Moniepoint CEO Pushes Credit-Driven Payments Ecosystem as CBN Unveils Vision 2028

By Adebola Isimijola, Lagos

The Founder and Group Chief Executive Officer of Moniepoint Inc., Tosin Eniolorunda, has advocated the integration of credit services into Nigeria’s payment infrastructure, saying it could unlock much-needed financing for millions of underserved small businesses across the country.

Eniolorunda made the call during a panel discussion at the launch of the Central Bank of Nigeria’s (CBN) Nigeria Payments System Vision 2028 (PSV 2028) in Abuja, where stakeholders charted a new course for the nation’s digital payments ecosystem.

Speaking on the future of financial technology in Nigeria, the Moniepoint chief noted that the country’s payment infrastructure has evolved significantly and is now positioned to support a broader range of financial services beyond fund transfers.

According to him, the next phase of growth in the fintech sector should focus on building credit products around existing payment systems, using transaction data to improve access to financing for micro, small and medium-sized enterprises (MSMEs).

“I believe 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.

He explained that a strong payments ecosystem generates valuable transaction data that can be responsibly leveraged to assess creditworthiness and provide financing to businesses that have traditionally been excluded from formal lending institutions.

“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 added.

The PSV 2028 framework unveiled by the CBN outlines a strategic roadmap for Nigeria’s payments ecosystem, with key priorities including financial inclusion, innovation, resilience and economic integration.

The panel session was moderated by Sterling Bank Plc Chief Executive Officer, Abubakar Suleiman, and featured other industry leaders, including the Managing Director and Chief Executive Officer of Nigeria Inter-Bank Settlement System (NIBSS), Premier Oiwoh; Managing Director and Chief Executive Officer of Remita Payment Services Limited, Deremi Atanda; and Managing Director and Chief Executive Officer of Shared Agent Network Expansion Facilities (SANEF), Uche Uzoebo.

Eniolorunda stressed that achieving the objectives of PSV 2028 would require sustained collaboration among regulators, banks, fintech firms and other stakeholders across the financial ecosystem.

“Achieving the ambitions of PSV 2028 will require regulators, banks, fintechs and ecosystem players working together with a shared long-term vision,” he stated.

His remarks echoed those of CBN Governor Olayemi Cardoso, who, in his keynote address, emphasized the importance of policy consistency and cautioned against the country’s recurring challenge of policy discontinuity.

Cardoso described Nigeria as one of Africa’s leading digital payments markets, citing its achievements in instant payments, fintech innovation and digital adoption. He said the PSV 2028 initiative is designed to consolidate these gains while accelerating the country’s transition to a more inclusive and technology-driven financial system.

The CBN Governor also disclosed that the apex bank is targeting 95 per cent financial inclusion by 2028, a goal expected to bring an additional 50 million Nigerians into the formal financial system through bank accounts and digital wallets linked to their Bank Verification Numbers (BVNs).

Industry experts say the growing emphasis on converting payment data into accessible business financing aligns with the core pillars of PSV 2028, particularly open banking, infrastructure resilience and broader economic participation.

Moniepoint, one of Nigeria’s largest financial services distribution platforms, has built its operations around payment infrastructure and agent banking services for small businesses. The company has expanded into business banking and lending, disbursing more than N1 trillion in credit to Nigerian MSMEs in 2025.

Stakeholders at the event expressed optimism that the successful implementation of PSV 2028 would strengthen Nigeria’s digital payments landscape while creating new opportunities for inclusive economic growth and sustainable development.