A new national assessment by Statisense, drawing on data from Enhancing Financial Innovation and Access (EFInA), has revealed significant disparities in mobile financial technology adoption across Nigeria. The report shows that the South-West region is far ahead of other zones in the use of mobile devices for managing financial activities such as money transfers, bill payments, digital savings and other mobile-based transactions. In contrast, the South-East lags noticeably behind, with no state from the region appearing among the top performers.
According to the data, Lagos State stands out prominently with an estimated 570,000 users engaged in mobile-based financial transactions, tying with Kogi State—which also records 570,000 users—at the top of the national ranking. The South-West’s strong performance is further reinforced by states such as Ogun with 440,000 users, Oyo with 430,000, Osun with 340,000, and both Ekiti and Ondo with 270,000 each. This consistent pattern underscores the region’s firm grip on Nigeria’s digital finance landscape.
Experts attribute the South-West’s dominance to a robust digital ecosystem, widespread broadband penetration, and the concentration of fintech companies in the region. These factors have helped drive high levels of digital literacy, increased smartphone usage, and stronger consumer confidence in mobile financial tools. The region’s economic vibrancy and urbanisation have also played critical roles in accelerating the adoption of digital financial services.
The story is markedly different in the South-East, where no state features among the leading adopters of mobile financial technology. Analysts point to gaps in digital infrastructure, lower fintech penetration, and socioeconomic challenges that limit widespread access to smartphones and stable internet services. Rural-urban disparities, limited investment in digital literacy and weaker fintech presence further compound the region’s slow uptake. The absence of South-East states from the top rankings raises concerns about widening inequalities in Nigeria’s fast-moving digital economy.
Other regions show mixed results. North-Central states such as Kwara, with 450,000 users, join Kogi among the top positions, reflecting growing digital awareness in parts of the region. In the South-South, Bayelsa leads with 430,000 users, followed by Cross River and Delta, each with 350,000. Edo State also appears in the rankings with 260,000 mobile-finance users.
The data highlights increasing regional gaps in digital financial inclusion and has renewed calls for more targeted interventions, especially in underserved regions like the South-East. Development experts argue that expanding broadband infrastructure, boosting digital literacy, and fostering partnerships between government and fintech providers are essential steps to ensure that all regions can participate fully in Nigeria’s digital financial future.
As the country advances toward a cash-lite and technology-driven economy, the ability of each region to embrace mobile financial tools will play a crucial role in shaping economic opportunities and national competitiveness.
Report by Anthony Emeka Nwosu.
