Tosin Eniolorunda, Founder and Group Chief Executive Officer of Moniepoint Inc, has urged the integration of credit products into Nigeria’s existing payment infrastructure, arguing that transaction data should be used to provide financing for small businesses excluded from formal credit markets.
Eniolorunda voiced this position during a panel discussion at the official launch of the Nigeria Payments System Vision 2028 in Abuja. He described the framework as evidence of the payments ecosystem’s progress and a call for more deliberate infrastructure development.
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, Eniolorunda said.
The Nigeria Payments System Vision 2028 is a Central Bank of Nigeria-led framework outlining priorities for the country’s payments infrastructure, with financial inclusion, resilience, and innovation as core pillars.
The panel was moderated by Abubakar Suleiman, Chief Executive of Sterling Bank Plc. Other participants included Premier Oiwoh, Managing Director/CEO of Nigeria Inter-Bank Settlement Systems Plc; Deremi Atanda, Managing Director/CEO of Remita Payment Services Limited; and Uche Uzoebo, Managing Director/CEO of Shared Agent Network Expansion Facilities Limited.
Eniolorunda highlighted that payment infrastructure generates valuable data that, when used responsibly, can accelerate credit access for underserved businesses.
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 explained.
He also noted that CBN Governor Olayemi Cardoso emphasized collaboration and innovation during the PSV 2028 launch, warning against the country’s history of start-stop policy cycles.
Achieving the ambitions of PSV 2028 will require regulators, banks, fintechs, and ecosystem players working together with a shared long-term vision, Eniolorunda said.
In his address, Governor Cardoso stated that the new framework builds on Nigeria’s digital payments progress and aims to accelerate the transition to a more inclusive, technology-driven ecosystem.
Over the past two decades, Nigeria’s payments ecosystem has evolved into one of the most dynamic and innovative in the world. From instant payments and digital adoption to fintech-led innovation, our progress has often set the pace on the continent. While this progress has not always been fully reflected in global narratives, its impact on economic activities, financial inclusion, and system resilience is evident across our economy, Cardoso said.
The governor stressed that financial inclusion must define Nigeria’s economic future, noting millions remain outside the formal banking system.
Inclusion and not exclusion must define our future. In 2023, a very large number of Nigerian adults will have access to financial services. Under Vision 2028, I would like to see this reaching 95 per cent inclusion. That means 50 million more market women, farmers, and young people will have a bank account or wallet in their name, with their name and BVN protecting them, Cardoso said.
Nigeria has become one of the most active fintech markets globally over the past decade, driven by mobile money adoption, agent banking expansion, and venture-backed startups. Converting payment data into business capital aligns with PSV 2028 pillars emphasizing open banking, infrastructure resilience, and deep economic integration.
Moniepoint, Nigeria’s largest distributor of financial services, built its dominance on payment infrastructure and agent banking for small businesses. The company has expanded into business banking and credit, disbursing over 1 trillion naira to Nigerian MSMEs in 2025.