The move comes as stablecoins gain traction across Africa, where they are increasingly seen as tools for trade, remittances, and protection against currency instability.

The cNGN, launched in February by WrappedCBDC Ltd., is backed by reserves in commercial banks. It is regulated by the Securities and Exchange Commission (SEC) and minted across six blockchains, Asset Chain, Base, Bantu, Polygon, Ethereum, and Binance, allowing for cheaper transfers and broad network compatibility. 

So far, about ₦604 million ($395,000) worth of the token is in circulation, but retail uptake has been slower than expected.

Roqqu says it intends to change that by leveraging its strong presence in underserved areas. “We know our way when it comes to the grassroots market,” said Emmanuel Peter, head of Academy and Business Partnership at Roqqu. 

“A currency is not a thing if it’s not embraced by the people, and we know how to get to these people. This could be what the cNGN token has been missing—wider distribution.”

To reduce barriers, the exchange has announced that cNGN transactions will be feeless, although it will earn fees on fiat-to-stablecoin swaps. The token has already been integrated with Base, one of its supporting networks, as part of Roqqu’s rollout.

Beyond Nigeria, Roqqu is preparing to drive cNGN adoption across borders. In July, it acquired Flitaa, a Kenyan crypto startup with over 70,000 users and deep M-PESA integration. The acquisition strengthens its East African presence and also creates opportunities for cross-border payments between Nigeria and Kenya, with potential extensions into Uganda, Rwanda, and Tanzania.

CEO Benjamin Onomor confirmed that cNGN will be central to Roqqu’s long-term plans. “We have a lot of major plans for cNGN,” he said. “We want to unlock all the opportunities this [cNGN] stablecoin brings, including eventually providing users with low-interest loans and other financial services.”

Nigeria has already established itself as Africa’s leading stablecoin market, processing nearly $22 billion worth of transactions between July 2023 and June 2024. Stablecoins account for 43% of all crypto activity in Sub-Saharan Africa, fuelled by limited foreign exchange access, naira instability, and widespread distrust in traditional banking.

With cNGN now listed on Roqqu and backed by the Africa Stablecoin Consortium, a coalition of fintech and blockchain firms, the stablecoin is better positioned to move from regulatory approval to everyday use.

But then, billions still don’t trust the systems built for their benefit. As the World Bank’s Global Findex 2025 shows, usage continues to lag behind access. In Nigeria, the paradox is especially obvious, despite digital advances, old fears, cultural divides, and gender gaps keep many out of the system.

Techeconomy sat down with Akinlabi G. Adegoke, chief digital officer at Lotus Bank, to go beyond the numbers. With decades of experience in digital banking, from his pioneering work at ALAT to his current role at Lotus, Adegoke doesn’t just talk technology; he talks about human habits, values, and the trust deficit stalling progress.

In this wide-ranging conversation, he dissects the illusion of inclusion, exposes why savings habits remain informal, and challenges banks and regulators to rethink how they design products, build resilience, and reach the underserved, particularly women and the disconnected poor.

What follows isn’t just a reflection on digital banking, but a blueprint for building a financial system that people actually believe in and use.

TE: The World Bank’s Global Findex 2025 reveals commendable progress in digital financial inclusion globally. However, it also exposes deep-rooted challenges in trust, savings habits, and gender inclusion, especially in regions like Sub-Saharan Africa. From your perspective as a digital leader in Nigeria’s banking space, what stood out to you most in the report?

Akinlabi: What struck me is the paradox behind the progress. It’s impressive that nearly 80% of adults worldwide now have some form of account access. Yet beyond those headlines, the report highlights that simply having an account isn’t the same as really using or benefiting from it.

There’s still a trust and usage gap. Many people remain sceptical about formal finance, don’t save in their accounts, or limit activity due to fears and habits. The persistent gender divide also stood out. Women are still being left behind in many markets, which means we’re not fully tapping our potential.

