Moniepoint Group Chief Executive Officer Tosin Eniolorunda has called for a fundamental shift toward cash-flow lending for Nigerian businesses, urging financial institutions to evaluate enterprises based on transaction cash flows rather than physical collateral.
Speaking on the back of recent national financial inclusion data, the fintech leader emphasized that traditional collateral requirements exclude millions of viable small enterprises. Furthermore, Eniolorunda noted that leveraging real-time payment data allows lenders to assess creditworthiness accurately while extending capital to underserved entrepreneurs.
Also read Moniepoint CEO Tosin Eniolorunda Named to TIME100 Next 2026
Backstory: Expanding Credit Penetration and Overcoming Collateral Barriers
To understand why this shift is vital, we must look at the structural barriers in Nigeria’s commercial credit sector. Historically, conventional banks required landed property or fixed assets as security, effectively locking out small businesses, young founders, and informal traders.
According to the 2026 Access to Financial Services in Nigeria (A2F) survey conducted by EFInA, formal financial inclusion rose to 73 percent (87.2 million adults) in 2026. Although formal credit penetration improved from 6 percent in 2023 to 10 percent in 2026, it remains well below the national target of 40 percent. Consequently, fintech platforms like Moniepoint—founded in 2015 by Tosin Eniolorunda and Felix Ike—pioneered transaction-based credit scoring to bridge this gap.
- 2015–2024: Moniepoint grew from a payments processor into a unicorn fintech serving over 20 million businesses.
- April–June 2026: EFInA survey of 18,679 adults confirms credit access reached 10 percent nationwide.
- October 2026: Tosin Eniolorunda named among TIME100 Next rising global leaders as Moniepoint pushes cash-flow underwriting.
Data-Driven Underwriting Unlocks Credit for Underserved Sectors
By utilizing digital transaction records, alternative lenders can evaluate income frequency, cash velocity, and repayment discipline without demanding land titles. This data-driven approach particularly benefits female entrepreneurs and agricultural traders. For instance, EFInA data shows formal inclusion among female business owners climbed from 67.5 percent to 76.3 percent in 2026.
“Access to financial services means little without trust,” stated Moniepoint CEO Tosin Eniolorunda. “Using real-time transaction data allows us to build that trust, extending productive capital to small businesses that lack traditional collateral.”
In conclusion, scaling up cash-flow lending for Nigerian businesses provides a practical pathway to deepen financial inclusion. By replacing rigid asset demands with dynamic cash-flow insights, financial institutions can empower local enterprise growth across the country.
