By Juliet Umeh

Stakeholders in Nigeria and India have identified financial technology, fintech, innovations as a critical enabler of trade and investment flows between both countries, saying digital payment solutions are helping to overcome longstanding cross-border transaction challenges and unlock new opportunities in manufacturing and other productive sectors.

This formed the thrust of discussions at a business forum hosted by global B2B financial technology company, Verto, in partnership with Donias Group, where business leaders explored the role of digital payment infrastructure in deepening economic ties between Africa’s largest economy and one of Asia’s fastest-growing markets.

Participants at the forum noted that despite the strong historical and economic relationship between Nigeria and India, payment delays, foreign exchange challenges and limited access to efficient financial infrastructure continue to hinder trade growth.

Speaking at the event, Director of Donias Group, Mr. Dinesh Mishra, said modern fintech solutions are helping to address longstanding challenges associated with international payments.

According to him, businesses operating across borders require payment systems that are faster, more transparent and tailored to the realities of emerging markets.

“The relationship between India and Nigeria is worth billions of dollars, but one of the major reasons growth has been slow is payment challenges. Businesses need efficient platforms that can move money seamlessly across borders and support international trade,” Mishra said.

He disclosed that Donias, established to strengthen economic ties between both countries, currently works with more than 1,000 companies globally and has facilitated the registration of nearly 500 businesses in Nigeria.

Mishra also revealed plans to facilitate up to $2.4 billion in investments from India into Nigeria, noting that efficient payment systems would be critical to achieving that goal.

“When businesses face delays in moving funds, trade suffers. Fintech innovation is helping to remove those bottlenecks and create a more predictable environment for investors,” he said.

Highlighting the importance of localisation in digital commerce, Mishra cited the example of global software company Zoho, which recorded stronger growth in Nigeria after introducing local naira pricing.
“You cannot continue to price products in dollars in a market where exchange rates fluctuate regularly.

Local currency pricing improves accessibility for customers and helps businesses grow faster,” he said.
General Manager of Verto, Mr. Adeyemi Adeboyejo, described technology as one of the most significant enablers of global commerce, noting that digital innovations have transformed how businesses manage payments, liquidity and treasury operations.

According to him, the evolution of financial technology has significantly reduced transaction times while improving transparency and operational efficiency.

“Technology continues to evolve at a rapid pace. We have moved from systems where transactions could take days or even weeks to process, to platforms that increasingly support real-time payments and greater visibility for businesses,” Adeboyejo said.

He explained that companies are demanding more sophisticated solutions that provide a comprehensive view of their financial operations.

“Businesses want the ability to manage payments, monitor liquidity, oversee settlements and track transactions through a single platform. Technology is making that possible,” he said.

Adeboyejo added that Verto was committed to leveraging technology to simplify international trade and support businesses operating across multiple markets.

“Cross-border payments are built on trust. Businesses need confidence that their money will move securely, efficiently and transparently. That trust is what enables trade and investment to flourish,” he said.
The Verto executive also highlighted the growing importance of technology talent in strengthening commercial relations between Nigeria and India.

He noted that both countries possess strong pools of skilled technology professionals capable of building innovative solutions for global markets.

“Some of the most talented technology professionals I have encountered are from India, while Nigeria has an equally impressive pool of innovators and problem-solvers. Bringing those strengths together presents enormous opportunities for growth,” he said.

Also speaking, Group Chief Financial Officer of Daraju Group, Dr. Pravin Kumar, identified foreign exchange volatility and payment delays as major concerns for businesses operating internationally.
He said finance leaders are increasingly relying on technology-enabled treasury management solutions to manage risks associated with cross-border transactions.

“Timely payments remain critical to business operations. Delays can disrupt supply chains, affect cash flow and create uncertainty for companies engaged in international trade,” Kumar said.

According to him, digital payment platforms are becoming increasingly important in helping businesses improve efficiency and manage treasury operations more effectively.

The speakers agreed that fintech innovation will play a pivotal role in the future of Nigeria-India trade relations by improving payment efficiency, reducing transaction costs and creating greater confidence among investors.

They further stressed that stronger collaboration between technology companies, financial institutions and manufacturers would help accelerate trade, attract investments and support economic growth in both countries.

The event emphasised the growing role of digital financial services in shaping the future of global commerce and highlighted how emerging technologies are helping businesses navigate the complexities of cross-border trade in an increasingly interconnected world.