For me, the big message is that the next real challenge isn’t expanding access, it’s building trust and inclusion. We have to ensure digital financial tools translate into genuine, everyday usage that improves people’s lives.

TE: Despite account ownership rising to 79 percent globally and 75% in low and middle-income countries, over 1.3 billion adults still lack financial accounts. In your view, why does adoption lag behind access in Nigeria, and how can banks like Lotus bridge the trust gap?

Akinlabi: In Nigeria, access is no longer the main barrier. Banks have expanded reach through agents, mobile apps, and digital accounts, but usage lags because trust hasn’t caught up. Many people still hold on to past experiences or hearsay.

They’re unsure if fees are hidden or if their money is truly safe. To bridge that gap, banks need to show up differently. At Lotus, we focus on transparency, zero hidden fees, and stability. We also build solutions that reflect people’s values. As an ethical bank, our approach appeals to people who want alternatives to traditional interest-based models.

Most importantly, we meet people where they are through education, community presence, and consistent service. If people experience banking that works and feels fair, trust begins to build, and with that, usage follows.

TE: The report shows that 40% of adults in Sub-Saharan Africa now have a mobile money account, up from 27% in 2021. Yet only about half of these users in the region secure their phones with passwords. What role should banks and regulators play in digital literacy and consumer protection as mobile finance grows?

Akinlabi: The growth is great, but it’s a red flag that many users still don’t secure their phones. That’s like leaving your wallet open on a park bench. Banks and regulators have to take a more hands-on role in digital literacy and security.

At Lotus, we design our mobile platforms to require authentication, PINs, biometrics, and two-factor prompts. We also run in-app prompts and SMS nudges to encourage safe habits. But we can’t do it alone. Regulators need to set minimum safety standards and run coordinated public education drives. We should normalize conversations around digital safety the same way we do around fraud alerts.

As mobile finance grows, security can’t be optional. It has to be built into every level of the ecosystem, from onboarding to the interface to the policy side.

TE: With formal saving increasing by 16% points globally to 40% between 2021 and 2024, how is Lotus Bank leveraging mobile platforms and ethical finance to nudge informal savers, especially in rural Nigeria, into the formal financial system?

Akinlabi: A lot of Nigerians still save in cash or with informal groups because it’s what they know. We bring formality to them in a way that feels familiar and safe. Through our USSD and mobile platforms, people can open an account in minutes, even on a basic phone. Then we layer in features like auto-save or savings pockets that feel like traditional thrift savings, but safer and more accessible.

What helps us stand out is our ethical banking model. We don’t pay or charge interest, which resonates with people whose beliefs or culture may keep them away from conventional banks. Instead, we focus on profit-sharing models or fixed charges.

That builds trust. So, in short, we use tech to remove friction and values to build confidence. Over time, that draws informal savers into formal banking without forcing them to change who they are.

TE: Sub-Saharan Africa has the largest gender gap in smartphone ownership and mobile money use. Over 300 million women globally still lack mobile phones. How can digital banks like Lotus design inclusive solutions that empower female users without reinforcing digital inequalities?

Akinlabi: It starts with acknowledging that access and usage are different for women. Many don’t own phones or have full control over them. So we build services that work on basic phones, through USSD and SMS. We also recruit and train female agents within communities. That way, women can bank through someone they trust, in a space that feels comfortable.

On the design side, we simplify interfaces and add voice support features to help people who are not fully literate. Most importantly, we take feedback directly from female users and cooperatives to understand what actually works for them. Inclusion has to be deliberate. It’s not just about putting a product out. It’s about designing the right product and ensuring women feel seen, safe, and supported when they use it.

TE: According to the Findex data, 31% of unbanked adults in low and middle-income economies, including half of those in Sub-Saharan Africa, also lack a mobile phone. How can the financial sector ensure inclusivity in such digitally disconnected demographics, especially where affordability remains the biggest barrier?

