Moniepoint’s Chief Executive Officer, Tosin Eniolorunda, has said it is logical that fintech service providers leverage their existing infrastructure to expand credit opportunities to the large undeserved population shut of the formal credit market. He made this remark during the recent launch of the Nigeria Payments System Vision (NPSV) 2028 hosted by the Central Bank of Nigeria.
The NPSV 2028 is a strategic roadmap designed to formally link 95% of the total local adult population to the payment ecosystem, reduce cash in circulation by 40% and curb fraud to 0.001% of total transaction volume. The basic focus of the strategic roadmap is to accelerate digital innovation, expand financial inclusion, and position Nigeria among Africa’s leading digital economies.
Eniolorunda who described the event as a strong indication of Nigeria’s payment ecosystem position, and how deliberate action is required to drive further growth, sought more prominent role in the credit market for fintech companies.
He explained that payment infrastructure
has done remarkably well in unlocking financial transaction access to more Nigerians, it is time to deploy the huge data available to providers to extend credit access to small businesses shut out of the market,
“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.
“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.
He further called for collaboration between regulators and operators to ensure the effective implementation of the strategic NPSV 2028,
“Achieving the ambitions of NPSV 2028 will require regulators, banks, fintechs, and ecosystem players working together with a shared long-term vision,” Eniolorunda said.
