Nigerian banking recapitalization must lead to improved, affordable services, says Enhancing Financial Innovation and Access CEO

Speaking on CNBC, Akinjayeju emphasized that the success of the recapitalization, which saw 33 banks raise N4.65 trillion, depends on whether Nigerians experience improved access to financial products, reliable payment systems, and services that better meet the needs of households and businesses. She advocated for leveraging data and digital public infrastructure to enhance financial inclusion and economic decision-making, connecting existing financial data with productive sectors like agriculture and trade. Akinjayeju also highlighted that increased financial inclusion has not always translated into stronger household welfare, noting that access to services alone has not consistently improved outcomes in areas such as healthcare, education, nutrition, and economic resilience.

She concluded that the focus should be on dependable, affordable, accessible, and trusted financial services, rather than the relationship between banks and fintechs, as consumers prioritize seamless transactions, suitable products, and reliable providers.