November 1, (THEWILL) – Nigeria is progressing toward the realisation of the Central Bank of Nigeria’s Payment System Vision 2028, which was unveiled on June 1, 2026. The objective of the PSV 2028 is to strengthen the country’s payment infrastructure while fostering financial inclusion and technological advancement. This development will facilitate the transition to a subsequent phase of financial technology competition, among the fintechs, that extends beyond the mere capacity to execute rapid monetary transfers
The defining contest will be over which institutions can transform digital payments into a comprehensive infrastructure for commerce, financial inclusion, enterprise productivity and economic growth. Already, the Nigeria Inter-Bank Settlement System, which hosts the nation’s digital payment infrastructure, has continued to advance in its initiatives towards launching Nigeria’s payment systems into a globally competitive and future-ready ecosystem.
According to Premier Oiwoh, Managing Director/CEO, NIBSS, “I envision a future where every Nigerian, regardless of location or income level, can participate fully in the digital economy; a future where Nigerian fintechs can innovate faster and scale globally.”
In this emerging landscape, based on existing evidence, Moniepoint is positioning itself as more than a payment service provider. Through its merchant payment network, business banking services, credit offerings, digital business management tools and technology infrastructure, the foremost fintech platform is building an ecosystem designed to serve the everyday needs of Nigerian businesses.
Its strategy reflects an important development in the country’s financial services industry: the growing convergence of payments, banking, lending and business management on a single digital platform.
Industry experts affirm that the opportunity is substantial. Nigeria’s millions of small and medium-sized enterprises, informal traders, distributors, service providers and microbusinesses require reliable payment channels, accessible financial services and better tools for managing their operations. Yet many continue to struggle with inconsistent cash flows, limited access to credit, weak record-keeping and the high cost of running a business.
“By connecting payments with financial services and enterprise tools, Moniepoint is seeking to address several of these constraints simultaneously,” said Mike Akannor, a financial analyst.
Akannor, however, emphasised that the fintech’s prospects will depend on how effectively it converts its growing market presence into deeper relationships with businesses, sustainable revenue streams and measurable improvements in productivity.
“Moniepoint has taken the bold step of restricting its engineering and product functions to improve efficiency and achieve product advancement. This is important for a platform that is engaged with a neck-breaking competition amid industry peers — as the CBN’s 2028 PSV target nears.” Akannor said in a memo to THEWILL.
Payment System Vision 2028 and the next fintech frontier
The CBN’s Payment System Vision 2028 provides an important policy backdrop for the industry’s next phase of development. Its broader ambition is to strengthen Nigeria’s payment ecosystem, encourage innovation, expand access and improve the efficiency and security of electronic transactions. It is to promote financial inclusion to an advanced level.
The country’s payment infrastructure, supported by institutions such as the Nigeria Inter-Bank Settlement System, has made electronic transfers and digital payments increasingly integral to everyday commerce. Example is the Nigerian Payment Stack launched in 2025. Built on ISO 20022 standards and powered by modern architecture, NPS introduces capabilities that position Nigeria among the leading payment ecosystems globally.
For fintech operators, this infrastructure provides the foundation on which more sophisticated services can be built. Businesses can receive electronic payments, transfer funds, reconcile transactions and increasingly manage their finances without depending exclusively on physical bank branches.
However, infrastructure alone does not guarantee economic transformation. The real test is whether digital payments can help businesses reduce operating costs, improve cash-flow visibility, secure financing and expand their capacity to create jobs.
This is where Moniepoint’s business-oriented strategy becomes particularly significant. Rather than treating each transaction as an isolated service, the company can use payment relationships to understand how businesses operate, identify their financial needs and offer complementary products.
The strategic advantage lies in the connections between these services. A merchant who receives payments through a digital terminal may also need a business account, transaction records, payment reconciliation, working capital and software to manage sales and expenses.
A provider that can deliver these services through an integrated ecosystem has an opportunity to become an indispensable business partner.
