Banks And Fintech Collaboration Key to Advancing Financial Inclusion – Fairmoney Md

The Managing Director of FairMoney Microfinance Bank, Henry Obiekea, has stated that collaboration between banks and fintechs is crucial to deepening financial inclusion and advancing the Federal Government’s $1tn economic growth target.

In a thought leadership article released on Monday, Obiekea highlighted that combining the financial strength of traditional banks with the agility of fintechs can bring more Nigerians into the formal financial system.

He said, “Nigeria is at a defining point in 2026. Following years of bold macroeconomic reforms, including foreign exchange unification and structural adjustments, the country is moving from stabilisation to expansion. With the Central Bank restoring confidence in the naira and foreign reserves reaching a five-year high of over $45bn, the next phase of growth depends on how effectively Nigerians can engage with the formal financial sector.

“Technology-driven banking is central to this transition. Commercial banks provide balance sheet strength, regulatory depth, and long-term capital essential for national development. Yet, in a nation of over 220 million people, physical access alone cannot deliver financial inclusion at scale.”

Obiekea emphasised the role of mobile-first and digital financial services in bridging the inclusion gap: “Licensed microfinance banks and other regulated digital institutions extend banking beyond physical branches, bringing millions into the formal economy. Achieving the $1tn GDP target requires efficient capital flow. In the first quarter of 2025, Nigeria recorded over N295tn in electronic payment transactions. Secure and fast financial infrastructure supports commerce, strengthens trade, and boosts productivity.”

He also highlighted the impact of technology on Micro, Small, and Medium Enterprises (MSMEs): “Using alternative data responsibly allows small-ticket working capital loans to reach businesses that need them, building a pipeline of enterprises that can mature into larger corporate clients. Digital financial services also enhance public revenue mobilisation through transparent transactions and expanded tax collection, supporting fiscal sustainability.”

Obiekea commended the Central Bank of Nigeria’s Open Banking framework, set for phased rollout in 2026, noting that it provides consistent regulatory oversight while enabling secure data sharing, allowing customers’ financial histories to move seamlessly across institutions.

“At FairMoney Microfinance Bank, we see this as a social contract. NDIC insurance and clear dispute resolution mechanisms give customers the confidence to participate actively in the economy. The future of Nigerian banking lies in structural harmony: traditional banks bring depth and stability, while fintechs provide reach, speed, and accessibility. Together, they transform financial access into economic resilience, ensuring every Nigerian can contribute to our shared $1tn future,” he concluded.