The Managing Director of FairMoney Microfinance Bank, Mr Henry Obiekea, says technology-enabled banking has helped to raise formal financial inclusion in Nigeria to over 64 per cent in 2025.
Obiekea said this in a statement issued on Tuesday in Lagos, noting that mobile-first and digitally delivered financial services were bridging the country’s financial inclusion gap.
“By extending regulated banking beyond physical locations into everyday devices, licensed microfinance banks and other regulated institutions are bringing millions of Nigerians into the formal economy.
“This approach helped push formal financial inclusion to over 64 per cent in 2025, ensuring that the last mile is no longer excluded,” he said.
According to him, while commercial banks remain the backbone of the financial system by providing balance sheet strength, regulatory depth and long-term capital essential for national development, physical access alone cannot deliver financial inclusion at scale in a country of over 220 million people.
The managing director said Nigeria was at a defining moment in 2026, following several years of bold macroeconomic adjustments, including foreign exchange unification and structural reforms.
He said the country was transitioning from stabilization to expansion, with the Central Bank of Nigeria restoring confidence in the naira and foreign reserves reaching a five-year high of over 45 billion dollars.
“The next phase of growth will be shaped by how effectively Nigerians can participate in the formal financial system.
“Achieving the Federal Government’s target of a one trillion-dollar Gross Domestic Product (GDP) by 2036 requires efficient capital flow. In the first quarter of 2025 alone, Nigeria recorded over N295 trillion in electronic payment transactions.
“Fast and secure financial infrastructure supports modern commerce, strengthens trade and improves overall economic productivity,” Obiekea said.
He noted that micro, small and medium-scale enterprises (MSMEs), which contribute nearly 48 per cent of GDP, remain central to the country’s growth trajectory.
According to him, technology-driven banking models are helping to close long-standing credit gaps by responsibly using alternative data to assess risk and provide small-ticket working capital loans.
He explained that such “pocket capital” enables businesses to grow and build a pipeline of enterprises that can mature into larger corporate clients within the broader banking ecosystem.
Obiekea added that digitally delivered financial services also strengthen public revenue mobilization, as increased transaction transparency broadens the tax net and contributes to government revenues through stamp duties, thereby reinforcing fiscal sustainability.
He said this evolution was supported by a maturing regulatory environment, citing the Central Bank of Nigeria’s Open Banking Framework, which is expected to roll out in phases from early 2026.
According to him, the framework will ensure consistent oversight across regulated institutions, while secure data-sharing standards will allow customers’ financial histories to move seamlessly across banks, strengthening trust and accountability.
Obiekea said FairMoney Microfinance Bank viewed the CBN framework as a social contract that would boost public confidence in the financial system.
“Knowing that deposits are protected by the Nigeria Deposit Insurance Corporation and supported by clear dispute resolution mechanisms gives customers the confidence to participate actively in the economy,” he said.
He stressed that the future of Nigerian banking lies in structural harmony, with traditional banks providing depth and stability, while technology-enabled institutions deliver reach, speed and accessibility.
According to him, collaboration between traditional and technology-driven banks would transform financial access into economic resilience.
Obiekea added that, by working in alignment, these institutions would ensure that every Nigerian—from urban professionals to rural traders—was equipped to contribute meaningfully to the nation’s shared one trillion-dollar economic future.
