Nigeria’s banking sector recapitalisation will only achieve its intended purpose if the stronger capital base translates into tangible improvements in customers’ everyday banking experiences, the Chief Executive Officer of Enhancing Financial Innovation and Access (EFInA), Foyinsola Akinjayeju, has said.
Speaking on CNBC, Akinjayeju stressed that the true measure of the recapitalisation exercise should not be the amount of capital raised by banks, but how effectively the funds are deployed to provide more affordable, secure and interoperable financial services.
She said Nigerians should experience the benefits through better access to financial products, more reliable payment systems, and services that meet the needs of households and businesses.
According to her, stronger bank capital must be complemented by better use of data and digital public infrastructure to deepen financial inclusion and improve economic decision-making.
Akinjayeju noted that while Nigeria possesses extensive financial data resources, integrating these datasets with productive sectors such as agriculture and trade would make individuals more financially visible, businesses more investable and economic activities more productive.
She also observed that rising financial inclusion figures have not necessarily translated into improved household welfare, noting that increased access to financial services has yet to significantly enhance healthcare, education, nutrition and economic resilience for many Nigerians.
Addressing the growing collaboration between banks and fintech firms, she said the focus should not be on competition between the two, but on ensuring financial services are dependable, affordable, accessible and trusted by users.
According to Akinjayeju, consumers care less about whether a service is provided by a traditional bank or a fintech company and are more interested in seamless transactions, suitable financial products and reliable service delivery.
She called for broader measures of financial inclusion success beyond account ownership and national targets, urging stakeholders to focus on the real impact of financial services on people’s lives.
The Central Bank of Nigeria (CBN) recently concluded its bank recapitalisation programme, with 33 banks raising a combined ₦4.65 trillion.
