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By Chinenye Anuforo
A data-driven analysis by Henry Obiekea, Managing Director of FairMoney Microfinance Bank Nigeria, has highlighted fair digital access as a critical pillar for achieving Nigeria’s ambition of a $1 trillion Gross Domestic Product (GDP) by 2030.
In his article titled “Why Fair Digital Access is the Foundation of Nigeria’s 2030 $1 Trillion Roadmap Ambition,” Obiekea argued that Nigeria’s youthful population holds immense economic potential, but inadequate access to finance continues to suppress growth. He warned that the country’s shallow credit penetration estimated at 13% to 19% of GDP remains a major obstacle to unlocking economic productivity, especially when compared to regional peers like Kenya and Egypt, whose credit penetration nearly doubles Nigeria’s.
Citing recent financial inclusion reports, Obiekea noted that about 40 million Nigerian adults remain excluded or reliant solely on informal financial systems. He stressed that without fair access to capital, millions of productive youths may be pushed into “unregulated, unproductive ecosystems,” posing systemic economic risks.
He identified digital technology as a major opportunity to bridge the gap, given that over 93% of Nigerian adults now use mobile phones. However, he cautioned that digital access must go hand in hand with fairness and transparency to avoid replacing physical exclusion with predatory digital practices.
Obiekea positioned FairMoney Microfinance Bank as an institution championing this fair model. He said the bank provides transparent credit, instant digital onboarding, savings, fixed deposit products, and full-service mobile banking designed to support the underbanked. According to him, FairMoney’s commitment to “no hidden charges” and responsible lending helps build financial trust, a key currency for sustaining economic growth.
He argued that expanding access to transparent digital credit would empower small businesses, increase economic activity, mobilise capital, and support large-scale projects critical to achieving the 2030 GDP target.
Obiekea concluded that financial institutions must champion fair digital access to ensure that millions of young Nigerians become active contributors to national growth, adding that “in the digital age, trust is the new currency.”
