By Modupe Gbadeyanka

To drive inclusive growth, strengthen financial stability, and deepen global financial integration across developing economies, there must be coordinated reforms in digital cross-border payments.

This was the submission of the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, at the G‑24 Technical Group Meetings in Abuja on Thursday, February 19, 2026.

According to him, high remittance costs, settlement delays, fragmented systems, and heavy compliance burdens still limit the participation of households and Micro, Small and Medium Enterprises (MSMEs) in global trade.

The central banker emphasised that efficient payment systems are essential for economic inclusion, highlighting that global remittance corridors still incur average costs above 6 per cent, with settlement delays of several days, excluding millions from modern economic activity.

Mr Cardoso cautioned that while digital payments present significant opportunities, they also carry risks such as currency substitution, weakened monetary transmission, increased FX volatility, capital-flow pressures, and regulatory fragmentation.

The G-24 TGM 2026, themed Mobilising finance for sustainable, inclusive, and job-rich transformation, convened global financial stakeholders to advance the modernisation of finance in support of emerging and developing economies.

The CBN chief reaffirmed Nigeria’s commitment to working with G-24 members, the IMF, the World Bank Group, and other partners to build a more inclusive, resilient, and development-oriented global financial architecture.

“We have strengthened our AML/CFT frameworks in line with FATF guidelines, requiring strict dual-screening of cross-border transactions to mitigate risks.

“To deepen regional integration, the CBN introduced simplified KYC/AML requirements for low-value cross-border transactions to encourage broader participation in PAPSS, easing processes for Nigerian SMEs and enabling faster intra-African trade payments.

“We have also embraced fintech innovation through our Regulatory Sandbox, allowing payment-focused fintechs to test secure, instant cross-border solutions under close CBN supervision,” he disclosed.

By James Edeh

SMEs are widely regarded as the engine of economic growth. According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), in 2025, Nigerian SMEs continued to anchor the economy, representing approximately 96% of all businesses. These enterprises contributed over 48% to Nigeria’s GDP and accounted for between 84% of total employment. However, while the vast majority of SMEs play a vital role in national development, only a small minority have access to formal credit or the financial literacy required to scale and meet eligibility requirements.

FairMoney Microfinance Bank (MFB), a leading technology-enabled bank in Nigeria, is supporting national financial inclusion objectives and bridging the gap by providing solutions that directly assist small and medium-sized enterprises (SMEs). It does this not only by providing access to financing but also by offering efficient payment processing options that help SMEs scale up financially.

Access to Capital

Securing a loan through FairMoney MFB offers a streamlined path for Nigerian SMEs to transform potential into performance. By prioritising digital speed and accessibility, the microfinance bank enables eligible business owners in Nigeria to secure up to ₦5,000,000 without physical collateral; however, access remains subject to credit assessment. This rapid disbursement creates a real opportunity for entrepreneurs to act on time-sensitive growth prospects, whether that means restocking inventory ahead of a peak season, fulfilling a sudden large-scale order, or upgrading essential equipment. To improve their eligibility for higher loan amounts, SMEs simply need to increase their engagement with the FairMoney ecosystem; banking and managing finances directly through the app after an initial application using their BVN and business details.

Beyond the Bank Statement

Alternative credit scoring is the engine that allows FairMoney MFB to leverage broader data sets to better inform credit decisions for a wider range of SME customers. FairMoney MFB doesn’t just look at a bank statement; it looks at potential. By utilising Alternative Credit Scoring powered by advanced data analytics and machine learning, FairMoney MFB assesses creditworthiness based on non-traditional data, such as app usage patterns, transaction velocity, and digital footprints – with customer consent and in accordance with Nigerian data protection requirements. This approach opens the door for businesses with limited formal financial histories to access real growth opportunities that were previously out of reach. For the Nigerian SME, this presents the opportunity to scale from small-scale survival to ambitious expansion, securing the funding necessary to innovate and compete based on the real-time strength of their operations.

Smarter Savings

True business growth requires a shift from simple borrowing to disciplined wealth management, and FairMoney MFB empowers SMEs with a suite of specialised products designed to ensure their capital works as hard as they do. Through FairTarget, entrepreneurs can define specific financial milestones, such as purchasing equipment or securing a larger office, and automate their progress toward reaching them. For operational liquidity, FairSave offers a high-interest savings account where funds remain accessible while earning daily interest, while FairLock provides long-term stability by allowing businesses to secure surplus funds at premium interest rates, protecting capital from impulsive spending. Together, these features transform FairMoney MFB from a lender into a comprehensive financial partner to SMEs that fosters both immediate scalability and long-term fiscal health.

POS Systems

FairMoney MFB’s Point of Sale (POS) systems provide Nigerian SMEs with a robust infrastructure to accept online, mobile, and in-person payments seamlessly. By transitioning from a cash-only model to a multi-channel payment system, businesses can significantly reduce operational risks such as theft and accounting errors while expanding their reach to a nationwide customer base. This digital shift unlocks real-life opportunities for growth.  A local retailer can move beyond foot traffic to sell to customers across the country via the web, while service providers can offer “Pay with Transfer” or card options that cater to the growing demographic of cashless consumers.

Every digital transaction creates a verifiable financial trail within the FairMoney MFB app, which the bank uses to build a more accurate credit profile for the merchant. This means that simply by making it easier for customers to pay, SMEs could potentially improve their credit profile and gain access to more competitive pricing needed for long-term expansion.

Maintaining detailed financial records has transitioned from a best practice to a regulatory necessity for SMEs. The current landscape, influenced by the Nigeria Revenue Service (NRS), increasingly values verifiable digital records as a means of supporting eligibility assessments for small business tax holidays. Maintaining such records through record keeping can facilitate compliance with requirements for exemptions, such as the 0% Company Income Tax (CIT) rate for businesses with an annual turnover below ₦100 million. Without accurate, time-stamped digital trails, including structured e-invoices and clear transaction histories, SMEs risk not only losing these vital fiscal reliefs but also facing significantly sharper penalties for late filing or non-compliance.

Beyond tax, streamlined records bridge the information gap that often hinders access to credit; by presenting a “financial compass” of real-time cash flow and profitability, business owners can prove their creditworthiness to partners, turning their compliance into a strategic tool for securing the capital needed to scale in an increasingly formalised market. FairMoney MFB continues to serve as a dynamic partner in an SME’s journey toward long-term scalability and financial stability.

James Edeh is the Head of Compliance at FairMoney Microfinance Bank

By Modupe Gbadeyanka

Customers of Guaranty Trust Bank (GTBank) Limited in need of quick airtime on their phones for payment later can now do so at an interest rate of 2.95 per cent.

The flagship banking franchise of GTCO Plc, in a statement, said this innovative digital solution gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring they can stay connected when it matters most.

The service known as the Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group.

Leveraging HabariPay’s Squad, the solution reinforces the group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.

The Quick Airtime Loan service was created to help customers address missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight and options are limited.

The product offers users instant access to airtime on credit, directly from their bank.

With Quick Airtime Loan, eligible GTBank customers can access from N100 and up to N10,000 by dialling *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.

For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15 per cent, but GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95 per cent.

Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.

“Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs.

“The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience.

“By leveraging unique strengths across the Group, we can accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels,” the Managing Director of GTBank, Ms Miriam Olusanya, commented.