Banking
Why Fair Digital Access is the Foundation of Nigeria’s 2030 $1trn Roadmap Ambition
By Henry Obiekea
Nigeria’s pursuit of a $1 trillion Gross Domestic Product (GDP) by 2030 is perhaps the most significant economic objective in the nation’s history. This goal is audacious, yet wholly achievable, rooted in the nation’s greatest asset: its dynamic and youthful population. With a median age well below the global average, this demographic dividend is a reservoir of creativity, entrepreneurship, and innovation—the very fuel for an economic explosion.
However, harnessing this potential requires more than just ambition; it demands inclusive capital. Today, the brilliant ideas generated by young Nigerians—from tech startups to agri-business ventures—often stall due to a fundamental challenge: access to finance.
The Finance Minister, Mr. Wale Edun, recently amplified this imperative, urging financial institutions to actively finance the ideas of young Nigerians, warning that failure to do so risks pushing this talent into unregulated, unproductive ecosystems. This official focus underscores a critical truth: financial inclusion is the priority driver for meeting the $1 Trillion target.
Despite Nigeria’s status as a continental leader in technology adoption, a significant portion of its adult population remains financially underserved. Recent surveys show that the total gap—those entirely excluded or reliant only on informal systems—stands at 36%, representing approximately 40 million productive individuals.
This population includes 26% of adults who are fully cut off from the formal system, while another 10% rely solely on informal services. Persistent gaps are especially pronounced across regional and demographic lines, particularly in the North and among low-income groups.
Relegated largely to the informal economy, these millions of people are unable to save securely, build credit, or access the capital needed for scale. While mobile penetration, agent networks, and digital onboarding are actively narrowing the divide, sustained progress in inclusion-driven growth fundamentally demands access to credit.
Despite an observed increase in account ownership, Nigeria’s credit penetration remains notably shallow, registering between 13% and 19% of GDP, which is among the lowest globally and limits critical economic growth vectors, particularly for MSMEs and household consumption. This low credit-to-GDP ratio highlights a significant underdevelopment in the domestic credit market.
In contrast, regional African peers like Kenya and Egypt have credit ratios roughly twice as high, sitting between approximately 31% and 37%, supported by increasingly data-driven lending models that are more effective at reaching small businesses. Emerging global economies such as India and Brazil boast deep credit markets, where penetration reaches between 53% and 62%, providing the financial leverage necessary for robust private-sector expansion.
The extreme of the scale is occupied by nations with mature financial infrastructure, like South Africa, where the credit penetration rate is approximately 90% of GDP, underscoring the distance Nigeria must travel to unlock its full economic potential through a diversified and accessible lending base.
The opportunity lies in the digital revolution. With mobile phone usage soaring (over 93% of adults), the physical barrier of the bank branch has been rendered obsolete. Fintech companies in Nigeria have brilliantly seized this moment, leveraging mobile technology and data science to catalyze inclusion.
Digital access alone, however, is insufficient. The engine for sustained economic growth is authentic financial inclusion, characterised by fairness and transparency. Without these twin values, digital finance risks replacing physical exclusion with predatory models, characterised by hidden charges and opaque terms that ultimately erode trust, leading to financial distress and a retreat from the formal economy. To truly empower the populace and grow the GDP, every transaction must build, not break, the customer’s financial life. This is the principle that elevates financial services from a mere utility to a foundation of national economic strength.
This commitment to fairness is precisely where FairMoney acts as a crucial lever for the national ambition. Operating as a licensed microfinance bank providing financial services through our mobile app, FairMoney’s model directly tackles the barriers to entry by making every interaction transparent and efficient.
Our commitment to “no hidden charges” means customers understand the full cost of credit upfront, fostering a responsible borrowing culture. We leverage innovation to serve the excluded. We focus on accessibility and speed to enable instant account opening and rapid loan approvals by leveraging alternative data and advanced scoring algorithms, using technology for operational efficiency, such as Maps for remote operational address verification.
