Lagos State Deputy Governor, Dr Obafemi Hamzat, has called on Nigerian fintech companies to look beyond digital payments and use their existing technology infrastructure to widen access to credit, insurance, savings and other financial services.
Key Highlights
- Hamzat spoke at Nigeria Fintech Week 2026, organised by FintechNGR under the theme “Legacy in Motion: Powering the Digital Renaissance.”
- He cited the Central Bank of Nigeria’s 2026 Fintech Report, which showed NIBSS Instant Payment transactions rising from about five billion in 2022 to nearly 11 billion in 2024.
- He said transaction data from digital payments could help lenders assess small businesses that lack conventional collateral.
- He identified digital identity as a key element for widening financial inclusion in Nigeria.
- He urged fintech operators to support Nigeria’s participation in intra-African trade through cross-border interoperability.
- He cited the Lagos State Digital Services Portal, which offers more than 300 government services, as an example of digital infrastructure beyond finance.
Hamzat made the call at the Nigeria Fintech Week 2026 organised by the Fintech Association of Nigeria (FintechNGR) in Lagos.
The event, held under the theme, “Legacy in Motion: Powering the Digital Renaissance,” brought together stakeholders to discuss the evolving role of technology in Nigeria’s financial sector.
The deputy governor was represented at the event by the Special Adviser to the Governor on Technology, Broadband and Innovation, Ganiu O. Oseni.
Hamzat said the rapid expansion of digital payments had transformed fintech from a convenience-driven sector into an important part of Nigeria’s economic infrastructure.
According to him, the next stage of development should focus on using that infrastructure to solve wider economic problems and improve productivity.
Citing figures from the Central Bank of Nigeria’s 2026 Fintech Report, he said transactions processed through the Nigeria Inter-Bank Settlement System Instant Payment platform had risen from about five billion in 2022 to nearly 11 billion in 2024.
He said the growth demonstrated the scale at which digital financial infrastructure was being adopted across the country.
“Those numbers represent more than success in the payment industry; they represent the emergence of a new layer of economic infrastructure,” Hamzat said.
“Once technology becomes infrastructure, our thinking must change. The question is no longer simply whether people can make payments. It’s what those payments can enable.”
Hamzat said transaction data generated through digital payments could help financial institutions develop new ways of assessing borrowers.
He pointed to transaction histories as a potential basis for providing small businesses with faster access to credit, particularly enterprises that may not have conventional collateral or extensive formal financial records.
He also identified digital identity as an important element of financial inclusion, saying reliable identity systems could help more Nigerians access formal financial products.
Beyond lending, the deputy governor said fintech platforms could also be used to expand access to savings and insurance products.
He added that interoperable systems could make financial transactions more efficient, lower business costs and allow companies to operate more easily across different digital platforms.
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Hamzat argued that the performance of the fintech industry should not be judged only by the amount or number of transactions it processes.
Instead, he said greater attention should be paid to how digital financial infrastructure affects productivity, the cost of doing business and access to economic opportunities.
The deputy governor also urged fintech operators to consider how Nigeria’s digital financial infrastructure could support increased participation in intra-African trade.
He said cross-border interoperability would become increasingly important as businesses expand across African markets, particularly by making payments and other financial transactions more seamless.
Hamzat further noted that the increasing digitisation of business activities was creating financial records that could provide greater visibility into informal and previously difficult-to-measure economic activities.
He said these records could help businesses and financial institutions make more informed decisions and improve the allocation of capital.
“The first generation of fintech made payments easier. The next generation can make the economy more intelligent,” he said.
He added that the larger opportunity was to deploy the infrastructure already created by fintech to improve productivity across different sectors of the economy.
Hamzat also highlighted initiatives by the Lagos State Government aimed at expanding the use of technology in public service delivery.
He cited the Lagos State Digital Services Portal, which provides access to more than 300 government services, as an example of how digital infrastructure can extend beyond financial transactions.
According to him, such platforms can improve interactions between citizens, businesses and government while making public services more accessible.
Hamzat said Lagos’ concentration of financial institutions, technology companies and government institutions gives the state a strong base for supporting Nigeria’s wider digital transformation.
“That is how we move from digital adoption to digital productivity. That is how we move from fintech as an industry to fintech as an economic infrastructure,” he said.
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