The founder and Chief Executive Officer of Moniepoint, Tosin Eniolorunda, has said the next stage of growth in Nigeria’s payments ecosystem will come from integrating credit products into existing payment infrastructure.
Speaking during a panel session at the launch of the Nigeria Payments System Vision 2028 (PSV 2028), Eniolorunda said payment platforms have already created the trust and visibility needed to expand access to financing for small businesses.
According to him, transaction data generated through payment systems can help address one of the biggest challenges facing small enterprises in Nigeria—limited access to credit.
“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,” he said.
“For many small businesses, access has always been the real barrier.”
Eniolorunda argued that the payments industry has already laid the foundation for a more inclusive financial ecosystem through widespread adoption of digital transactions and agent banking networks.
He said the next logical step is to build financial products such as credit on top of existing payment flows.
“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 added.
The Moniepoint chief executive described the launch of PSV 2028 as an important milestone that highlights both the progress Nigeria has made in digital payments and the opportunities that still lie ahead.
He noted that the vision introduced by the Central Bank of Nigeria aims to deepen financial inclusion, strengthen resilience, and promote innovation across the country’s payment ecosystem.
According to Eniolorunda, achieving the objectives of PSV 2028 will require strong collaboration among regulators, banks, fintech firms, and other stakeholders.
“Achieving the ambitions of PSV 2028 will require regulators, banks, fintechs, and ecosystem players working together with a shared long-term vision,” he said.
The Nigeria Payments System Vision 2028 is a Central Bank of Nigeria-led framework that outlines the strategic direction for the country’s payments infrastructure over the coming years.
The initiative places financial inclusion, innovation, security, and interoperability at the centre of Nigeria’s digital finance agenda.
Industry experts have increasingly focused on what comes after payments as fintech companies seek new growth opportunities beyond transaction processing.
Many operators are now expanding into lending, savings, insurance, and other financial services delivered through existing payment networks.
Nigeria has emerged as one of Africa’s leading fintech hubs over the past decade, supported by rapid mobile money adoption, expanding agent banking networks, and increased investment in financial technology startups.
Moniepoint itself has evolved from a payment infrastructure provider into a broader financial services platform offering business banking and credit solutions to small and medium-sized enterprises.
Meanwhile, Nigeria’s next-generation payment infrastructure, known as the National Payment Stack (NPS), has recorded a significant milestone during its pilot phase.
The Managing Director and Chief Executive Officer of the Nigeria Inter-Bank Settlement System (NIBSS), Premier Oiwoh, disclosed that the platform has successfully processed more than 153,000 transactions.
Oiwoh made the disclosure during a panel discussion at the PSV 2028 launch in Abuja.
The National Payment Stack is expected to serve as the backbone of Nigeria’s future digital payments ecosystem.
The platform is designed to support faster, more secure, and interoperable transactions across banks, fintech companies, payment service providers, and mobile money operators.
Industry stakeholders believe the infrastructure will play a key role in supporting innovation and accelerating the growth of digital financial services across the country.
