Tosin Eniolorunda, founder and Chief Executive Officer of Moniepoint, has called for the next phase of Nigeria’s fintech evolution to focus on expanding access to credit by leveraging the vast transaction data generated through the country’s growing digital payments infrastructure.
Speaking at the launch of the Nigeria Payments System Vision (PSV) 2028 in Abuja, Eniolorunda said payment platforms have already established the trust, visibility and transaction history needed to unlock financing for millions of small businesses that remain excluded from formal credit markets.
According to Eniolorunda, digital payment systems generate valuable data that can help financial institutions make faster and more informed 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,” he said.
He argued that rather than building entirely new lending ecosystems, financial institutions and fintech companies should integrate credit products directly into existing payment channels already used by businesses every day.
“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 added.
The comments reflect a growing trend within Nigeria’s fintech industry, where operators are increasingly looking beyond payments into lending, savings, insurance and other financial services.
Over the last decade, Nigeria has emerged as one of Africa’s leading fintech markets, driven by rapid adoption of digital payments, mobile money and agency banking services.
Industry experts believe the next major opportunity lies in converting transaction histories into financial profiles that can help small businesses access working capital, inventory financing and growth loans.
For many micro, small and medium-sized enterprises (MSMEs), limited collateral and inadequate credit records have traditionally restricted access to bank financing. Payment data could help bridge that gap by providing real-time insights into business performance and cash flow patterns.
Eniolorunda also stressed the importance of collaboration among regulators, banks, fintech firms and other ecosystem participants to achieve the objectives of the Nigeria Payments System Vision 2028.
“Achieving the ambitions of PSV 2028 will require regulators, banks, fintechs and ecosystem players working together with a shared long-term vision,” he said.
The Central Bank of Nigeria’s PSV 2028 framework aims to strengthen payment infrastructure, improve financial inclusion, enhance system resilience and support innovation across the financial services sector.
The discussion comes as Nigeria advances the rollout of the National Payment Stack (NPS), the country’s next-generation payment infrastructure designed to improve transaction speed, security and interoperability.
According to the Managing Director and Chief Executive Officer of the Nigeria Inter-Bank Settlement System, Premier Oiwoh, the platform has already processed more than 153,000 transactions during its pilot phase.
The National Payment Stack is expected to serve as the backbone of Nigeria’s digital payments ecosystem, enabling seamless transactions among banks, fintech companies, mobile money operators and payment service providers.
