CeBIH moves to promote financial inclusion through consumer credit

The Committee of e-Business Industry Heads (CeBIH) has intensified efforts to advance financial inclusion in Nigeria by driving a cultural shift in the adoption of consumer credit.

For almost two decades, CeBIH has been at the forefront of shaping the digital evolution of the financial services sector, enabling technology-driven growth and expanding access to financial services across the country.

Speaking ahead of the 2025 annual conference of the Committee, themed “Reimagining Financial Inclusion through Cultural Shifts in Consumer Credit,” holding December 2 and 3, 2025, in Lagos, Ajibade Laolu-Adewale, chairman of CeBIH, said the theme reflects a critical turning point in Nigeria’s financial development.

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He noted that while digital payments and electronic transactions have served as the gateway to bringing millions into the formal financial system, true financial inclusion goes beyond merely opening a bank account.

According to him, it is about providing the financial tools that help individuals improve their quality of life, including credit for small business owners, young professionals seeking new skills, and artisans who need financial support to manage unexpected challenges. He explained that for too long, credit in Nigeria has carried a stigma, with many citizens seeing borrowing as weakness rather than a strategic step toward economic advancement.

This cultural perception, he said, has slowed growth and limited opportunities, while in more advanced economies, structured consumer credit acts as the foundation for innovation, entrepreneurship, home ownership, and long-term wealth creation. CeBIH, he said, aims to change this narrative by helping Nigerians understand that responsible credit is not a burden but a bridge to better living standards, productivity, business expansion, and a stronger economy when supported by effective systems and governance.

Laolu-Adewale added that part of CeBIH’s mission is to challenge long-held fears of credit, some of which are tied to bad experiences with predatory practices, and replace them with a more informed perspective. The first objective is a national mindset transformation, shifting collective thinking from seeing credit as a debt trap to recognizing it as a tool for empowerment, supporting education, business ownership, and long-term financial security.

He stressed that the second objective is an industry-wide transformation, as cultural change cannot depend on consumers alone. Financial service providers, he said, must embrace responsible lending rooted in transparency, fairness, and genuine commitment to consumer well-being. This includes using technology to not only evaluate risk but also to build trust and incorporating alternative data to give millions of financially responsible Nigerians access to credit even if they lack traditional documentation or borrowing history.

According to Abidemi Asunmo, vice chairman of CeBIH, the 2025 annual conference will open with a high-level session to be attended by the Minister of Communications, Innovation and Digital Economy; the Minister of State for Humanitarian Affairs and Poverty Alleviation; the heads of the Nigeria Consumer Credit Corporation (Credicorp), the National Credit Guarantee Company (NCGC), and the National Identity Management Commission (NIMC).

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Also expected are the Deputy Governor, Financial System Stability, Central Bank of Nigeria, the Group Managing Director of United Bank for Africa, and other distinguished industry leaders. This opening session will set the tone for discussions, highlighting the urgent need for a cultural rethink of credit as a tool for national development and financial empowerment.