Nigeria’s financial technology sector should focus on using payment data to expand access to credit for small businesses, according to Moniepoint founder and Group Chief Executive Officer, Tosin Eniolorunda.

Speaking during the launch of the Central Bank of Nigeria’s (CBN) Nigeria Payments System Vision (PSV) 2028 in Abuja, Eniolorunda said the country’s next phase of financial services growth will come from building lending products on top of existing payment infrastructure.

The comments come as the CBN seeks to accelerate financial inclusion, innovation and resilience through its new payments roadmap, which aims to expand access to financial services and strengthen Nigeria’s digital economy.

“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.

Why It Matters

Nigeria has emerged as one of Africa’s largest fintech markets, driven by rapid growth in digital payments, mobile money services and agent banking networks.

Despite this progress, access to credit remains a major challenge for many micro, small and medium-sized enterprises (MSMEs), which contribute significantly to employment and economic activity.

Industry analysts say limited collateral requirements, inadequate credit histories and high lending risks have historically prevented many small businesses from accessing formal financing.

Eniolorunda argued that payment platforms already generate valuable transaction records that can help lenders better understand business performance and make faster lending decisions.

“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.”

CBN Targets Deeper Financial Inclusion

At the launch event, Olayemi Cardoso, Governor of the Central Bank of Nigeria, said the PSV 2028 framework builds on decades of progress in digital payments and aims to deepen financial inclusion.

According to Cardoso, Nigeria has developed one of the continent’s most innovative payment ecosystems, supported by fintech innovation and widespread adoption of digital 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.”

The governor said financial inclusion must remain a national priority, noting that millions of Nigerians are still outside the formal financial system.

“Inclusion and not exclusion must define our future.”

Cardoso added that the PSV 2028 framework seeks to raise financial inclusion levels to 95%, potentially bringing tens of millions of additional Nigerians into the formal banking ecosystem.

Industry Leaders Call for Collaboration

The panel discussion featured several key figures from Nigeria’s financial services sector, including Abubakar Suleiman, Chief Executive Officer of Sterling Bank Plc, who moderated the session.

Other participants included Premier Oiwoh of Nigeria Inter-Bank Settlement System, Deremi Atanda of Remita Payment Services Limited and Uche Uzoebo of Shared Agent Network Expansion Facilities.

Eniolorunda stressed that achieving the ambitions of PSV 2028 would require cooperation across the financial ecosystem.

“Achieving the ambitions of PSV 2028 will require regulators, banks, fintechs, and ecosystem players working together with a shared long-term vision.”

His remarks echoed concerns raised by Cardoso about avoiding inconsistent policy implementation and ensuring continuity in financial sector reforms.

What It Means for Small Businesses

For millions of Nigerian entrepreneurs, the discussion goes beyond payments and technology.

The ability to access affordable credit can determine whether businesses expand, hire workers or survive economic pressures.

Experts say that if payment data can be effectively used to assess risk and creditworthiness, more businesses could gain access to loans without relying solely on traditional collateral requirements.

The approach aligns with global fintech trends where transaction histories, digital records and alternative data are increasingly used to support lending decisions.

Moniepoint’s Growing Role in Business Finance

Moniepoint has built its reputation through payment infrastructure, agent banking and business banking services targeted at small businesses.

The company says it disbursed more than ₦1 trillion in loans to Nigerian MSMEs in 2025, reflecting growing demand for digital financial services and alternative credit solutions.

Industry observers note that the company’s push for credit-based innovation aligns closely with key objectives outlined in the PSV 2028 roadmap, including open banking, infrastructure resilience and broader economic integration.

What Happens Next?

The success of PSV 2028 will likely depend on how effectively regulators, banks and fintech firms collaborate to translate policy goals into practical financial services.

If successful, the framework could accelerate financial inclusion, improve access to credit and strengthen Nigeria’s position as a leading fintech hub in Africa.

Union Bank of Nigeria has won a Bronze award in the Heritage category at the 2026 Pitcher Awards, one of Africa’s leading platforms celebrating excellence in advertising, marketing and creative communications.

The bank’s “Endless Possibilities” campaign also earned a shortlist spot in the Film Craft category, recognising the production quality, creativity and storytelling behind the campaign.

The awards place Union Bank among a select group of African brands recognised for outstanding creative work and effective brand communication.

Why the award matters

The Heritage category honours campaigns that successfully connect a brand’s history, identity and cultural relevance with modern audiences.

For Union Bank, which was established in 1917, the recognition reflects its efforts to balance more than a century of history with a contemporary message aimed at today’s consumers.

The “Endless Possibilities” campaign celebrates the determination, innovation and ambition of Nigerians who continue to pursue opportunities despite challenges. According to the bank, the campaign was designed to reflect values that have defined the institution throughout its long history.

Industry analysts say heritage-driven campaigns are becoming increasingly important as brands seek deeper emotional connections with consumers in highly competitive markets.

Marketing and branding experts note that audiences are more likely to engage with brands that combine authenticity, cultural relevance and compelling storytelling.

Union Bank reacts

Commenting on the recognition, Olufunmilola Aluko, Chief Brand and Marketing Officer at Union Bank of Nigeria, described the award as validation of the bank’s storytelling approach.

“We are honoured to be recognised at the 2026 Pitcher Awards for Endless Possibilities. This achievement reflects our commitment to telling authentic stories that resonate with the Nigerian spirit and reinforce our promise to support the dreams and progress of the communities we serve. We are equally proud of the Film Craft shortlist, which speaks to the talent and collaboration behind the work.”

