In Nigeria, financial transactions conducted via the Internet reached N12.36 billion ($39.5M) in October 2016 alone. This is a true record taking January 1, 2010, as reference, statistics from the Central Bank show.

Over the first ten months of 2016, these transactions amounted to a total of N101.9 billion (319.18 million). This is far above 91.8 billion generated in 2015 and twice more than in 2013, knowingly N47.3 billion.

From 133,500 per month in 2010, the number of transactions via internet soared to a million per month average at October 2016. This figure should rise by the end of the year.

Nigerian banks such as Guaranty Trust Bank have invested large sums in financial technologies, most of which went into internet banking. This trend might be due to the arrival of many e-commerce platforms, such as Jumia, in Nigeria.

In order to cut their operating costs, Nigerian banks plan to invest more in fintech and improve indirect interaction with their customers through internet-based platforms. In a recent study conducted by PricewaterhouseCoopers to which took part leaders of banks operating in Nigeria, it was revealed that banks’ investment in fintech across Africa will reach $3 billion in 2020.