Purchase Now, Pay Later market in Nigeria to hit $2.61 billion by 2030, pushed by fintech growth
Nigeria’s Purchase Now, Pay Later (BNPL) market is projected to develop by over 83% within the subsequent six years, reaching a market worth of $2.61 billion by 2030, up from $1.42 billion in 2024.
This was disclosed in The State of Enterprise 2025 Report by EnterpriseNGR, which highlights the position of fintech firms in remodeling the Nigerian enterprise panorama via digital {financial} instruments, automation, and inclusive credit score companies.
“BNPL grew at a 23.1% CAGR between 2021 and 2024 and is projected to succeed in $2.61 billion by 2030 from $1.42 billion in 2024,” the report said.
The report credit the speedy progress of fintechs with enhancing Nigeria’s enterprise adaptability and resilience
“Fintech firms have considerably enhanced Nigeria’s enterprise ecosystem by offering instruments and companies that assist enterprise progress and adaptableness.
“These embody improved customer support, entry to capital, digital {financial} instruments, data-driven insights, international connectivity, and collaborative innovation.
“Key contributions embody streamlining digital funds, automating billing and payroll, and providing client companies comparable to Purchase Now, Pay Later,” the report said.
Over 400 digital lending operators
Fintech lending is enjoying a important position in advancing {financial} inclusion in Nigeria, with over 400 licensed digital lenders now working within the nation by providing inexpensive credit score to people and small and medium-sized enterprises (SMEs) who lack conventional {financial} histories or collateral.
The report additionally highlights vital progress in remittance inflows into Nigeria, following the Central {Bank} of Nigeria’s 2024 coverage reforms.
“There are actually over 400 licensed digital lenders in Nigeria. As well as, fintechs have strengthened remittance companies; beneath the CBN’s 2024 tips, elevated competitors has boosted inflows by 63.7%, from $2.33 billion in 2023 to $3.82 billion in 2024,” the report said.
This progress displays the rising influence of fintech in deepening {financial} entry, selling inclusion, and enabling cross-border transactions via digital channels.
Extra insights
NIBSS instantaneous fee transactions in Nigeria surged to N1.07 quadrillion in 2024, marking an 80% improve from N600.36 trillion recorded in 2023.
“In 2024, NIBSS instantaneous fee transactions reached N1.07 quadrillion, an roughly 80% improve from N600.36 trillion in 2023.”
“December 2024 alone noticed N115.1 trillion in transactions, up from N71.9 trillion in December 2023,” the report said
The report famous that mobile-first platforms have performed a significant position on this shift, eliminating the necessity for bodily {bank} visits.
“Cellular-first platforms enable customers to handle funds with out visiting {bank} branches, whereas digital lenders comparable to Renmoney and FairMoney supply fast, collateral-free loans to people and small companies.”
“These improvements are breaking conventional {financial} limitations, supporting entrepreneurship, and boosting {financial} resilience,” the report said
Level-of-Sale transactions and cell cash additionally recorded main progress, with POS terminals dealing with N18.32 trillion throughout 1.38 billion transactions in 2024 whereas Cellular cash operators facilitated N79.55 trillion in transactions, a 70.6% improve from 2023, with transaction volumes rising 28%, from 3.04 billion to three.9 billion, highlighting the rise in card based mostly and cell retail funds.
