Nigeria’s bold target of a $1 trillion economy by 2030 rests on its youthful population, but without transparent digital lending, millions of entrepreneurial ideas will remain unfunded, Henry Obiekea, the managing director, FairMoney Microfinance Bank warned.
Obiekea, who disclosed this in a policy brief, said, “Nigeria’s median age is among the lowest globally, this is our demographic dividend. Yet 36 percent of adults, roughly 40 million people, are either fully excluded from formal finance or trapped in informal systems.”
Of that group, 26 percent have no access to banks at all, while 10 percent rely solely on unregulated lenders.
Recall finance minister Wale Edun recently echoed the urgency, cautioning that failure to finance young Nigerians risks driving talent into unproductive ecosystems.
Read also: FairMoney offers Nigerians 17% to 30% Interest on Their Savings
Obiekea argues the solution lies in fair digital access: mobile-first services that eliminate hidden fees, use alternative data for instant credit scoring, and deliver capital within minutes.
FairMoney, a licensed microfinance bank, exemplifies the model. Its app offers instant account opening, loans approved in under five minutes, and fixed deposits with competitive rates, all without opaque charges. “Every transaction must build the customer’s financial life, not break it,” Obiekea said.
The stakes are macroeconomic. Nigeria’s credit-to-GDP ratio languishes at 13 percent to 19 percent, half the level of peers Kenya and Egypt (31 percent to 37 percent) and a fraction of India or Brazil (53 percent to 62 percent). Low credit penetration starves micro, small and medium enterprises (MSMEs) and household consumption, core growth engines for the $1 trillion goal. Digital infrastructure is already in place as over 93 percent of adults own mobile phones, and agent banking networks are expanding.
Yet Obiekea warns that speed without transparency breeds predatory lending, eroding trust and pushing users back to cash.
FairMoney counters with end-to-end clarity. Borrowers see total repayment upfront; savings products incentivize wealth-building. The ripple effect is immediate: a merchant securing inventory doubles turnover, hires staff, and boosts taxable revenue. Mobilized deposits fund larger projects, increasing money velocity.
“Fairness is not charity, it is strategy. Transparent digital lending turns excluded youth into GDP contributors. Without it, the trillion-dollar dream stays aspirational,” Obiekea averred.
