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 an interview 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.
He noted 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.
NAN reports 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 UK‑Nigeria financial corridor, deeper two‑way 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.
