Nigeria's fintech story is entering a different phase. The conversation that once revolved around valuations and venture capital has shifted towards infrastructure, regulation, interoperability and the question of how digital finance actually serves Africa's largest economy.

The shift is visible in what companies are buying. Flutterwave acquired the open banking provider Mono in January and took a Central Bank microfinance licence in April. Neither move is the kind that generates a headline valuation. Both take the company deeper into regulated infrastructure.

Harder conditions

The sector faces regulatory pressure, questions over customer trust, rising infrastructure costs and a funding market nothing like the one of 2021. Operators who spent the growth years optimising for user numbers are now being asked about unit economics and compliance headcount.

That is not a Nigerian phenomenon, but it lands harder here because the sector grew so fast. Flutterwave, Paystack, Interswitch, Moniepoint, PalmPay, Paga, OPay and Kuda between them process a meaningful share of the country's retail payments, and each is now operating under closer supervision than it was three years ago.

What it means for users

For customers the change is mostly invisible, which is the point. Interoperability work and licensing do not produce launch events. They produce transfers that clear, and disputes that get resolved.

The agenda at GITEX Nigeria this week reflected the same reorientation, with infrastructure and regulation crowding out the pitch-day format that dominated earlier editions.

Reporting by Fintech News Africa. This summary was written by the TalkNaijaMedia desk.