The recognition adds to the bank’s growing reputation for brand storytelling and marketing campaigns that connect with audiences both within Nigeria and across Africa.

A growing spotlight on African creativity

The Pitcher Awards have become one of Africa’s most respected creative industry platforms, attracting entries from advertising agencies, brands and creative professionals across the continent.

Industry observers say recognition at the awards can strengthen a brand’s reputation, increase visibility and demonstrate its ability to compete at a continental level.

The success of Nigerian brands at major African creative competitions also highlights the country’s growing influence in advertising, media and creative industries.

Experts believe such achievements contribute to broader efforts to position Nigeria as a leading hub for innovation, storytelling and creative excellence in Africa.

Impact on consumers and the industry

For consumers, campaigns such as “Endless Possibilities” reflect a broader trend of brands focusing on relatable stories and local experiences rather than traditional product-centred advertising.

For the financial services sector, the award underscores the increasing importance of brand perception, customer engagement and emotional connection in attracting and retaining customers.

As competition intensifies across Nigeria’s banking industry, institutions are investing more heavily in creative communications and digital engagement strategies to strengthen customer loyalty.

What’s next?

Union Bank says it remains committed to creating campaigns that inspire confidence, opportunity and progress.

The latest recognition is expected to further strengthen the bank’s brand positioning as it continues expanding its reach through both physical and digital banking channels.

With more than 300 branches nationwide and a growing digital banking presence, the bank is seeking to deepen engagement with customers across Nigeria while reinforcing its long-standing reputation in the financial sector.

Fidelity Bank Plc has announced the launch of the Fidelity Quarterly Business Forum, a new engagement platform aimed at supporting the growth, resilience and long-term sustainability of small and medium-sized enterprises (SMEs) across Nigeria.

The initiative will bring together business owners, entrepreneurs, policymakers and industry experts to discuss economic trends, emerging opportunities, innovation and practical strategies for business expansion.

The bank says the forum is part of its broader commitment to strengthening Nigeria’s SME sector, which remains one of the country’s largest sources of employment and economic activity.

Why it matters

Small and medium-sized businesses account for a significant share of Nigeria’s economy, but many continue to face challenges including access to finance, inflationary pressures, foreign exchange volatility and rising operating costs.

Industry analysts say platforms that provide business education, networking opportunities and expert advisory services can help entrepreneurs adapt to changing market conditions and improve their chances of long-term success.

The Fidelity Quarterly Business Forum is expected to serve as a bridge between business owners and industry stakeholders, offering practical insights and opportunities for collaboration.

Bank highlights commitment to entrepreneurs

Speaking on the initiative, Ugochi Osinigwe, Divisional Head, Small and Medium-scale Enterprises at Fidelity Bank Plc, said the forum aligns with the bank’s longstanding support for small businesses.

“Our Quarterly Business Forum is part of our regular engagement with small businesses across the country. As you may know, Fidelity Bank is a leading supporter of SMEs through numerous financial products, and a strong advocate of a multi-dimensional approach to helping them succeed.”

She added:

“Through this initiative, the bank will host engagements with businesses across the country to strengthen their capacity, encourage networking and provide relevant advisory support to help them navigate the evolving economic climate and achieve profitability.”

First edition to hold in Port Harcourt

The inaugural edition of the forum is scheduled to take place in Port Harcourt, Rivers State, on 3 June 2026.

The event will feature a keynote presentation titled “Scaling Trade and Distribution Businesses for Sustainable Growth”, to be delivered by Pamela Shodipo, Executive Director, South, Fidelity Bank Plc.

Participants will also hear a business and economic outlook presentation, “Doing Business in a Trade Driven Economy”, by Okechukwu Ugoji, Group Head, SME, Fidelity Bank Plc.

Organisers say the event will conclude with a networking session designed to help entrepreneurs build strategic partnerships and identify new business opportunities.

Building on existing SME support programmes

The new forum expands Fidelity Bank’s portfolio of SME-focused initiatives.

Among these is the Fidelity SME Hub in Gbagada, Lagos, a dedicated facility established to support entrepreneurs and businesses in Nigeria’s growing creative and commercial sectors.

Through the hub, business owners gain access to networking opportunities, stakeholder engagements, industry experts, mentors and advisory services aimed at strengthening enterprise development.

Industry perspective

Business development experts say access to knowledge and professional networks has become increasingly important for SMEs operating in Nigeria’s competitive environment.

According to entrepreneurship advocates, forums that connect founders with financial institutions, policymakers and experienced business leaders can help improve business decision-making and increase access to growth opportunities.

They note that while financing remains important, many SMEs also require mentorship, market intelligence and strategic guidance to scale successfully.

Fidelity Bank’s growing footprint

Fidelity Bank serves more than 10 million customers through its digital platforms, 255 business offices across Nigeria and its UK subsidiary, FidBank UK Limited.

The bank has received several local and international recognitions, including the 2024 Excellence in Digital Transformation & MSME Banking Award at the BusinessDay Banks and Financial Institutions (BAFI) Awards.

It was also recognised as Best Bank for SMEs in Nigeria at the Euromoney Awards for Excellence and received the Export Financing Bank of the Year award from BAFI.

What happens next?

With plans to host the forum quarterly across different locations in Nigeria, Fidelity Bank hopes to create a sustained platform for knowledge sharing, networking and business development.

For entrepreneurs navigating economic uncertainty, the initiative could offer valuable insights and connections that support growth and profitability in an increasingly competitive marketplace.