From payment terminals to a business ecosystem
Moniepoint’s growth has been closely associated with its merchant payment business and the expansion of point-of-sale services across Nigeria. For traders and other small businesses, reliable electronic payment acceptance has become increasingly important. Customers expect to pay digitally, while businesses need to receive funds efficiently and maintain continuity during periods of high transaction volumes.
Payment terminals and related services help bridge this gap, particularly for enterprises that may not have access to sophisticated banking infrastructure or the resources to deploy expensive payment systems.
But the significance of Moniepoint’s approach extends beyond distributing payment devices.
The broader opportunity is to connect merchants to a range of financial services through the same business relationship. Payments generate transaction records; those records can support account management, reconciliation and, where appropriate, more informed credit assessments.
This creates a potentially powerful commercial cycle. As businesses use more services, the platform can become more useful to them. Greater usefulness can strengthen customer retention, while a wider range of services can create additional revenue opportunities.
The model also offers a route towards serving businesses at different stages of development, from neighbourhood retailers and market traders to larger distributors and established enterprises. For Moniepoint, the strategic objective is therefore not simply to increase the number of terminals in circulation. It is to deepen the economic value of each merchant relationship.
Moniepoint’s 2025 performance demonstrates the scale of this transformation. According to its published year-in-review figures, the company served more than six million businesses, banked over 16 million individuals and processed more than 14 billion transactions worth approximately N412 trillion during the year (2025). It also reported disbursing more than N1 trillion in credit to small businesses.
The company further stated that it powered approximately eight out of every 10 in-person payments in Nigeria through its merchant-acquiring network. These are company-reported figures rather than independently audited measures of its market share, but they illustrate the scale it has reached in the payments segment.
Such scale matters because payment infrastructure becomes more valuable when more merchants, customers and businesses use it. A large network can generate more transaction data, improve distribution efficiency and create opportunities to offer additional services to existing customers.
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Turning digital payments into productive credit
One of Nigeria’s most important economic challenges is ensuring that financial resources reach productive businesses. Small enterprises frequently need working capital to purchase inventory, pay suppliers, acquire equipment or meet short-term obligations. Yet lenders must contend with limited financial records, uncertain cash flows, inadequate collateral and the high cost of assessing smaller borrowers.
Digital payment platforms may help narrow this gap. Where customers and merchants conduct a meaningful proportion of their transactions electronically, lenders can obtain a clearer picture of some aspects of business activity. Combined with other relevant information, these records may improve credit assessments and enable more tailored financial products.
For Moniepoint, this creates an opportunity to connect payment services with responsible lending to eligible businesses.The economic value could extend beyond the company itself. Better access to appropriately priced working capital may help viable enterprises maintain inventory, take advantage of market opportunities, improve production and employ more workers.
Speaking at the launch of PSV 2028 in June 2026, Moniepoint Group Chief Executive Officer, Tosin Eniolorunda, advocated building credit services on top of existing payment infrastructure. His argument was that transaction data, when used responsibly, could help financial institutions assess businesses more effectively and extend financing to enterprises traditionally underserved by formal lenders.
The proposal speaks to a major structural weakness in Nigeria’s economy: the disconnect between the financial activity taking place in the informal sector and the formal credit system.
If the information generated by digital payments can be converted into reliable assessments of repayment capacity, more businesses could potentially qualify for loans.
Outlook for 2026-end
By the end of 2026, Moniepoint has an opportunity to strengthen its position as a major business-focused financial technology platform in Nigeria. The most plausible route to that outcome is not simply an aggressive expansion of its customer base. It is deeper adoption of its existing ecosystem.
If more merchants use its payment services alongside business accounts, management tools and suitable financial products, the company could increase customer retention and generate more value from each relationship.
Moniebook and related business services could become increasingly important in this process, particularly if merchants find that the platform helps them manage inventory, understand sales patterns and make better operating decisions.
The company could also benefit from growing electronic payment adoption as the financial system develops towards the CBN’s Payment System Vision 2028.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
