The Managing Director of FairMoney Microfinance Bank, Henry Obiekea, has said that structural harmony between banks and fintechs would help to deepen financial inclusion and drive the $1tn economic ambition of the Federal Government.
This was disclosed in a thought leadership piece, which he authored and was made available to The PUNCH on Monday.
According to the bank MD, working with the deep pockets of the conventional banks and the agility of the fintechs would bring more people into the formal financial systems.
He said, “Nigeria is at a defining moment in 2026. After several years of bold macroeconomic adjustments, including foreign exchange unification and structural reforms, the country is moving from stabilisation into expansion.
With the Central Bank of Nigeria restoring confidence in the naira and foreign reserves reaching a five-year high of over $45bn, the next phase of growth will be shaped by how effectively Nigerians can participate in the formal financial system.
“Technology-enabled banking is playing a critical role in this transition. Commercial banks remain the backbone of the system, providing balance sheet strength, regulatory depth, and long-term capital essential for national development. Yet in a country of over 220 million people, physical access alone cannot deliver financial inclusion at scale.”
He asserted that mobile-first and digitally delivered financial services are closing the gap in financial inclusion, saying, “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. Achieving the Federal Government’s target of a one trillion dollar GDP by 2036 requires efficient capital flow. In the first quarter of 2025 alone, Nigeria recorded over N295tn in electronic payment transactions. Faster and secure financial infrastructure supports modern commerce, strengthens trade, and improves overall economic productivity.”
Highlighting the role of Micro, Small, and Medium-Scale Enterprises in the growth of the economy, Obiekea asserted that technology-driven banking models are helping to close long-standing credit gaps for this segment of the market.
“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. Digitally delivered financial services also strengthen public revenue mobilisation. Increased transaction transparency supports a broader tax net and contributes directly to government revenues through stamp duty, reinforcing fiscal sustainability,” he said.
Obiekea also commended the apex regulator, the Central Bank of Nigeria, for its Open Banking framework, which he said would be rolled out in phases in 2026. He maintained that the open banking framework would ensure that all regulated institutions operate under consistent oversight, even as 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. By working in alignment, we can ensure every Nigerian, from the Lagos professional to the rural trader, is equipped to contribute meaningfully to our shared $1tn future,” he concluded.
