The Founder and Group Chief Executive Officer of Moniepoint Inc., Tosin Eniolorunda, has called for the integration of credit services into Nigeria’s payment infrastructure, arguing that transaction data can be leveraged to unlock financing for millions of underserved small businesses across the country.
Eniolorunda made the call during a panel discussion at the launch of the Nigeria Payments System Vision 2028 (PSV 2028), a strategic framework unveiled by the Central Bank of Nigeria to guide the development of the nation’s payments ecosystem over the next four years.
Speaking at the event in Abuja, Eniolorunda said the next phase of growth in Nigeria’s financial services sector would come from building credit products on top of existing payment systems, enabling financial institutions to use transaction data to assess and extend credit to businesses traditionally excluded from formal lending channels.
According to him, payment infrastructure generates valuable data that, when used responsibly, can facilitate faster and more accessible financing for micro, small and medium-sized enterprises (MSMEs).
“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,” he said.
The PSV 2028 framework is designed to strengthen financial inclusion, promote innovation, and enhance the resilience of Nigeria’s payment ecosystem.
It builds on the country’s progress in digital payments and aims to accelerate the transition toward a more inclusive, technology-driven financial system.
The panel session was moderated by the Chief Executive Officer of Sterling Bank Plc, Abubakar Suleiman, and featured key industry stakeholders, including the Managing Director and CEO of Nigeria Inter-Bank Settlement System Plc, Premier Oiwoh; the Managing Director and CEO of Remita Payment Services Limited, Deremi Atanda; and the Managing Director and CEO of Shared Agent Network Expansion Facilities Limited, Uche Uzoebo.
Eniolorunda also emphasized the importance of collaboration among regulators, banks, fintech firms, and other ecosystem players in achieving the goals of PSV 2028.
He noted that sustained cooperation and a shared long-term vision would be critical to delivering a payments ecosystem capable of driving economic growth and inclusion.
At the launch, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, said Nigeria had developed one of Africa’s most dynamic digital payment ecosystems, driven by fintech innovation, instant payments, and growing digital adoption.
Cardoso noted that the PSV 2028 framework seeks to build on these achievements while deepening financial inclusion and expanding access to financial services.
“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,” he said.
The CBN governor stressed that inclusion must remain central to the country’s economic development agenda, setting a target of 95 per cent financial inclusion under the Vision 2028 framework.
According to him, achieving the target would bring an additional 50 million Nigerians, including market women, farmers and young people, into the formal financial system through access to bank accounts and digital wallets.
Nigeria has emerged as one of the world’s fastest-growing fintech markets over the past decade, supported by increased mobile money adoption, expansion of agent banking networks, and significant investment in financial technology startups.
Industry observers say the growing focus on leveraging payment data to provide credit aligns closely with the key pillars of PSV 2028, particularly in the areas of open banking, infrastructure resilience, and broader economic integration.
Moniepoint, one of Nigeria’s leading financial services providers, has expanded beyond payment infrastructure and agent banking into business banking and lending.
The company disclosed that it disbursed more than N1 trillion in credit to Nigerian MSMEs in 2025, underscoring the growing role of fintechs in bridging the country’s financing gap.
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