Emma Okonji
Managing Director, FairMoney Microfinance Financial institution, Mr. Henry Obiekea, has careworn the necessity for expertise enabled banking throughout all monetary establishments within the nation, insisting that the deployment of expertise in monetary service supply will speed up Nigeria’s digital transformation aim.
Obiekea, who mentioned this in his 2026 Outlook for the Fintech business, defined that Nigeria can be a defining second in 2026, ought to there be shut collaboration between monetary establishments and the Fintech gamers, coupled with the fast adoption of rising applied sciences by the banks.
In keeping with him, after a number of years of daring macroeconomic changes, together with overseas trade unification and structural reforms, the nation is shifting from stabilization into enlargement.
“With the Central Financial institution of Nigeria restoring confidence within the Naira and overseas reserves reaching a five-year excessive of over $45 billion, the subsequent section of progress will probably be formed by how successfully Nigerians can take part within the formal monetary system, and technology-enabled banking is taking part in a vital position on this transition. Business banks stay the spine of the system, offering steadiness sheet energy, regulatory depth, and long-term capital important for nationwide improvement. In a rustic of over 220 million individuals, bodily entry alone can not ship monetary inclusion at scale.
“Cell-first and digitally delivered monetary companies are bridging this hole. By extending regulated banking past bodily places into on a regular basis units, licensed microfinance banks and different regulated establishments are bringing tens of millions of Nigerians into the formal economic system. This strategy helped in pushing formal monetary inclusion to over 64 per cent in 2025, guaranteeing the final mile is now not excluded,” Obiekea mentioned.
In his view, attaining the federal authorities’s goal of a N1 trillion greenback GDP by 2036 requires environment friendly capital move.
He mentioned: “Within the first quarter of 2025 alone, Nigeria recorded over N295 trillion in digital cost transactions. Quicker, safe monetary infrastructure helps fashionable commerce, strengthens commerce, and improves total financial productiveness.
“Micro, small, and medium-scale enterprises, which contribute practically 48 % of GDP, are central to this progress. Know-how-driven banking fashions are serving to to shut long-standing credit score gaps. By responsibly utilizing different information to evaluate threat, small-ticket working capital loans present the “pocket capital” companies must develop. This builds a pipeline of enterprises that may mature into bigger company purchasers inside the broader banking ecosystem.”
Digitally delivered monetary companies additionally strengthen public income mobilisation. Elevated transaction transparency helps a broader tax internet and contributes on to authorities revenues by way of stamp responsibility, reinforcing fiscal sustainability, he additional mentioned, including that the evolution is supported by a maturing regulatory surroundings.
In keeping with him, the Central Financial institution of Nigeria’s Open Banking framework, rolling out in phases from early 2026, will be certain that all regulated establishments function below constant oversight. Safe information sharing requirements imply prospects’ monetary histories can transfer with them throughout establishments, strengthening belief and accountability.
“At FairMoney Microfinance Financial institution, we see this framework as a social contract. Understanding that deposits are protected by Nigeria Deposit Insurance coverage Company (NDIC) and supported by clear dispute decision mechanisms, provides prospects the arrogance to take part actively within the economic system. The way forward for Nigerian banking is outlined by structural concord. Conventional banks present depth and stability, whereas technology-enabled establishments present attain, pace, and accessibility. Collectively, they flip monetary entry into financial resilience. By working in alignment, we are able to guarantee each Nigerian, from the professionals to the agricultural merchants, is provided to contribute meaningfully to our shared one trillion greenback future,” Obiekea mentioned.
