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The Managing Director of FairMoney Microfinance Bank Nigeria, Henry Obiekea, has called for a bold, nationwide commitment to inclusive and transparent digital finance as a key enabler of Nigeria’s ambition to achieve a $1 trillion economy by 2030.
In an article titled “Why Fair Digital Access is the Foundation of Nigeria’s 2030 $1 Trillion Roadmap Ambition”, Obiekea emphasized that Nigeria’s youthful population and growing digital adoption present a unique opportunity to accelerate national growth—if equitable access to finance becomes a central policy priority.
He noted that while the government’s trillion-dollar target is achievable, success depends on bridging the gap between innovation and access to capital, particularly for young entrepreneurs in technology, agribusiness, and other emerging sectors.
“Harnessing this potential requires more than ambition—it demands inclusive capital,” Obiekea stated. “Millions of young Nigerians have brilliant ideas that fail to scale due to limited access to finance. Financial inclusion is the primary driver for achieving the $1 trillion target.”
Citing recent data, Obiekea revealed that about 36 per cent of Nigerian adults—roughly 40 million people—remain financially underserved or excluded. This includes 26 per cent completely outside the formal system and 10 per centrelying solely on informal channels. The gaps, he noted, are especially evident in northern regions and among low-income populations, limiting opportunities for savings, credit access, and business expansion.
He also highlighted Nigeria’s low credit-to-GDP ratio (13–19 per cent) as a sign of underdevelopment in the domestic credit market. However, he described the digital revolution—driven by mobile penetration exceeding 93 per cent of adults—as a powerful tool to close this gap.
“Fintechs have leveraged mobile technology and data science to redefine inclusion,” he wrote. “Yet digital access alone is not enough. True growth requires authentic financial inclusion, rooted in fairness, transparency, and trust. Without these values, digital finance risks mirroring traditional exclusion through hidden fees and predatory practices.”
According to Obiekea, FairMoney’s approach exemplifies how innovation can be harnessed responsibly. Operating as a licensed microfinance bank, the company prioritises transparency and accessibility, ensuring customers face no hidden charges and enjoy instant account opening and rapid loan approvals powered by alternative data and AI-driven scoring systems.
“Every transaction must build, not break, the customer’s financial life,” Obiekea said. “This is how financial services evolve from mere utilities to engines of national prosperity.”
He described genuine financial inclusion as a social safety net that empowers millions—especially youth and the underbanked—to participate meaningfully in economic development.
“The road to a $1 trillion economy must be paved with inclusion,” he concluded. “To unlock Nigeria’s trillion-dollar destiny, financial institutions must embrace Fair Digital Access—a commitment to transparency, trust, and equitable deployment of financial capital. In the digital age, trust is the new currency.”
Obiekea’s call underscores the growing consensus that inclusive digital finance—anchored on fairness and innovation—will be pivotal in driving Nigeria’s transition to a resilient, high-growth economy by the end of the decade.
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