Nigerian banks and fintech companies are accelerating expansion in the United Kingdom, committing hundreds of jobs and multimillion-pound investments as both countries deepen commercial ties ahead of President Bola Ahmed Tinubu’s state visit to London.
The UK Department for Business and Trade said in a statement issued Tuesday, March 17, that a cluster of Nigerian firms, including LemFi, Moniepoint and several lenders, are scaling operations across Britain, reinforcing London’s position as a hub for African capital and talent.
The announcement comes a day before Tinubu begins a two-day state visit from March 18 to 19 at Windsor Castle, the first by a Nigerian leader in 37 years. The visit is expected to underscore trade, investment and financial cooperation between Africa’s largest economy and the UK.
Zenith Bank Plc has opened a new branch in Manchester, with capacity to create up to 30 direct jobs, and is evaluating a potential London Stock Exchange listing by 2027, according to the statement. Fidelity Bank Plc plans to double its UK workforce in 2026 and position London as its global hub, while First City Monument Bank Ltd. has selected the UK as the first international market for its cross-border payments platform.
At least seven Nigerian banks now operate in the UK, supporting about 1,000 jobs in aggregate, the government said.
Fintech firms are also scaling. LemFi plans to invest about £100 million over five years as it establishes London as its global headquarters. Moniepoint Inc. aims to expand its London-based team to about 100 employees by 2026, while Kuda Technologies Ltd. is growing its UK presence as a base for international expansion.
Nigeria’s creative industry is adding to the investment pipeline. EbonyLife Group plans to launch EbonyLife Place London, a cultural and entertainment venue expected to create up to 40 jobs while exporting African storytelling to a global audience.
UK Business and Trade Secretary Peter Kyle said the inflows reflect strengthening economic links and policy alignment between both countries. Foreign Secretary David Lammy said the collaboration is lowering barriers and opening new channels for growth, citing rising commercial and cultural exchanges.
The push is anchored on the UK–Nigeria Enhanced Trade and Investment Partnership, which targets cooperation in financial services, fintech, artificial intelligence and digital platforms. The framework has helped streamline market access and regulatory engagement for firms operating across both jurisdictions.
Bilateral trade has trended higher, reaching about £8.1 billion annually, up from £7 billion in May 2024 and £7.9 billion in September 2025, according to UK government data. British High Commissioner to Nigeria Richard Montgomery attributed the growth to post-Brexit trade policy, which has enabled the UK to deepen ties with non-EU partners, including Nigeria.
Migration and diaspora expansion are also reinforcing the relationship. The Nigerian population in the UK has grown from about 300,000 in 2021 to more than 550,000 in 2025, supporting demand for financial services, remittances and cultural exports.
For Nigerian firms, the UK offers regulatory clarity, access to capital markets and proximity to global investors. For Britain, the inflows provide jobs, deepen links with a fast-growing African market and support its ambition to position London as a leading international fintech and financial services center.
With Tinubu’s visit set to formalize political backing for these flows, the latest investments signal a maturing corridor where Nigerian capital is not just flowing outward, but anchoring itself in one of the world’s most competitive financial markets.