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.

The Nigeria Customs Service (NCS) has intensified efforts to strengthen international partnerships and trade cooperation after hosting a high-level diplomatic reception in Abuja attended by foreign envoys, security chiefs, and senior government officials.

The event, held on Tuesday at the Nigeria Customs Service Headquarters in Maitama, Abuja, brought together ambassadors, high commissioners, heads of diplomatic missions, and representatives from key government institutions.

Officials said the gathering was aimed at deepening collaboration on trade facilitation, border security, and diplomatic relations at a time when global supply chains and international trade networks are becoming increasingly interconnected.

Why It Matters

As Africa’s largest economy seeks to expand trade opportunities and improve revenue generation, stronger cooperation between customs administrations and diplomatic missions is increasingly viewed as essential.

The Nigeria Customs Service plays a critical role in facilitating international trade, securing borders, and implementing government trade policies.

Industry observers say stronger customs diplomacy can help improve investor confidence, reduce trade bottlenecks, and enhance Nigeria’s competitiveness in regional and global markets.

Adeniyi Reaffirms Commitment to International Cooperation

Speaking at the event, the Comptroller-General of Customs, Adewale Adeniyi, thanked international partners for their continued support and collaboration with Nigeria.

“We recognize and appreciate your contributions to strengthening diplomatic and trade relations. The Service remains committed to providing the support and services required for diplomatic missions to operate effectively in Nigeria,” he said.

Adeniyi noted that the Customs Service has expanded its international engagement through structured partnerships with more than 20 customs administrations worldwide.

According to him, these partnerships focus on knowledge exchange, capacity building, and operational cooperation designed to improve trade facilitation and border management.

Customs Seeks Stronger Security and Trade Collaboration

The Customs chief stressed that collaboration among customs authorities, diplomatic missions, and security agencies remains vital in addressing modern trade and security challenges.

He said such partnerships contribute to more efficient border management, improved revenue collection, and stronger economic competitiveness.

“Modern Customs administration now operates within a highly interconnected global system,” Adeniyi said.

“Continuous engagement, trust-building, and shared responsibility among international partners are necessary to address emerging challenges in trade, security, and compliance management.”

The reception was attended by senior officials, including the Inspector-General of Police, the Chief of the Air Staff, members of the Customs management team, and representatives of various security institutions.

Diplomatic Reception Seen as Platform for Future Partnerships

Adeniyi said events such as the diplomatic reception create opportunities for dialogue, relationship-building, and the exploration of new areas of cooperation.

Analysts note that stronger engagement between customs authorities and foreign missions can support efforts to streamline trade procedures, improve information sharing, and enhance cross-border enforcement mechanisms.

The reception concluded with networking sessions and goodwill messages from participants, who commended the Nigeria Customs Service for promoting institutional cooperation and fostering an environment conducive to international collaboration.

Industry Perspective

Trade experts have increasingly highlighted the importance of customs modernization and international cooperation in supporting economic growth.

With the implementation of continental trade initiatives such as the African Continental Free Trade Area, customs agencies across Africa are under pressure to improve efficiency, facilitate legitimate trade, and strengthen border controls.

Observers say Nigeria’s continued engagement with global customs administrations could help position the country more effectively within evolving international trade networks.

What Happens Next?

The Nigeria Customs Service is expected to continue expanding bilateral and multilateral partnerships as part of broader efforts to modernize customs operations and improve trade facilitation.

Officials say future engagements will focus on enhancing institutional cooperation, strengthening border management systems, and supporting Nigeria’s economic development objectives.

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.