To take more people out of the poverty cycle, economic inclusion should be prioritised by the government at all levels. This was the view of the Managing Director of FairMoney MFB, Henry Obiekea, who said that bringing more people out of poverty will not just be financial inclusion but economic inclusion and empowerment.
Already, report noted that Nigeria faces severe poverty, with estimates varying by measure, but recent figures suggested around 133-139 million people (roughly 63 per cent) are multi-dimensionally poor as of 2022/2023, experiencing multiple deprivations beyond just income, while about 40 to 46 per cent (80-113 million) fall below national monetary poverty lines, with projections indicating over 139 million by 2025 due to rising inflation and falling consumption.
Obiekea emphasised that while Nigeria boasts high mobile phone penetration, where about 93 per cent of adults have access, this digital access is merely the tool, and authentic financial inclusion, characterised by fairness and transparency, is the engine for sustained economic growth.
Obiekea warned that without fairness, digital finance risks replacing physical exclusion with “predatory models”. The MD recalled that FairMoney began operations in Nigeria in 2017, founded by Laurin Hainy and two other co-founders with a mission “to build a financial services home for the underserved and the underbanked”.
He noted that customers of traditional banks increasingly migrate to digital-first institutions due to better user experience, product innovation, and faster service delivery.
The FairMoney MD said inclusive digital finance will be critical in achieving Nigeria’s $1 trillion economic agenda of the current administration.
Addressing questions on FairMoney’s loan book and repayment challenges in the tough economic environment, the MD stressed the company’s commitment to ethical collections.
“We don’t do unethical practices. We have very strict internal guidelines—even when we use external agencies,” he said.
Obiekea observed that while the goal was audacious, it was well within reach, especially with a youthful population.