Akinlabi: When someone doesn’t even own a phone, we have to go back to basics. That’s where agent banking comes in. We work with local agents, people already well-known in the community, to serve as the access point for banking.

They can help open accounts, manage deposits, and initiate transfers. It’s face-to-face, but powered by tech behind the scenes. On top of that, we need partnerships that make phones more affordable. Subsidizing low-cost devices, bundling basic data access with banking, or working with telcos to roll out shared community phones are ways we can close the gap.

Digital banking doesn’t have to mean everyone has a smartphone. It can mean everyone has access to someone who does, until they can afford their own. That’s how we start.

 TE: Only 56% of adults in low and middle-income countries are financially resilient enough to access emergency funds within 30 days. How is Lotus Bank thinking about financial health, not just access, especially in designing savings, insurance, and credit products that promote resilience?

Akinlabi: At Lotus, we see access as step one. Step two is helping customers build the habits and buffers that protect them during tough times. One example is our Save-As-You-Earn feature. Every time money comes into your account, a portion can go directly into a savings pocket. It’s automatic and low-effort, which makes it more likely to stick.

We’re also building micro-insurance offerings, low-cost coverage for health or emergencies, and ethical credit products with transparent repayment terms. Because we don’t charge interest, there’s no compounding debt. It gives people room to breathe.

We also use simple nudges, reminders to save, prompts to set financial goals, and educational messages that explain why small actions today matter tomorrow. Our goal is not just to grow balances, but to help people feel secure and prepared.

TE: Given your previous work at ALAT by Wema and now at Lotus Bank, what innovations or policies do you believe are urgently needed to transition Nigeria’s cash-heavy informal economy into a robust digital ecosystem that people actually trust and use regularly?

Akinlabi: It comes down to three things: trust, ease, and relevance. We need digital tools that work as smoothly as cash but come with more benefits. For example, standardizing QR payments and making wallets truly interoperable would go a long way. We also need to keep designs simple and intuitive. Not every user is tech-savvy, but everyone wants to transact fast and without hassle.

From a policy angle, the government should support infrastructure upgrades and enforce consumer protection. Nothing damages trust faster than a failed transaction or unresolved dispute. Agent networks should be expanded, not just in rural areas, but across markets and informal zones where cash dominates. Lastly, we need more collaboration.

Banks, fintechs, and telcos need to share infrastructure and data safely so we can offer connected services that fit into people’s real lives. If we make digital banking feel safer, faster, and more useful than cash, people will adopt it, not because we told them to, but because it simply works better for them.

That’s nearly 40 million businesses, collectively contributing 48% to the national GDP. Yet, 95% of these SMEs fail within their first five years, usually due to lack of funding, poor access to banking tools, and limited business support. 

With traditional banks retreating from riskier ventures, Moniepoint and FairMoney are stepping up. But in a country where only 1.3% of informal businesses earn above ₦2.5 million monthly, which of these lenders’ offerings go beyond quick cash? Which one truly understands what it takes to help an SME survive?

Let’s compare.

Business Model and Market Positioning

Moniepoint operates as a full-stack business bank designed specifically for SMEs and merchants in the informal economy. With over 600,000 active businesses onboarded and more than $1 billion in monthly transactions, it doesn’t stop at offering credit, it is building infrastructure. 

The company’s ecosystem includes POS terminals, business accounts, access to credit, and tools for managing operations, tailored to low-income, cash-heavy enterprises.

FairMoney, in contrast, began as a mobile lender and has evolved into a digital microfinance bank. With a user base of over 5 million, mostly individuals and micro-retailers, FairMoney focuses on high-speed lending with minimal friction. 

It processes over 15,000 loans daily, making it one of the busiest lenders in the market. But its SME support, while growing, is still very much credit-centred.

Verdict: Moniepoint provides a deeper ecosystem; FairMoney offers speed at scale.

Lending Approach and Credit Accessibility

Here, the difference goes beyond product to philosophy.

