Remita Seeks Increased Investment In Digital Infrastructure To Boost Financial Inclusion
Remita advocates for increased investment in digital infrastructure, cybersecurity and financial inclusion, warning that the growing digital economy will remain out of reach for millions of Nigerians unless the country’s widening digital challenges are addressed.
Lanre Idowu, Divisional Head, Financial Industry Partnerships at Remita, made the submission during the Nigeria Information Technology Reporters Association (NITRA) Innovative and Scientific Conference held on Thursday in Lagos.
Idowu highlighted that despite projections that Nigeria’s digital economy could reach $18.3 billion by the end of the year, millions of Nigerians remain excluded from the opportunities it offers due to inadequate connectivity, affordability challenges and limited digital access.
He defined Nigeria’s digital transformation as “two Nigerias” one recognised globally for innovation and another still constrained by poor broadband infrastructure and unequal access to digital services.
Investment needed to close digital divide
Idowu affirmed that Nigeria has built one of Africa’s fastest growing fintech ecosystems, with instant payments becoming the standard for individuals, businesses and governments, while local technology startups continue to earn global recognition.
He explained that broadband penetration remains uneven, internet access is still limited in many underserved communities and the rising cost of digital connectivity continues to widen the inclusion gap.
“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 added.
According to him digital products should be designed to accommodate different languages, literacy levels, income groups and device types from the outset to ensure broader adoption, stressing that connectivity, affordability, digital literacy, access to devices and trust are the five major barriers slowing inclusive digital transformation in Nigeria.
Trust remains critical factor
Idowu acknowledged that trust continues to be a major challenge, as many Nigerians still lack confidence in digital platforms when transactions fail or dispute resolution mechanisms are ineffective.
Commenting on the evolution of Nigeria’s financial services sector, Idowu recollected that banking was once largely manual, requiring customers to fill paper forms and spend hours in banking halls before transactions could be completed.
He pointed out that clearing an outstation cheque previously took between five and 15 working days, adding that innovations such as Automated Teller Machines (ATMs), mobile banking, agency banking, USSD services and digital payment platforms have transformed financial services by making geography and time less significant.
He added: “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.”
Collaboration drove fintech growth
Idowu credited the success of Nigeria’s fintech industry to collaboration among government, regulators, banks, telecommunications operators, fintech companies, consumers and the media.
He disclosed that government has provided policy direction, regulators have established frameworks that encourage responsible innovation, banks pioneered digital financial services and telecom operators expanded connectivity across the country.
He stated further that USSD banking was introduced to extend financial services to Nigerians without smartphones or internet access, and warned that rising USSD transaction charges could discourage adoption among low-income users and undermine financial inclusion.
“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 emphasized.