Nigeria's journey towards a $1 trillion economy by 2030 hinges on the effective integration of its citizens into the formal financial system through digital means. This is the central argument put forward by Henry Obiekea, the Managing Director of FairMoney Microfinance Bank.
The Digital Bridge to Financial Inclusion
Obiekea observed that while confidence in the naira and the banking sector is being restored, true growth depends on widespread participation in formal finance. He acknowledged that traditional commercial banks form the system's backbone, offering essential balance sheet strength, regulatory depth, and long-term capital.
However, he stressed that in a nation of over 220 million people, physical bank branches alone cannot achieve large-scale financial inclusion. Mobile-first and digitally delivered financial services are now critical in bridging this gap. By extending regulated banking services from physical locations to everyday mobile devices, licensed institutions like microfinance banks are bringing millions into the formal economy.
This digital push, he noted, was instrumental in driving formal financial inclusion to over 64% in 2025, ensuring the 'last mile' of the population is no longer left out.
Fueling Economic Growth and SME Development
Obiekea directly linked efficient capital flow to the Federal Government's ambitious $1 trillion GDP target for 2030. He highlighted the sheer volume of digital transactions, pointing out that in just the first quarter of 2025, Nigeria recorded over N295 trillion in electronic payment transactions.
He explained that faster and more secure financial infrastructure is the bedrock of modern commerce, strengthening trade and boosting overall economic productivity. A vital component of this growth is Micro, Small, and Medium-scale Enterprises (MSMEs), which contribute nearly 48% of Nigeria's GDP.
"Technology-driven banking models are helping to close long-standing credit gaps," Obiekea stated. By using alternative data responsibly to assess risk, financial institutions can provide small-ticket working capital loans. This "pocket capital" empowers businesses to grow, creating a pipeline of enterprises that can evolve into larger corporate clients within the broader banking ecosystem.
Regulatory Support and the Open Banking Future
This financial evolution is supported by a maturing regulatory environment. Obiekea disclosed that the Central Bank of Nigeria's Open Banking framework, set to roll out in phases from early 2026, will ensure all regulated institutions operate under consistent oversight.
Secure data-sharing standards will allow customers' financial histories to move with them across different institutions, strengthening trust and accountability. "At FairMoney Microfinance Bank, we see this framework as a social contract," he said. Knowing that deposits are protected by NDIC insurance and backed by clear dispute resolution mechanisms gives customers the confidence to participate actively in the economy.
Obiekea concluded by defining the future of Nigerian banking as one of structural harmony. Traditional banks provide depth and stability, while technology-enabled institutions deliver reach, speed, and accessibility. "Together, they turn financial access into economic resilience," he stated.
