Moniepoint CEO Backs Credit Layer on Nigeria Payments

In Short

• Moniepoint CEO Tosin Eniolorunda says Nigeria’s next phase in payments should focus on adding credit products on top of existing payment infrastructure.
• He says transaction data can help small businesses access faster loans and working capital.
• The comments were made at the launch of Nigeria Payments System Vision 2028, a Central Bank of Nigeria roadmap.

What Happened

At the launch of the Nigeria Payments System Vision 2028, Moniepoint CEO Tosin Eniolorunda said the next stage of growth for Nigeria’s payments ecosystem will come from “layering” credit on top of payment flows. In simple terms, layering credit means using the same rails that move money, like transfers, cards, and POS transactions, to also offer loans.

Eniolorunda’s argument is that payment infrastructure has already built visibility and trust because it captures financial transactions. That transaction history can act like a business record, helping lenders judge risk when a small business has limited paperwork.

He said that when payment data is used responsibly, it can unlock quicker and more accessible credit for underserved merchants. This matters for MSMEs, meaning micro, small, and medium-sized businesses, many of which struggle to get loans from traditional banks.

He also pointed to the need for collaboration between regulators, banks, fintechs, and other ecosystem players to meet the PSV 2028 goals.

Why It Matters

Nigeria’s payments market has grown fast, but access to formal credit remains limited for many merchants. If fintechs and banks can use transaction data to underwrite loans, meaning assess who can repay, more small businesses could qualify for working capital.

The PSV 2028 framework, led by the CBN, sets priorities like financial inclusion, resilience, and continued modernization of payment systems. Credit tied to payment rails could support those goals, but it also raises questions about data privacy, consent, and fair lending rules.

For payment providers, adding lending can create new revenue streams beyond transaction fees. For merchants, it can mean financing that matches real cash flow patterns, not just collateral and bank statements.