The United Kingdom has assured Nigerian fintech companies of a reliable regulatory and investment environment that supports their expansion into global markets while maintaining strong business connections with Nigeria and the rest of Africa.
This assurance was given by the British Deputy High Commissioner in Lagos, Jonny Baxter, during an interview with the News Agency of Nigeria in Lagos.Baxter described Nigeria as an important partner to the United Kingdom because of its large economy, skilled workforce, and rising influence in the fintech industry.
“The United Kingdom is one of the world’s leading fintech hubs, combining global capital markets, deep financial expertise, and one of the most respected regulatory environments anywhere in the world,” he said.
According to him, London remains a major entry point for businesses seeking access to international markets. He explained that the city offers companies the opportunity to grow within a trusted and transparent system. “Our partnership also gives these companies credibility to operate globally and gives customers confidence to use them because they know there have been checks and some protections.”
Baxter noted that the United Kingdom and Nigeria are working together through the UK Nigeria Strategic Partnership to support Nigeria’s economic reforms, attract sustainable investments, and create employment opportunities. He mentioned Nigerian fintech firms such as Moniepoint, LemFi, Kuda, and PiggyVest as examples of companies already benefiting from the UK business environment.
“Many of Nigeria’s most dynamic and talented companies are choosing UK’s business-friendly environment. This environment is underpinned by world-class regulation, capital that understands the Africa market, and exceptional talent as a springboard to scale globally,” he said.
The envoy added that the relationship between both countries was further strengthened during President Bola Tinubu’s State Visit to the United Kingdom in March. Baxter also spoke about the United Kingdom Nigeria Enhanced Trade and Investment Partnership, known as ETIP, which has improved cooperation between the governments and private sectors of both countries.
The agreement was signed in early 2024, and Nigeria is one of only two countries globally with such a partnership arrangement with the United Kingdom.ETIP focuses on sectors where both nations can benefit from each other’s strengths, including finance, professional services, and education.
According to Baxter, the partnership is helping businesses gain easier market access, improving regulatory cooperation, and creating better opportunities for companies operating across borders.
“For Nigerian fintechs, establishing operations in the UK allows them to demonstrate compliance at the highest level while accessing capital, talent and global financial networks. By combining Nigerian innovation with UK regulatory assurance and global market access, fintechs are delivering safer payment platforms, new credit and savings products and more efficient cross-border services, particularly benefiting Small and medium enterprises.
“This translates directly into job creation, skills development and knowledge transfer across both economies,” Baxter said.
