Tosin Eniolorunda, founder and Chief Executive Officer of Moniepoint, 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.

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Eniolorunda made the remarks during a panel session at the launch of the Nigeria Payments System Vision 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.

He argued that payment infrastructure has already done the hard work of establishing visibility and trust through financial transactions, and that the logical next step is to use that foundation to solve the credit access problem that has long constrained small business growth in Nigeria.

What the Moniepoint CEO is saying

Eniolorunda explained 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.
  • “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.

He also noted that Central Bank of Nigeria Governor Olayemi Cardoso used the PSV 2028 launch to stress the importance of collaboration and innovation in building a payments ecosystem capable of supporting inclusion and economic growth.

  • “Achieving the ambitions of PSV 2028 will require regulators, banks, fintechs, and ecosystem players working together with a shared long-term vision,” Eniolorunda said.

More insights 

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 conversation around what comes after payments has been gaining ground within Nigeria’s fintech industry, with operators increasingly turning attention to lending, savings, and other financial services that can be distributed through payment rails already embedded in everyday business activity.

  • Nigeria has grown into one of the most active fintech markets globally over the past decade, driven by mobile money adoption, agent banking expansion, and a wave of venture-backed startups building across the financial services stack.
  • Moniepoint, which built its early dominance on payment infrastructure and agent banking for small businesses, has since expanded into business banking and credit, making Eniolorunda’s argument at PSV 2028 as much a reflection of his company’s own trajectory as it is a broader industry position.

What you should know 

Nairametrics earlier reported that Nigeria’s next-generation payment infrastructure, the National Payment Stack (NPS), has processed more than 153,000 transactions during its pilot phase, marking a significant milestone in the country’s efforts to modernize its digital payments ecosystem.

The achievement was disclosed by the Managing Director and Chief Executive Officer of the Nigeria Inter-Bank Settlement System (NIBSS), Premier Oiwoh, during a panel session at the launch of the Nigeria Payments System Vision (PSV) 2028 in Abuja.

Designed as the backbone of Nigeria’s evolving payments landscape, the National Payment Stack is expected to provide the core infrastructure for seamless digital transactions across the financial sector. The platform will support faster, more secure, and interoperable payments among banks, fintech firms, payment service providers, and mobile money operators.