Nigeria’s fintech sector has grown rapidly over the past decade. With over 290 standalone fintech companies as of 2020 and millions of users transacting daily, the industry has become a key part of the country’s financial ecosystem. Yet, despite the surge in digital products and services, the foundation of long-term success lies not in innovation alone but in trust.
Trust is not a feature. It is not downloadable. It is earned. In Nigeria, where 40 percent of the population remains financially excluded, fintechs have stepped in to fill gaps left by traditional banks. They offer mobile wallets, instant loans, and seamless payments. But these offerings, no matter how efficient, cannot replace the need for reliability, transparency, and user confidence.
In 2020, during the COVID-19 lockdowns, fintechs saw a breakthrough. With movement restricted, digital transactions became essential. Companies like PalmPay recorded a transaction success rate of 99.98 percent. This level of performance enabled many users to transition from cash to digital payments. However, the real challenge began after the initial adoption. Users began asking deeper questions: Can I trust this platform with my savings? Will my data be safe? What happens when something goes wrong?
These questions are not technical. They are emotional. And they are central to the future of fintech in Nigeria.
Between 2014 and 2019, Nigerian fintechs raised over $600 million in funding. In 2019 alone, they attracted 25 percent of all tech startup funding in Africa, amounting to $122 million. These numbers show investor confidence. But user confidence is harder to measure. It is built through experience, not pitch decks.
Read also: Fintech reigns supreme: secures over $1bn in 2025 funding, outpacing rivals
One way to build trust is through transparent communication. When transactions fail, users need clear explanations. When policies change, users need timely updates. Silence breeds suspicion. And in a country where scams are common, fintechs must go further to prove their legitimacy.
Another way is through customer education. Many users are new to digital finance. They may not understand how to protect their accounts or resolve disputes. Fintechs must invest in teaching, not just selling. This means creating help centres, offering multilingual support, and simplifying terms and conditions.
Regulation also plays a role. The Central Bank of Nigeria has pushed for cashless policies and financial inclusion. But regulation alone cannot create trust. It must be enforced. Fintechs must comply with data protection laws, anti-fraud measures, and ethical standards. Users must see that these rules are not just on paper.
As CEO of Airvend Payment Services Ltd, I have seen firsthand how trust shapes user behaviour. For us, compliance and adherence to global best practices are not merely regulatory obligations — they are integral to our mission of delivering a secure and seamless customer experience. Trust is earned through consistency, transparency, and a culture of accountability. At Airvend, we have achieved full compliance with PCI DSS standards, secured all relevant regulatory certifications, established interoperability with major card schemes, and built strong partnerships with every telecom operator in Nigeria as well as leading financial institutions. These achievements are more than operational milestones; they are clear signals to our users that we take their confidence seriously and place their trust at the very centre of everything we build.
The EY Nigeria Fintech Census found that 54 percent of fintechs face an acute shortage of digital skills, and 67 percent report monthly burn rates exceeding $50,000. These figures highlight the pressure to scale while maintaining operational integrity. Yet, profitability remains elusive for many; only 14 percent reported net profit margins above 20 percent in 2019. In such an environment, trust becomes not just a value but a survival strategy.
Finally, trust is built through time. It is not a campaign. It is a culture. Fintechs must show up every day, solve problems, and listen. They must treat users not as data points but as people. Because behind every transaction is a story—a parent sending school fees, a trader paying for goods, a student saving for the future.
Nigeria’s fintech future is bright. But brightness without depth fades. To thrive, fintechs must go beyond products. They must build trust. Not once, but always. And that is the real currency of growth.
Precious Ekezie is the MD/CEO of Airvend Payment Services Limited, a Nigerian FinTech company delivering innovative payment and digital service solutions through platforms such as Airvend, Airpay, 174# USSD, and Airgate. With a background in computer science and an MBA (specialising in AI) from Nexford University, he has led the development of scalable financial platforms, forged strategic partnerships, and secured key certifications and licences—including the CBN PSS licence, Visa Payment Facilitator certificate, PCI DSS, Google Pay approval, and other regulatory accreditations. Precious remains committed to digital transformation and to advancing financial inclusion across Nigeria and Africa.
