By Busayo Onijala
The British Deputy High Commissioner in Lagos, Jonny Baxter says growing
fintech collaboration between Nigeria and the UK is helping to address major
challenges faced by small businesses.
Baxter made the disclosure in Lagos.
“UK-Nigeria fintech partnerships are helping to address some of the most pressing
challenges faced by small businesses: access to finance, affordable payments,
efficient remittances and reliable digital financial services,” he said.
The envoy said combining Nigeria innovation with UK regulatory standards and
global market access was helping fintech firms deliver safer payment platforms
and more efficient cross-border financial services, noting that the development
particularly benefited Small and Medium Enterprises (SMEs), diaspora
communities and businesses operating across both countries.
According to him, this translates directly into job creation, skills development and
knowledge transfer across both economies.
The envoy said the UK-Nigeria Enhanced Trade and Investment Partnership
(ETIP) has helped both countries remove barriers affecting financial services and
investment flows.
Recall that the ETIP was signed in early 2024 and Nigeria is one of only two
countries in the world to have such a partnership with the UK.
ETIP identifies sectors of mutual interest where both countries’ comparative
advantages complement each other, from financial and professional services
to education.
Baxter cited the expansion of WISE into Nigeria’s remittance market as one of the
outcomes of improved bilateral cooperation.
“Our two governments have managed to remove some barriers, which has helped
institutions like WISE expand into Nigeria’s fast-growing remittances market,
supporting almost £600 million in transfers to date.
“Nigerian banks operating in the UK are also strengthening financial infrastructure
between our countries.”
He identified Zenith Bank, Fidelity Bank and FCMB as institutions contributing to
improved cross-border payments and lower barriers to trade.
“This creates a trusted financial corridor between the UK and Nigeria, enabling
firms to scale internationally while remaining deeply connected to Nigerian
consumers, businesses and communities,” he said.
According to him, success in the next decade would mean a fully established
UKNigeria financial corridor, deeper twoway investment, more Nigerian fintechs
scaling globally from the UK
Also more UK firms are confident to invest in Nigeria, and stronger institutions
that support inclusive growth.
Baxter said ultimately, success is measured not only by capital flows but also by
stronger businesses, more jobs and a partnership that continues to deliver shared
prosperity and innovation for both countries.
