Nigeria's Bank Recapitalisation Must Enhance Consumer Services

Foyinsola Akinjayeju, the Chief Executive Officer of Enhancing Financial Innovation and Access, stated that Nigeria's banking sector recapitalisation will only be successful if it results in tangible improvements in consumer experiences. Speaking at CNBC, Akinjayeju emphasized that the focus should be on how effectively banks deploy the raised capital to create affordable, secure, and interoperable financial services.

She highlighted that Nigerians should feel the impact through better access to financial products and reliable payment systems. Akinjayeju noted that while Nigeria has significant financial data resources, connecting these datasets with productive sectors like agriculture and trade is crucial for enhancing visibility and investment in businesses.

She pointed out that increased financial inclusion has not always improved household welfare and stressed that the relationship between banks and fintech should not overshadow the need for dependable and affordable services. The Central Bank of Nigeria (CBN) has completed its recapitalisation programme, with 33 banks raising a total of N4.65 trillion.