With the gradual restoration of confidence in the naira and banking sector, the next phase of growth will be shaped by how effectively Nigerians can participate in the formal financial system.

This was the view of the Managing Director of FairMoney Microfinance Bank, Henry Obiekea, who noted that technology-enabled banking is playing a critical role in the transition.

Obiekea said commercial banks remained the backbone of the system, providing balance sheet strength, regulatory depth and long-term capital essential for national development. He, however, noted that in a country of over 220 million people, physical access alone cannot deliver financial inclusion at a large scale.

As such, he noted, mobile-first and digitally delivered financial services are bridging this gap. He said 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.

He submitted that this approach helped push formal financial inclusion to over 64 per cent in 2025, ensuring the last mile is no longer excluded.

According to him, achieving the Federal Government’s target of a $1 trillion GDP by 2030 requires efficient capital flow. He said in the first quarter of 2025 alone, Nigeria recorded over N295 trillion in electronic payment transactions, pointing out that faster, secure financial infrastructure supports modern commerce, strengthens trade, and improves overall economic productivity.

“Micro, small, and medium-scale enterprises, which contribute nearly 48 per cent of GDP, are central to this growth. Technology-driven banking models are helping to close long-standing credit gaps. By responsibly using alternative data to assess risk, small-ticket working capital loans provide the “pocket capital” businesses need to grow. This builds a pipeline of enterprises that can mature into larger corporate clients within the broader banking ecosystem,” he stressed.

According to him, digitally delivered financial services also strengthen public revenue mobilisation, saying increased transaction transparency supports a broader tax net and contributes directly to government revenues through stamp duty, reinforcing fiscal sustainability.

Obiekea, who said this evolution is supported by a maturing regulatory environment, disclosed that the Central Bank of Nigeria’s Open Banking framework, rolling out in phases from early 2026, ensures that all regulated institutions operate under consistent oversight. He said secure data sharing standards mean customers’ financial histories can move with them across institutions, strengthening trust and accountability.

“At FairMoney Microfinance Bank, we see this framework as a social contract. Knowing that deposits are protected by NDIC insurance and supported by clear dispute resolution mechanisms gives customers the confidence to participate actively in the economy.

“The future of Nigerian banking is defined by structural harmony. Traditional banks provide depth and stability, while technology-enabled institutions provide reach, speed, and accessibility. Together, they turn financial access into economic resilience,” he stated.