The Chief Executive Officer of Enhancing Financial Innovation and Access, Foyinsola Akinjayeju, has said Nigeria’s banking recapitalisation will only be successful if it results in better and more affordable financial services for consumers.
During an interview with CNBC, she said the real value of the exercise lies not in the amount of money banks raised but in how the funds are used to improve banking services. According to her, customers should benefit through lower costs, safer transactions, reliable payment systems and financial products that better serve individuals and businesses.
Akinjayeju said the increased capital available to banks should also be backed by effective use of data and digital infrastructure to expand financial inclusion and support economic growth.
She explained that Nigeria already has large volumes of financial data, but greater integration of information across sectors such as agriculture and trade would make it easier for businesses to attract investment, increase productivity and improve access to finance.
She further noted that although more Nigerians now have access to financial services, this has not always translated into better living standards, healthcare, education, nutrition or stronger economic resilience.
Speaking on the relationship between banks and fintech firms, she said the debate should focus less on the institutions providing the services and more on whether customers receive reliable, affordable and accessible financial solutions.
She added that consumers are mainly interested in seamless transactions, products that meet their needs and service providers they can trust, regardless of whether they are banks or fintech companies.
Akinjayeju also called for broader ways of measuring financial inclusion instead of relying mainly on account ownership and national targets.
The Central Bank of Nigeria recently concluded its recapitalisation exercise, with 33 banks raising a combined N4.65 trillion.
