The drive for global financial inclusion has found a strong ally in digital innovation, as emphasized by the Executive Director and Chief Risk Officer of FairMoney Microfinance Bank, Adebowale Aderoju. He stated that scaling up technology investments is no longer just an operational upgrade for financial institutions but the absolute cornerstone of deepening financial inclusion. By aggressively funding advanced digital infrastructure, fintech platforms can bridge the gap between traditional banking systems and unbanked populations.
Breaking Down Barriers
Aderoju noted that dismantling historical barriers such as rigid documentation requirements and physical distance from brick-and-mortar banks is essential. The Federal Government and Central Bank of Nigeria aim for 95 percent financial inclusion by 2028. As of 2025, inclusion reached 76 percent, meaning about 128 million adults are included, but over 30 million adults remain excluded. However, many have mobile phones: according to EFInA and World Bank Findex Survey data, 84 percent of adults use mobile phones, 63 percent have bank accounts, and 54-55 percent have made payment transactions.
Closing the Gaps
Despite progress, Aderoju admitted there are gaps. Only 43 percent of people use formal platforms to save money. The borrowing and lending aspect is another major gap, which FairMoney manages adequately. He emphasized that robust investments in artificial intelligence, cloud computing, and alternative data scoring allow fintechs to design tailored products for individuals lacking standard collateral or credit histories. Micro-loans, secure savings wallets, and instant payment rails become accessible via simple smartphone interfaces.
Cost Reduction and Sustainability
This strategic shift toward heavy tech investment addresses high operational costs that deterred mainstream banks from serving low-income segments. By automating backend processes and optimizing digital-first customer acquisition, service providers can lower transaction fees. Aderoju stressed that making financial services affordable is as vital as making them accessible. High-tech adoption ensures serving micro-economies becomes commercially viable and sustainable.
On FairMoney's operations, Aderoju said promoting a strong savings culture among Nigerians is critical to reducing loan defaults and strengthening the lending ecosystem. He noted, "Generally, it is easier to get people to borrow than to save. Everybody needs money, but when you ask people to bring their money and save, very few people respond."