FairMoney provides loans of up to ₦5 million, approved in less than five minutes, with no collateral required. Interest rates can stretch from 2.5% to 30% per month, and repayment terms range up to six months. Credit decisions are made based on mobile metadata, BVN, and behavioural patterns, efficient, but impersonal.

Moniepoint, however, links credit access directly to a merchant’s transaction history and daily sales. It uses behavioural data drawn from its POS network and banking activity to offer context-specific loans, often with automated repayment via daily deductions. No app downloads or long forms, just performance-based access.

Verdict: FairMoney wins on speed and accessibility; Moniepoint wins on context and sustainability.

Support Tools Beyond Lending

This is where things start to diverge sharply.

Moniepoint offers SMEs:

• POS terminals
• Business current accounts
• Real-time sales dashboards
• Financial reporting tools
• Access to zero-debt and debt-based funding
• Insurance
• Agent and field rep support
• Formalisation support through its CAC partnership

FairMoney has done great in SME banking, but it still leans heavily on its lending app as the primary channel. Although it now offers savings products (like FairSave and FairLock), its business tools remain limited in scope.

Verdict: If your business needs more than a loan, Moniepoint offers the full toolkit.

Reach and Accessibility

FairMoney is completely digital, thriving on mobile penetration and app-based delivery. It’s well-suited for urban-based, tech-comfortable entrepreneurs. Its acquisition of Umba for $20 million in April 2025 is a signal of expansion, but primarily still in digital terms.

Moniepoint, on the other hand, is boots-on-the-ground. With thousands of field officers and a nationwide POS network, it reaches deep into underserved regions, including rural and peri-urban areas. Its services don’t rely on smartphone literacy or internet availability.

Verdict: Moniepoint wins on geographic and socioeconomic inclusion.

Customer Experience and Relationship Management

FairMoney is great in automated service. Its app is seamless and responsive. Customer queries are resolved through chatbots and live chat. But there’s little human follow-up once the money is disbursed.

Moniepoint provides dedicated relationship managers for its SMEs. There is human support for onboarding, training, dispute resolution, and transaction management. For many low-tech businesses, this level of handholding can mean the difference between adoption and abandonment.

Verdict: FairMoney is best for self-directed users. Moniepoint is better for relationship-driven businesses.

Strategic Moves and Financial Strength

FairMoney has posted commendable financial results:

• ₦121.9 billion gross revenue in 2024 (up 62%)
• Net profit of ₦5.85 billion (up 650%)
• Loan book of ₦168.5 billion
• Customer deposits grew by 73%
• Interest income reached ₦116.3 billion

It’s profitable, efficient, and growing fast.

Moniepoint, meanwhile, raised $110 million in late 2024 and secured a strategic investment from Visa in January 2025. It also acquired Kenya-based Kopo Kopo and invested in West Africa’s Payday. Beyond its numbers, Moniepoint is building infrastructure, not just capital.

Verdict: FairMoney leads on profit metrics and Moniepoint leads on strategic depth.

Social Impact and Formalisation

Moniepoint is pushing for systemic change. It has already helped formalise over 2 million businesses through its CAC partnership. Its 2025 Informal Economy Report revealed that 70.1% of supported SMEs have accessed credit, and 37.1% are women-led. It’s a fintech that is reshaping the structure of Nigeria’s informal economy.

FairMoney contributes through event sponsorships and mobile financial inclusion, but the impact is narrower and less structural.

Verdict: Moniepoint has a transformational vision. FairMoney is transactional.

Who Has the Edge?

The answer depends on what you’re looking for.

If you’re a small trader or micro-retailer who needs fast credit with no paperwork, FairMoney is an excellent option. It’s reliable, fast, and mobile-first.

But if you’re building a serious, long-term business and want a partner that offers tools, structure, and strategic backing, Moniepoint has the edge. It doesn’t just lend, it empowers. It doesn’t just serve users, it enables businesses.

