The Managing Director of FairMoney Microfinance Bank, Henry Obiekea, has said that closer collaboration between traditional banks and fintech companies will be critical to expanding financial inclusion and driving Nigeria’s ambition to build a $1 trillion economy.
In a thought leadership article made available to Fintech Insights by IVI PR on Monday, Obiekea said Nigeria has entered a new phase of economic transition in 2026, moving from macroeconomic stabilisation to growth and expansion.
According to him, the combination of conventional banks’ financial strength and fintechs’ digital agility can bring millions more Nigerians into the formal financial system.
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“Nigeria is at a defining moment in 2026. After years of reforms, including FX unification and structural adjustments, the economy is moving from stabilisation into expansion. With the Central Bank restoring confidence in the naira and foreign reserves rising to over $45bn, the next phase of growth will depend on how effectively Nigerians participate in the formal financial system,” he said.
Obiekea noted that while commercial banks remain the backbone of the financial sector, their physical infrastructure alone is not sufficient to achieve nationwide inclusion in a country of over 220 million people. He said technology-enabled banking has become essential to bridging that gap.
“Mobile-first and digitally delivered financial services are extending regulated banking beyond physical branches and into everyday devices, helping to bring millions into the formal economy,” he said.
He also highlighted the role of digital payments and infrastructure in supporting economic growth, pointing out that Nigeria recorded more than ₦295 trillion in electronic transactions in the first quarter of 2025 alone.
“Efficient, fast and secure financial systems strengthen trade, support modern commerce and improve productivity. These are all essential to achieving the Federal Government’s target of a $1 trillion GDP by 2036,” he added.
Obiekea further stressed the importance of technology-driven banking in supporting Micro, Small and Medium Enterprises (MSMEs), which he described as the backbone of the economy.
By using alternative data to assess credit risk, he said digital lenders are able to provide small working capital loans that help businesses grow, creating a pipeline of enterprises that can eventually become larger corporate clients.
He also noted that digital finance improves government revenue by increasing transaction transparency and widening the tax net through tools such as stamp duties.
Commending the Central Bank of Nigeria for its planned Open Banking framework, which is expected to be rolled out in phases in 2026, Obiekea said the initiative would strengthen trust and accountability across the financial system.
Under the framework, customers’ financial histories will be portable across institutions under clear regulatory oversight, while deposits will remain protected by NDIC insurance and dispute resolution mechanisms.
“The future of Nigerian banking lies in structural harmony. Traditional banks provide stability and capital, while technology-enabled institutions offer speed, reach and accessibility. Together, they can turn financial access into economic resilience and ensure every Nigerian can contribute meaningfully to our shared $1 trillion future,” he said.
