Moniepoint CEO Makes Case For Credit Layering On Payment Infrastructure As CBN Rolls Out PSV 2028

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ABUJA  – 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.

In his address at the launch, CBN Governor, 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.