How Nigerian fintechs, banks are driving hundreds of new UK jobs through £100m+ investments

Nigerian fintech companies and banks are pouring more than £100 million ($127 million) into the United Kingdom, driving hundreds of new jobs and marking a notable shift in capital flows from Africa’s largest economy to one of the world’s oldest financial centres.

The expansions come as President Bola Ahmed Tinubu wraps up a historic two-day state visit to Britain on March 18-19, the first by a Nigerian leader in nearly 37 years.

Hosted by King Charles III at Windsor Castle, the visit has spotlighted deepening economic ties, with announcements timed to underscore mutual growth under the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP).

Fintech firms lead the charge. LemFi, a remittances and cross-border payments specialist, has committed £100 million over five years, establishing London as its global headquarters. The move aims to better serve the Nigerian diaspora and expand services for users across Africa and beyond.

Moniepoint, which powers payments for millions of African businesses and individuals, plans to scale its London team to 100 employees by the end of 2026, building robust infrastructure to support global operations.

Kuda Bank, known for its digital-first approach in Nigeria, intends to double its UK footprint next year, using Britain as a springboard for wider international growth.

These fintech investments reflect Nigeria’s maturing tech ecosystem, once focused inward on financial inclusion, now exporting innovation to stable, regulated markets like the UK.

London’s status as a fintech hub, with access to talent, capital and clear rules, makes it an ideal base for scaling African-led solutions globally.

Banks are following suit. Seven Nigerian lenders now operate in the UK, supporting at least 1,000 jobs in total, with further growth on the horizon.

Zenith Bank opened a new branch in Manchester on March 17, creating up to 30 direct roles and boosting the North West economy. The bank is exploring a potential 2027 listing on the London Stock Exchange to access deeper funding for UK-Africa projects.

Fidelity Bank, after rebranding its UK arm as FidBank UK, aims to double its 62-person workforce in 2026, positioning London as its global hub.

First City Monument Bank (FCMB) has picked the UK as the launch market for its digital cross-border payments platform, designed to ease trade between Africa and the rest of the world.

The trend signals a reversal in traditional investment patterns. For decades, capital flowed mainly from Europe to Africa. Now, Nigeria, with its young, tech-savvy population and fast-growing economy, is becoming a net exporter of financial services expertise and capital.

This outward push helps Nigerian firms diversify risks, tap new markets and comply with global standards, while giving the UK fresh talent and innovation in high-growth areas like digital payments and remittances.

Bilateral trade has reached a record £8.1 billion annually, fuelled by the ETIP framework launched to cut barriers in sectors such as finance, technology, education and manufacturing.

An ETIP ministerial dialogue on March 16 in London reinforced progress, with an reception at Kensington Palace gathering 180 leaders from government and industry.

Peter Kyle, UK business and trade secretary highlighted the shared focus on enterprise. “Nigerian firms are creating jobs here, while British businesses expand into one of the world’s fastest-growing markets. This strengthens both economies and delivers real benefits for people in both countries,” he said.

David Lammy, deputy prime minister added that the partnership reduces barriers and opens growth paths. “Growth is the core mission of this government, and it underpins our relationship with Nigeria,” he noted.

The benefits flow both ways. British company Twinings Ovaltine has opened a £24 million manufacturing facility in Lagos, its first in Africa, creating over 100 jobs and expanding exports across West Africa.

Fintech Wise secured its first Nigerian licence to grow in the remittances market.

UK universities, including Birmingham and the London School of Economics, have signed new deals for AI, data science and other programmes with Nigerian partners.

These developments are seen as evidence of a maturing strategic relationship. Nigeria’s role as an outward investor strengthens its global standing, while the UK gains from African dynamism amid its post-Brexit push for new trade links. The two nations are showing how growth accelerates when partners invest in each other. (BusinessDay)