The fintech industry in Nigeria has grown rapidly, driven by increasing smartphone penetration, a young population, and a need for better financial inclusion. This shift is particularly evident in the payment system, where innovation is reshaping the way Nigerians transact business and manage their finances. The intersection of finance and technology has emerged as a key factor for the transformation of the Nigerian payment ecosystem. Fintechs are developing innovative solutions that address the unique challenges of the Nigerian market. From mobile payment platforms to digital lending, these startups are expanding financial access to millions of Nigerians.
Fintech is a major contributor to Nigeria’s economic diversification and financial accessibility. Statistics show that total transaction value in the domestic digital payments market is projected to reach $21.32 billion in 2024, with an annual growth rate of 10.06% projected to reach a total amount of US$31.28bn by 2028.
Due Network, a fintech startup after the successful launch of its borderless payment platform, is deepening its presence in Nigeria with an expansion of services tailored specifically to the unique needs of Nigerian businesses and individuals. This move underscores the company’s commitment to bridging the gap between local economies and the global financial system.
Due Network is focused on providing borderless multi-currency accounts to make international payments faster, cheaper, secure, and more reliable, enabling Nigerians to connect more easily with the global economy. The platform is built to offer a comprehensive suite of services tailored to meet the needs of Nigerian users. Its embedded wallet allows users to effortlessly create a USDc account and carry out secure transactions. The payment capabilities of Due Network allow it to facilitate international transactions, making it easier for Nigerians to engage in cross-border trade and access foreign markets.
In a market where traditional financial systems have slow transaction challenges, high fees, and limited access to foreign currencies, Due Network’s expansion solves most of these problems. The introduction of embedded wallets and multicurrency virtual accounts—offering USD, EUR, and GBP—provides Nigerian users with greater flexibility, personalisation, and security. By simplifying access to digital assets through instant USDc accounts, Due Network makes it easier for businesses to participate in global trade.
With enhanced payment features like seamless transfers in EUR and GBP, and now USD via ACH and local wire, the platform is geared to tackle some of the most persistent challenges Nigerian businesses face in international transactions. By enabling same-day payments, particularly beneficial for importers, Due Network helps eliminate delays that can disrupt cash flow and trade relations.
These enhancements are timely, especially as Nigerian businesses in sectors such as import/export, fintech, and renewable energy increasingly look to expand globally. As Robert Sargsian, CEO and co-founder of Due Network, puts it, “The new capabilities are designed to meet the specific needs of Nigerian businesses in international trade, reinforcing our commitment to improving global financial access.”
Sargsian also highlighted the need for a streamlined payment system that addresses these issues, allowing for faster transactions and lower costs. By transforming the way money moves across borders, Due Network aims to empower both businesses and consumers, making the global economy more accessible for everyone. “We are committed to fixing these issues and transforming how people send and receive payments globally. The idea is to create a future where money flows easily and is available to everyone.”
Moreover, Due Network’s non-custodial model ensures that users maintain full control of their assets, aligning with the growing demand for decentralisation and transparency in finance. This approach resonates with Nigerian businesses that require both security and autonomy in handling their finances.
Looking ahead, Due Network plans to introduce additional features such as cross-border billing and invoicing, which will further streamline international trade processes. The upcoming global checkouts feature will enable Nigerian businesses to accept payments from around the world and settle locally or in USDc, all while enjoying near-zero fees. These developments position Due Network as more than just a payments provider, but as an all-in-one financial solution designed to empower Nigerian businesses to thrive on the global stage.
As Nigeria’s digital payment landscape evolves, Due Network is poised for growth and innovation. The company envisions expanding its services to include more features that cater to the unique needs of Nigerian users. By continually improving its platform and forging new partnerships, Due Network aims to solidify its position as a leader in international payment in Nigeria.
