Moniepoint highlights importance of collaboration among regulators, financial institutions, fintech companies

 

By allcitynews.ng

The Founder and Group Chief Executive Officer of Moniepoint Inc., Tosin Eniolorunda, has called for the integration of credit services into Nigeria’s existing payment infrastructure.

Just as he noted that such a move could unlock financing opportunities for millions of underserved small businesses across the country.

He also highlighted the importance of collaboration among regulators, financial institutions, fintech companies

Eniolorunda made the call during a panel session at the official launch of the Central Bank of Nigeria’s (CBN) Nigeria Payments System Vision 2028 (PSV 2028) in Abuja, where industry leaders gathered to discuss the future of the nation’s digital payments ecosystem.

According to him, Nigeria’s payment infrastructure has matured significantly over the years, creating a foundation that can support broader financial services beyond simple money transfers.

He noted that the next phase of growth in the financial technology sector should focus on building credit products on top of existing payment systems, leveraging transaction data to improve access to finance 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 explained that one of the most valuable outcomes of a robust payment ecosystem is the wealth of data generated through transactions, which can be responsibly utilized to assess creditworthiness and extend financing to businesses traditionally excluded from formal lending channels.

“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.

The PSV 2028 framework, introduced by the Central Bank of Nigeria, outlines the strategic direction for the country’s payments ecosystem over the next several years, with a strong emphasis on financial inclusion, resilience, innovation and economic integration.

The panel discussion was moderated by the Chief Executive Officer of Sterling Bank Plc, Abubakar Suleiman, and featured other key stakeholders including the Managing Director and Chief Executive Officer of Nigeria Inter-Bank Settlement System (NIBSS) Plc, Premier Oiwoh; the Managing Director and Chief Executive Officer of Remita Payment Services Limited (RPSL), Deremi Atanda; and the Managing Director and Chief Executive Officer of Shared Agent Network Expansion Facilities (SANEF) Limited, Uche Uzoebo.

Eniolorunda also highlighted the importance of collaboration among regulators, financial institutions, fintech companies and other ecosystem players in achieving the objectives outlined in the PSV 2028 roadmap.

He echoed remarks made by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, who emphasized the need for consistency in policy implementation and warned against the country’s historical pattern of policy discontinuity.

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

In his keynote address, Cardoso described Nigeria as one of Africa’s most innovative digital payments markets, noting that the country’s achievements in instant payments, fintech innovation and digital adoption have positioned it as a continental leader.

He said the PSV 2028 framework was designed to build on these achievements while accelerating the country’s transition toward a more inclusive and technology-driven financial ecosystem.

The CBN Governor stressed that financial inclusion remains a critical priority, revealing an ambitious target of reaching 95 per cent inclusion by 2028.

According to Cardoso, achieving that goal would bring an additional 50 million Nigerians, including market women, farmers and young people, into the formal financial system through bank accounts and digital wallets linked to their Bank Verification Numbers (BVNs).

Nigeria has emerged as one of the world’s most active fintech markets over the past decade, driven by the rapid growth of agent banking, mobile money services and venture-backed technology companies seeking to expand financial access.

Industry observers note that the drive to transform payment data into accessible business capital aligns closely with the PSV 2028 pillars of open banking, infrastructure resilience and deeper economic participation.

Moniepoint, regarded as one of Nigeria’s largest distributors of financial services, has built its market presence through payment infrastructure and agent banking services targeted at small businesses.

The company has since expanded into business banking and credit services, disbursing more than N1 trillion to Nigerian MSMEs in 2025 alone.

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