nigeria's fintech ecosystem alone. Government, regulators, banks, telecommunications operators, fintech innovators, consumers and the media all contributed to the progress we see today," he said.
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