Beyond loans, we offer full-service banking with bank account numbers, competitive Fixed Deposits with good interest rates on savings, instant bill payments, and specialized services like POS services for small businesses. Our savings products, designed to track and build wealth, incentivize long-term financial health.
By providing these robust services with speed and transparency, FairMoney is not just offering a product; we are committed to digitally onboarding millions of Nigerians into a trusted, formal economic identity.
The impact of this fair digital model ripples across the economy, directly powering the $1 Trillion objective. A small business owner who secures a transparent, low-friction loan can instantly purchase inventory, hire staff, and expand operations. This immediate injection of capital and increased velocity of money—made possible by digital speed and trust—translates directly into higher output and taxable revenue, boosting GDP.
Also, by offering competitive savings and fixed deposit rates, we successfully mobilise capital that might otherwise sit dormant or be held in informal, non-productive assets. This pooled capital becomes the investment bedrock needed to fund the larger infrastructure and industrial projects essential for the 2030 target.
When entrepreneurs can access transparent loans or savings in a crisis, they prevent business collapse, maintaining employment and economic continuity. This resilience ensures that economic shocks do not derail the cumulative progress toward the national goal.
Authentic financial inclusion acts as a social safety net. Fairness in finance, therefore, is not a philanthropic ideal; it is a sound economic strategy. It ensures that the millions of productive economic units, especially the youth and the underbanked, are not just spectators but active, invested contributors to the nation’s growth story.
The path to a $1 Trillion economy is clear: it must be built on the principle of inclusion. This ambition will be realized by empowering the underbanked financially and leveraging digital solutions to dramatically improve access to finance across Nigeria. Financial institutions must champion Fair Digital Access—a commitment to innovation that FairMoney is already pioneering.
In the digital age, trust is the new currency. To fully unlock Nigeria’s trillion-dollar destiny, we must earn this trust through consistent value, transparency, and the fair and equitable deployment of financial capital.
Henry Obiekea is the Managing Director of FairMoney Microfinance Bank Nigeria
By Modupe Gbadeyanka
A platform to enable cross-border intra-Africa payments for individuals, merchants, and traders in Nigeria and Ghana is being designed by Onafriq Nigeria Payments Limited in partnership with the Pan-African Payment and Settlement System (PAPSS).
The platform, currently in its pilot stage, is the first wallet-based outbound payments scheme, which is fully in Naira and instant, without relying on hard currency conversion.
The parties are working together with banks and mobile money operators in the West Africa nations.
The Central Bank of Nigeria (CBN) has already approved this initiative, which will benefit small and medium enterprises (SMEs), the real engine of intra-African trade, as they will now have access to a faster, cheaper way to reach customers and suppliers across the border.
By reducing barriers to cross-border trade, the new service will allow these businesses to grow their addressable markets and activity. From December 1, this service will be fully operational for a 6-month period.
Through the partnership with PAPSS, Onafriq, which is a CBN licensed payment service provider, is supporting the operationalization of the Africa Continental Free Trade Area (AfCFTA) mandate. The mandate itself is driving tariff-free trade for the 54 member states of AfCFTA. Within the partnership itself, Onafriq provides the mobile money rails, with an ecosystem consisting of over 1 billion mobile wallets.
Meanwhile, PAPSS brings a network of over 160 commercial banks, representing an ecosystem of more than 400 million bank accounts across its 19 African countries of operation. The two partners are essentially seamlessly connecting two worlds: mobile money and banking. As a consequence, intra-African trade transactions will take place more easily and opportunities will be created.
Currently, Africa is made up of bank and mobile-led markets, with siloes often inhibiting transactions between these economies. However, this partnership will remove these boundaries. With over one billion mobile wallets and 500 million bank wallets across Africa, this partnership will allow for cross-border collaboration at scale.
