Access to credit rather than access to payments is emerging as the next frontier in Nigeria’s financial inclusion journey, as industry leaders push for the use of transaction data to unlock financing for millions of small businesses excluded from the formal lending system.
The debate took centre stage at the launch of the Central Bank of Nigeria’s Nigeria Payments System Vision 2028 (PSV 2028), where stakeholders argued that the country’s growing digital payments ecosystem can serve as a foundation for expanding credit access and supporting enterprise growth.
Speaking during a panel session at the launch event in Abuja, Tosin Eniolorunda, founder and group chief executive officer of Moniepoint Inc., argued that the next phase of growth in Nigeria’s financial services ecosystem will be driven by embedding credit products into existing payment rails and using transaction histories to assess creditworthiness.
“I believe the next phase of growth will come from layering services like credit onto existing payment flows, using the visibility and trust already built through financial transactions,” Eniolorunda said.
His remarks highlight an emerging development within the fintech and banking sectors, where attention is increasingly turning to how digital payment infrastructure can support broader economic outcomes beyond transaction processing.
For decades, access to finance has remained a major obstacle for Nigeria’s micro, small and medium-sized enterprises (MSMEs), which account for the overwhelming majority of businesses and a significant share of employment. Many of these enterprises operate outside traditional lending frameworks, lacking collateral, formal financial records or established banking relationships required by conventional lenders.
Industry stakeholders believe payment data could change that equation.
Every digital transaction generates information about business activity, customer behaviour, cash flow patterns and operational performance. Financial institutions and fintech firms increasingly see this data as an alternative means of assessing risk and extending financing to businesses previously considered unbankable.
“One of the most powerful things about payment infrastructure is the data it creates. When used responsibly, it can help unlock quicker and more accessible credit for businesses that have historically been underserved. For many small businesses, access has always been the real barrier,” Eniolorunda noted.Â
The comments align closely with the objectives of the PSV 2028 framework, which seeks to build on Nigeria’s position as one of Africa’s leading digital payments markets while deepening financial inclusion and economic participation.
The roadmap, unveiled by the CBN, outlines priorities around innovation, infrastructure resilience, open banking, interoperability and broader access to financial services over the next four years.
Governor Olayemi Cardoso described the framework as the next stage in Nigeria’s digital finance journey, noting that the country has already established itself as one of the continent’s most advanced payments ecosystems.
“Over the past two decades, Nigeria’s payments ecosystem has evolved into one of the most dynamic and innovative in the world. From instant payments and digital adoption to fintech-led innovation, our progress has often set the pace on the continent,” Cardoso said.Â
The governor noted that while Nigeria’s achievements in payments innovation have not always received global recognition, their impact on commerce, financial inclusion and economic activity has been substantial.
Yet significant gaps remain. Millions of Nigerians still operate outside the formal financial system, limiting their access to banking, savings, insurance and credit products.
Cardoso said financial inclusion must remain central to Nigeria’s economic transformation agenda, setting an ambitious target of achieving 95 percent financial inclusion under the PSV 2028 framework.
“Inclusion and not exclusion must define our future,” he said, adding that the goal is to bring an additional 50 million Nigerians; including market women, farmers and young entrepreneurs, into the formal financial ecosystem.
For industry participants, achieving that target will require more than expanding payment access. It will depend on creating meaningful financial services that improve livelihoods, increase business productivity and support wealth creation.
That challenge is particularly important in Nigeria’s MSME sector, where access to affordable financing remains one of the biggest barriers to growth despite rapid gains in digital payments adoption.
Over the past decade, Nigeria has emerged as one of the world’s most vibrant fintech markets, driven by mobile money growth, agent banking networks and venture-backed innovation across the financial services value chain.
Companies such as Moniepoint have played a central role in that transformation by building extensive payment and agency banking networks that serve millions of businesses and consumers nationwide.
The company’s evolution reflects the direction of the industry. Having established a strong presence in payment processing and business banking, Moniepoint has increasingly expanded into lending, using transaction data and payment histories to support credit decisions.
The approach appears to be gaining traction. The company disclosed that it disbursed more than N1 trillion in credit to Nigerian MSMEs in 2025, underscoring the scale of financing demand within the small-business economy.
Analysts say the development illustrates how digital payments are gradually evolving from a convenience tool into an economic infrastructure layer capable of supporting lending, investment and enterprise growth.
The notable implication is that the future value of Nigeria’s payments ecosystem may not be measured solely by transaction volumes or processing speed, but by its ability to unlock productive capital for businesses and individuals.
Industry leaders at the launch repeatedly stressed that achieving the ambitions of PSV 2028 will require collaboration among regulators, banks, fintech firms and infrastructure providers.
Eniolorunda echoed Cardoso’s call for long-term policy consistency and coordinated action, warning that fragmented efforts could undermine progress.
“Achieving the ambitions of PSV 2028 will require regulators, banks, fintechs and ecosystem players working together with a shared long-term vision,” he said.
