Tosin Eniolorunda, founder and group chief executive officer of Moniepoint Inc, 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.

Eniolorunda made the remarks during a panel session at the launch of the Nigeria Payments System Vision 2028 (PSV 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.

“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,” Eniolorunda said.

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 panel, moderated by Chief Executive of Sterling Bank Plc, Mr. Abubakar Suleiman, also featured Managing Director/CEO of Nigeria Inter-Bank Settlement System (NIBSS) Plc, Mr. Premier Oiwoh; Managing Director/CEO of Remita Payment Services Limited (RPSL), Mr. Deremi Atanda; and Managing Director/CEO of Shared Agent Network Expansion Facilities (SANEF) Limited, Mrs. Uche Uzoebo, among others.

Speaking on the power of payment infrastructure as a foundation for broader financial services, Eniolorunda argued 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.

Eniolorunda 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 emphasized, echoing Governor Cardoso’s warning against the country’s historic “start-stop” policy cycles.

In his address at the launch, CBN Governor, Olayemi Cardoso noted that the new framework builds on Nigeria’s progress in digital payments and seeks to accelerate the country’s transition towards a more inclusive, technology-driven ecosystem as it continues to lead Africa’s digital payments ecosystem.

“Over the past two decades, Nigeria’s payments ecosystem has evolved into one of the most dynamic and innovative in the world. From instant payments and digital adoption to fintech-led innovation, our progress has often set the pace on the continent. While this progress has not always been fully reflected in global narratives, its impact on economic activities, financial inclusion, and system resilience is evident across our economy,” he said.

The CBN governor stressed that financial inclusion must remain central to the country’s economic future, noting that millions of Nigerians are still outside the formal banking system.

“Inclusion and not exclusion must define our future. In 2023, a very large number of Nigerian adults will have access to financial services. Under Vision 2028, I would like to see this reaching 95 per cent inclusion. That means 50 million more market women, farmers, and young people will have a bank account or wallet in their name, with their name and BVN protecting them,” Mr Cardoso said.

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.

The push to convert payment data into business capital aligns closely with the core pillars of the PSV 2028 roadmap, which emphasizes open banking, infrastructure resilience, and deep economic integration.

Moniepoint, which is Nigeria’s largest distributor of financial services has built its early dominance on payment infrastructure and agent banking for small businesses, and has since expanded into business banking and credit, with over 1 trillion naira disbursed in 2025 to Nigerian MSMEs.

Micro, Small, and Medium-sized Enterprises (MSMEs) don’t need to spend millions to benefit from AI. Nigeria is home to 40 million MSMEs, contributing 90% of employment. MSMEs also account for 96.9% of businesses, 87.9% of employment, and contribute 46.3% of GDP. That means nearly every job or service around you has MSMEs at its core.

Despite their importance, most MSMEs still struggle with high inflation, unstable electricity, and rising costs. A July 2024 PwC survey of 567 MSMEs found that 67% reported declining customer demand due to reduced purchasing power.

In this kind of climate, the pressure to cut costs while staying productive is higher than ever. This is exactly where AI can come in.

Chances are, you’ve already used AI without realizing it. Voice assistants like Siri and Alexa run on AI, as do the chatbots that pop up when you’re browsing a website, trying to find your way around.

Many business owners still think AI is for the future. Others fear it will replace jobs, but the reality is, AI at the MSME level is not about robots taking over your bakery or replacing your shop assistant. It’s about helping you work smarter, cut waste, and serve customers better.

Say you run a small fashion brand. Customers keep messaging you on WhatsApp to ask the same questions: “How much is this dress?”, “Do you deliver to Abuja?”, “What’s your size guide?”

Instead of answering every single one manually, you can set up a simple WhatsApp chatbot using platforms like BotMe or Wati. These tools can answer FAQs 24/7, take orders, and even follow up with customers politely.

Or perhaps you’re in the food services industry, struggling to keep track of expenses. Instead of jotting everything down in a notebook, you could try AI-driven bookkeeping tools like Tyms AI or Vic.AI. These apps can automatically record sales, generate invoices, and remind you of pending payments.

And Nigeria is more digitally connected than ever before. The Nigerian Communications Commission (NCC) reports that as of June 2025, there are 140.6 million active internet subscribers and 48.7% broadband penetration. That’s almost half the country online.

In fact, total data consumption has shot up to 1.04 Terabytes per month across nearly 171.7 million Nigerians. So if you think your customers aren’t online, think again. They’re browsing Instagram, searching Google, and scrolling TikTok. With AI, your business can meet them right there.

Let’s also talk about marketing. Instead of paying a marketing agency hundreds of thousands of naira, you can use ChatGPT, Claude.AI, or Google Gemini to draft social media captions, email campaigns, or product descriptions.

If you need visuals, tools like Canva AI and Freepik can generate designs in minutes. Use Descript for audio and Google Veo3 for video. Suddenly, the marketing team you thought you couldn’t afford is right at your fingertips.

These are not distant or futuristic dreams. They are practical shifts already happening around you, available at a fraction of the cost once imagined.

Of course, barriers exist. Many MSMEs fear that AI is too expensive, while others struggle with poor digital literacy or unreliable internet. But think about how people adapted to mobile banking. At first, USSD codes seemed confusing. But today, even market women dial *737# – a USSD shortcode provided by Guaranty Trust Bank (GTBank) for simple banking services on any mobile phone, including transfers, airtime purchases, bill payments, and balance inquiries – without blinking. The same can happen with AI: once we see the value, adoption will spread naturally.

Mindset change is key. If your MSME continues to run its business the old way, you’ll keep losing customers to those who can serve faster, cheaper, and better.

Policymakers also need to wake up. McKinsey estimates that Generative AI alone could unlock up to $100 billion in annual economic value across Africa. Supporting low-cost AI adoption through tax breaks, training programs, and digital infrastructure is not just a nice idea, but a national urgency.

So, where to begin? Start small. Try a WhatsApp chatbot to onboard new users or answer FAQs. Use ChatGPT to write marketing content. Replace manual receipts with AI invoicing tools. Even if you just start with one tool, you’ll quickly see the time and money saved.

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*Mo Shehu, PhD, is the CEO of Column – a UK-based media and research firm. With over a decade of experience across three continents, Dr. Shehu helps leaders and brands grow through clear, credible insights. He lives in the UK.