As the Central Bank of Nigeria (CBN) officially rolled out its ambitious Nigeria Payments System Vision (PSV) 2028 framework in Abuja, industry leaders are shifting the conversation from how money moves to making a robust case for how those transactions can unlock economic survival for millions of underserved businesses.
Tosin Eniolorunda, Founder and Group Chief Executive Officer of Moniepoint Inc, has said the next phase of growth in Nigeria’s payments ecosystem will come from building credit products directly on top of existing payment infrastructure, using transaction data to unlock financing for the millions of small businesses that have historically been shut out of formal credit markets.
Eniolorunda made the remarks during a panel session at the launch of the Nigeria Payments System Vision 2028 (PSV 2028), describing the event as a reminder of how far the country’s payments ecosystem has come and how much further it can go with deliberate building.
“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.
The Nigeria Payments System Vision 2028 is a CBN-led framework setting out the priorities and direction for the country’s payments infrastructure over the coming years, with financial inclusion, resilience, and innovation among its core pillars.
The panel, moderated by Chief Executive of Sterling Bank Plc, Mr. Abubakar Suleiman, also featured Managing Director/CEO of Nigeria Inter-Bank Settlement System (NIBSS) Plc, Mr. Premier Oiwoh; Managing Director/CEO of Remita Payment Services Limited (RPSL), Mr. Deremi Atanda; and Managing Director/CEO of Shared Agent Network Expansion Facilities (SANEF) Limited, Mrs. Uche Uzoebo, among others.
Speaking on the power of payment infrastructure as a foundation for broader financial services, Eniolorunda argued that the data generated by payment systems, when used responsibly, holds the key to making credit faster and more accessible 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 said.
Eniolorunda also noted that Central Bank of Nigeria Governor Olayemi Cardoso used the PSV 2028 launch to stress the importance of collaboration and innovation in building a payments ecosystem capable of supporting inclusion and economic growth.
“Achieving the ambitions of PSV 2028 will require regulators, banks, fintechs, and ecosystem players working together with a shared long-term vision,” Eniolorunda emphasized, echoing Governor Cardoso’s warning against the country’s historic “start-stop” policy cycles.
In his address at the launch, CBN Governor, Dr Olayemi Cardoso noted that the new framework builds on Nigeria’s progress in digital payments and seeks to accelerate the country’s transition towards a more inclusive, technology-driven ecosystem as it continues to lead Africa’s digital payments 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,” he said.
The CBN governor stressed that financial inclusion must remain central to the country’s economic future, noting that millions of Nigerians are still 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,” Mr Cardoso said.
Nigeria has grown into one of the most active fintech markets globally over the past decade, driven by mobile money adoption, agent banking expansion, and a wave of venture-backed startups building across the financial services stack. The push to convert payment data into business capital aligns closely with the core pillars of the PSV 2028 roadmap, which emphasises open banking, infrastructure resilience, and deep economic integration.
Moniepoint, which is Nigeria’s largest distributor of financial services, has built its early dominance on payment infrastructure and agent banking for small businesses, and has since expanded into business banking and credit, with over 1 trillion naira disbursed in 2025 to Nigerian MSMEs.