This partnership builds on Onafriq and PAPSS’ existing partnership for payments into Ghana, announced earlier this year.
“Our work with PAPSS shows what collaboration at scale can unlock—seamless, secure connections between banking systems and mobile money ecosystems. This is how we open bi-directional trade corridors, reduce costs for businesses, and give African enterprises the rails they need to trade with confidence in their own currencies. The vision is continental, but it starts with practical steps like this one,” the Managing Director for Anglophone West Africa, Mxolisi Msutwana, said.
The Chief Information Officer for PAPSS, Ositadimma Ugwu, added, “Too often, African businesses and individuals see borders as roadblocks instead of opportunities. With this step, we’re challenging that mindset, giving Nigerians the ability to send value next door with the same ease as sending a text message. Our vision is simple: make Africa’s borders invisible to payments. This pilot makes that a reality, moving us closer to a continent where payments don’t pause at the border.”
By Adedapo Adesanya
Mrs Ifeyinwa Osime has been appointed as the chairman of the board of Access Bank Plc, following the retirement of Mr Paul Usoro on January 29, according to a statement to the Nigerian Exchange (NGX) Limited.
Mrs Osime, an accomplished legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired the Board Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee.
This role made her contribute significantly to bank’s corporate governance, leadership development, and sustainability initiatives.
In addition to her role at Access Bank, Mrs Osime is a Director at Ebudo Trust Limited and a Partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, Women Corporate Directors, Nigeria Chapter, and Chartered Institute of Directors Nigeria, where she serves on the Executive Committee of the Women Sectorial Group.
Beyond her professional responsibilities, Mrs Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the chairman of Access Holdings, Mr Aigboje Aig-lmoukhuede, said: “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the Bank’s vision and mission, and I am confident that, under her leadership, the Bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African Bank.”
He also congratulated Mr Usoro on the completion of his tenure and for his exemplary leadership, dedication and significant contribution to the Group, saying he remains a valued member of the Access Bank family.
By Adedapo Adesanya
The African Energy Bank (AEB), a pan-African financial institution established to mobilise capital for the continent’s energy development and strengthen regional energy value chains, will begin operations in June 2026.
This came as Nigeria officially handed over the headquarters of bank at a ceremony held on the sidelines of the ongoing Nigeria International Energy Summit (NIES).
The president of the African Petroleum Producers’ Organisation (APPO) and Côte d’Ivoire’s Minister of Mines, Petroleum and Energy, Mr Mamadou Colibaly, praised Nigeria for its leadership in bringing the initiative to fruition, as he disclosed the bank was expected to commence operations in four months’ time.
“We are committed to launching this bank no later than June. I sincerely thank our partners for providing the headquarters and office that make this take-off possible. The African Energy Bank represents Africa’s commitment to finance, develop, and secure its own energy future by Africans, for Africans,” he said.
The African Energy Bank is a joint initiative of APPO member states and the African Export-Import Bank (Afreximbank), established to mobilise domestic and regional capital for Africa’s energy infrastructure, reduce dependence on external financing, and align energy investments with the continent’s long-term development and industrialisation agenda.
While performing the handover, Nigeria’s Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, said the country had fulfilled all its responsibilities as host nation.
“Nigeria has met every obligation as host. The headquarters is ready, strategically located, and fully equipped, and we are prepared for immediate take-off.”
The ceremony highlighted a growing consensus among African leaders on the need for the continent to take greater ownership of its vast natural resources.
Through tailored financial instruments, the bank is expected to support projects across the energy value chain, including exploration, refining, renewable energy integration, and local content development, with a focus on job creation and economic value addition.
The African Energy Bank has been touted as not just another financial institution, but a strategic pillar in Africa’s quest for economic independence and long-term energy security
The African Energy Bank is a pan-African financial institution jointly promoted by APPO member states and Afreximbank to provide tailored financing solutions for energy projects across the continent, strengthen regional energy markets, and support sustainable development through improved access to capital.
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