Moniepoint CEO Sees Credit Layer as Next Big Leap for Nigeria’s Credit

By Godson Ikoro

The Chief Executive Officer of Moniepoint Inc, Tosin Eniolorunda, has said Nigeria’s payments industry must shift focus from moving money to building credit products on existing payment infrastructure.

Speaking at the launch of the Central Bank of Nigeria’s Nigeria Payments System Vision 2028, PSV 2028, in Abuja, Eniolorunda said the next phase of growth will come from “layering services like credit on top of payment flows” using transaction data to finance small businesses excluded from formal lending.

“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,” he said during a panel session.

The PSV 2028 framework sets CBN’s roadmap for payments over the next 4 years, with financial inclusion, resilience, and innovation as core pillars. CBN Governor Olayemi Cardoso said the plan aims to raise financial inclusion to 95% by 2028, bringing 50 million more Nigerians into the formal system.

“While this progress has not always been reflected in global narratives, its impact on economic activity, financial inclusion and system resilience is evident across our economy,” Cardoso said.

The panel, moderated by Sterling Bank CEO Abubakar Suleiman, also had NIBSS MD Premier Oiwoh, Remita MD Deremi Atanda and SANEF MD Uche Uzoebo.

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Eniolorunda argued that payment data, when used responsibly, can solve the access problem for MSMEs.

“One of the most powerful things about payment infrastructure is the data it generates. Used responsibly, it can unlock faster, more accessible credit for businesses that have historically been Edits made for the newsroom