Technology-enabled banking, key to Nigeria’s $1tn GDP target – FairMoney MD
Agency Report
Managing Director, FairMoney Microfinance Bank, Mr Henry Obiekea, Tuesday said that technology-enabled banking helped to push formal financial inclusion to over 64 per cent in 2025.
Obiekea said in a statement in Lagos that mobile-first and digitally delivered financial services are bridging the 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 percent in 2025, ensuring the last mile is no longer excluded.
“Commercial banks remain the backbone of the system, providing balance sheet strength, regulatory depth, and long-term capital essential for national development. Yet in a country of over 220 million people, physical access alone cannot deliver financial inclusion at scale,” he said.
The managing director said that Nigeria was at a defining moment in 2026, after several years of bold macroeconomic adjustments, including foreign exchange unification and structural reforms.
He said that the country was moving from stabilisation into 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.
Obiekea said: “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 295 trillion naira in electronic payment transactions.
“Faster, secure financial infrastructure supports modern commerce, strengthens trade, and improves overall economic productivity.”
He noted that micro, small, and medium-scale enterprises, which contribute nearly 48 percent of GDP, are central to the GDP growth.
The managing director said that technology-driven banking models are helping to close long-standing credit gaps.
He explained that, by responsibly using alternative data to assess risk, small-ticket working capital loans provided the “pocket capital” businesses needed to grow.
Obiekea said that businesses could, thereby, build a pipeline of enterprises that could mature into larger corporate clients within the broader banking ecosystem.
“Digitally delivered financial services also strengthen public revenue mobilisation. Increased transaction transparency supports a broader tax net and contributes directly to government revenues through stamp duty, reinforcing fiscal sustainability.
“This evolution is supported by a maturing regulatory environment. The Central Bank of Nigeria’s (CBN) Open Banking Framework, rolling out in phases from early 2026, will ensure that all regulated institutions operate under consistent oversight.
“Secure data sharing standards mean customers’ financial histories can move with them across institutions, strengthening trust and accountability,” he explained.
Obiekea said that at FairMoney Microfinance Bank, the CBN’s framework was seen as a social contract.
He said that knowing that deposits are protected by the Nigeria Deposit Insurance Corporation and supported by clear dispute resolution mechanisms will give customers the confidence to participate actively in the economy.
He stressed that the future of Nigerian banking was defined by structural harmony with traditional banks providing depth and stability, while technology-enabled institutions provide reach, speed, and accessibility.
Obiekea added that together, traditional banks and technology-enabled institutions could turn financial access into economic resilience.
The microfinance bank boss added that, by working in alignment, these institutions would ensure every Nigerian, from the Lagos professional to the rural trader, was equipped to contribute meaningfully to the nation’s shared one trillion-dollar future.
