Nigeria risks losing intelligence war in finance despite winning access battle

Nigeria’s financial system has reached a turning point where, despite the country’s success in expanding access to financial services, it still risks falling behind in leveraging intelligence and data to drive meaningful impact.

Experts noted that collaboration between regulators, fintechs, and traditional financial institutions will be critical to building a system that is not only inclusive but intelligent, trustworthy, and globally competitive.

Speaking at BusinessDay’s Fintech Summit 2026, Stanley Jacob, president of the Fintech Association of Nigeria and group chief innovation and technology officer at Meristem Securities Group, said Nigeria has ‘won the access war’ but is now in danger of losing what he described as the ‘intelligence piece’.

He noted that over a decade ago, the focus of policymakers and industry players was on financial inclusion, which is getting Nigerians banked through initiatives such as the cashless policy, USSD banking, and mobile money.

Today, he said, that objective has largely been achieved, with more than half of Nigeria’s adult population now having some form of financial access.

“We built infrastructure to move money,” Jacob said. “But the next frontier is infrastructure that understands money by knowing who is using it, why, and what outcomes it should drive.”

According to him, the future of finance lies not in access alone but in intelligence systems capable of transforming transaction data into actionable insights that can improve credit access, financial planning, and economic outcomes for individuals and businesses.

Shift from access to intelligence

Jacob emphasised that financial systems must evolve from simple connectivity to what he called ‘cognitive infrastructure’. This includes investments in data platforms, artificial intelligence, and shared data ecosystems that can interpret financial behaviour at scale.

He questioned how much insight Nigeria currently derives from its growing transaction volumes, which now run into trillions of naira, asking whether patterns in everyday transactions such as those of market traders or rural users are being effectively used to assess creditworthiness or economic activity.

“Our infrastructure was designed to move money, not to learn from it,” he said. “That must change.”

He added that regulators including the Central Bank of Nigeria and Securities and Exchange Commission must work with industry players to establish data-sharing standards that enable innovation while protecting user privacy.

Trust threatens progress

Beyond intelligence, Jacob identified trust as the most critical challenge facing Nigeria’s financial ecosystem.

He pointed to rising cases of fraud, failed transactions, and data breaches as factors eroding public confidence.

“Millions of Nigerians from urban, educated, digitally capable have experienced financial failure points,” he said. “Trust is not a marketing problem; it is an architectural problem.”

He outlined three pillars for rebuilding trust which are stronger real-time, AI-driven security systems; greater transparency in transactions and credit decisions; and faster, more accountable dispute resolution mechanisms.

“You cannot scale what people do not trust,” he added.

Push for global relevance

Jacob also called for Nigeria to position itself as a key player in the global financial ecosystem, particularly through embedded finance and cross-border integration.

He highlighted ongoing efforts by the Africa Fintech Network to develop a ‘fintech licence passport,’ which would allow startups to operate across multiple African markets without undergoing separate regulatory approvals in each country.

The initiative aligns with broader continental efforts under the African Continental Free Trade Area to enable seamless trade and financial flows across borders.

Industry calls for balanced growth

Innocent Unah, deputy editor-in-chief BusinessDay Media, representing publisher Frank Aigbogun, to give open address said Nigeria’s financial evolution is entering a new phase defined by intelligence rather than access.

“The central question is no longer who is banked,” Okoh said. “It is what kind of financial system we are building and who it truly serves.”

He noted that advances in artificial intelligence, data analytics, and embedded finance are reshaping how credit is assessed and how financial services are delivered, but warned that rapid innovation must be matched with stronger regulation and system resilience.

“As access expands, inclusion must deepen,” he said. “Growth must not leave behind the very people it promises to serve.”