In Nigeria’s SME economy, short-term survival and long-term growth are two different games. FairMoney helps you survive. Moniepoint helps you build.

This expansion includes a revamped market strategy and new key appointment: Managing Director for Nigeria at BPC, a seasoned expert who will bolster BPC’s local team, reflecting a commitment to delivering secure, innovative digital payment while driving innovation and growth in Africa’s largest markets and most dynamic economies.

To spearhead its operations in Nigeria, BPC welcomes Dapo Adeosun as managing director, Nigeria. A seasoned Banking and Payments expert with 30 years of experience, Adeosun has played key roles in leading institutions such as First Bank, Access Bank, UBA, and NIBSS (A National Central Switch).

During his 12-year experience at NIBSS, he was the divisional head of the business development directorate and the academy and worked closely with industry stakeholders across the ecosystem to advance Nigeria’s payment systems and infrastructure both locally and internationally.

“At NIBSS, I witnessed firsthand the challenges that are in front of Nigeria’s financial sector—from ensuring secure, efficient services to finding future-proof, easily scalable solutions to bridge the financial inclusion gap,” says Adeosun.

“BPC brings globally certified tools and AI-driven fraud prevention mechanisms that can drastically reduce transaction failures, enhance security, and optimise financial operations for banks and payment providers.”

Dapo Adeosun adds, “Legacy systems have long hindered banks from reaching their full potential, often preventing them from serving unbanked communities with modern financial solutions. With BPC’s SmartVista, we are changing that landscape—offering banks the flexibility, security, and scalability needed to thrive in today’s digital economy.”

Nigeria’s digital payment ecosystem experienced noticeable growth in 2023–2024, with digital transactions rising from ₦600 trillion to ₦1.08 quadrillion, an 80% surge that reflects the expanding reach of digital financial services.

Monthly payment values consistently climbed past the ₦100 trillion mark in the latter part of 2024, boosted by widespread adoption of POS, which now dominates 92.8% of combined POS-ATM transactions, a complete reversal from 2016 figures.

Despite this growth, the sector faces substantial challenges, such as large segments of the population remain unbanked or underbanked, and fraud incidents have soared fivefold to ₦52 billion in early 2024, prompting the Central Bank of Nigeria to intensify efforts on digitalisation, cybersecurity, and payment safety.

Recognising these market dynamics – the need for modern and safe payment mechanisms, BPC has positioned its next-generation SmartVista platform at the forefront of payment modernisation and Innovations in Nigeria. SmartVista provides:

• Flexible end-to-end digital payment solutions, including card and merchant management, e-wallets, mobile banking, agent banking, and SoftPOS technology for a mobile-first economy.
• Advanced fraud management capabilities and prevention tools powered by AI-driven Fraud Management with Link Analysis and Case Management, helping financial institutions combat transaction fraud effectively. Already, several Tier 1 financial institutions in Nigeria leverage SmartVista’s multi-layered fraud management solutions, highlighting its effectiveness in defending against modern fraud.
• Scalable and flexible microservices based architecture that bridges the gap between legacy banking systems and next-generation financial services, ensuring seamless transactions for businesses and consumers alike.

As Nigeria advances its digital agenda, BPC remains dedicated to equipping financial institutions, payment providers, and government agencies with technology that drives efficiency, security, and financial inclusion.

The technology modular architecture and holistic approach allows financial institutions to centralise diverse third-party services, smoothing operational discrepancies and speeding time-to-market for new offerings.

“Our goal is to provide cutting-edge solutions that support Nigeria’s financial ecosystem from powering complete digital financial ecosystems to enhancing non-financial sectors through enablement of marketplaces and digitalisation of government services,” says Dapo Adeosun.

“With SmartVista, we’re not just offering payment solutions—Our goal is to advance Nigeria’s nationwide digital agenda and we’re building a future-ready digital economy.”