Nigeria stands at a watershed moment in 2026 as its leaders and citizens alike look beyond short-term fixes toward a long-term vision of prosperity. At the heart of that vision is the federal government’s goal of transforming the economy into a $1 trillion powerhouse by 2036. This is not a dream on paper. It is a strategic ambition grounded in economic reforms, strengthened institutions, and technology-driven innovation. Among the leading forces in this transformation is technology-enabled banking in Nigeria 2036, which is rapidly changing how money moves, how businesses grow, and how people participate in the formal economy.
For decades, access to financial services in Nigeria was defined by geography and infrastructure. A person’s proximity to a bank branch often determined whether they could save securely, borrow capital, or make simple payments without risk. That model no longer serves a dynamic and youthful population hungry for opportunity. Today, digital platforms are carrying regulated banking services into the hands of users, whether they live in high-rises in Lagos and Abuja or rural communities in the North and the Niger Delta. This shift is much more than convenience. It is enabling inclusion at a scale previously unimaginable.
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Expanding Financial Inclusion Across Nigeria
One of the most profound impacts of technology-enabled banking is its contribution to financial inclusion. Formal financial inclusion rose to over 64 per cent in 2025, a milestone that reflects more Nigerians gaining access to financial accounts and services than ever before. Traditional banks set the foundation with solid regulatory frameworks and deep balance sheets, but they cannot reach every Nigerian through physical branches alone. That is where digital banking and mobile-first financial services are filling the gap.
These services extend regulated banking beyond brick and mortar. Licensed microfinance banks, digital banks, and other tech-driven institutions are now bringing millions of Nigerians into the formal financial fold. People who once relied solely on cash are learning to transact, save, and borrow using their phones. Whether through apps or USSD codes that work on basic feature phones, financial tools are now accessible even to those in hard-to-reach areas without internet coverage. This is not merely about numbers on a chart. It is about real people, from petty traders to students, gaining confidence and agency in managing money.
Beyond access, financial inclusion driven by technology is building trust. More Nigerians are engaging with the formal financial system when they know their funds are safe, transparent, and supported by robust regulation. Innovations like bank verification numbers (BVN) and digital identity frameworks ensure customers are uniquely identified, reducing fraud and increasing confidence in digital accounts. The growth of mobile wallets and digital services is also encouraging millions to formalise their businesses and earnings, broadening the tax base and deepening economic participation.
Enabling Business Growth and Economic Productivity Through Technology
Nigeria’s economic landscape is anchored heavily on micro, small and medium-scale enterprises (MSMEs). These businesses contribute nearly half of the nation’s GDP, employ millions, and serve as engines for innovation. Yet, for too long, access to formal credit held back this vibrant segment. Traditional lending standards, often requiring collateral and lengthy paperwork, made it difficult for small business owners to secure the working capital they needed to grow.
Technology-enabled banking is changing this narrative. By leveraging alternative data and machine learning tools, digital lenders and banks can assess credit risk more inclusively and responsibly. This means that a trader’s consistent sales data or a small retailer’s transaction history can inform credit decisions, unlocking what is often called “pocket capital.” This small working capital becomes the fuel that allows enterprises to expand inventory, hire more workers, improve operations, and build stronger financial histories.
The result is a ripple effect across the economy. When MSMEs grow, they create jobs, increase taxable revenue, and deepen linkages with other sectors such as agriculture, logistics, and services. A single loan may start a ripple, but when thousands of microloans flow through an economy, they collectively boost employment and consumer demand. Research in similar contexts has shown that increased access to digital credit not only doubles the pace of SME revenue growth but also brings previously informal businesses into the formal tax net, increasing government revenues and sustainable economic development.
In the first quarter of 2025, Nigeria recorded over ₦295 trillion worth of electronic payment transactions. This staggering figure shows that money is flowing more efficiently across sectors and borders. Faster, secure payment systems reduce friction in everyday commerce, strengthen trade, and improve productivity by enabling businesses to operate with greater confidence. A thriving digital payments space is a clear sign that businesses, from small traders to larger corporates, are benefiting from the modern financial infrastructure that technology banking provides.
Building Trust Through Regulation and Innovation
The rapid expansion of technology-enabled banking in Nigeria has been supported by thoughtful regulation and an evolving financial ecosystem. The Central Bank of Nigeria’s Open Banking framework, which began rolling out phases in early 2026, represents one of the most important regulatory shifts in recent years. This framework enables secure data sharing across regulated financial institutions, allowing customers’ financial histories to travel with them and be used to access better products and services.
Open Banking standards also create a competitive environment where financial institutions are encouraged to innovate while adhering to consistent oversight. This brings transparency, accountability, and security to the financial system, making it safer for consumers and more attractive to investors. Secure data sharing means that consumers can move their deposits or receive services from multiple providers without fear that their financial information is misused or exposed. Ghana and other African nations have adopted similar frameworks with positive outcomes, and Nigeria appears poised to benefit from these modern regulatory approaches.
Public confidence in digital banking is further reinforced by safety nets such as deposit insurance through the Nigeria Deposit Insurance Corporation (NDIC). Knowing that deposits are protected and that clear mechanisms exist for dispute resolution encourages more Nigerians to engage actively with digital financial services rather than reverting to informal cash systems. This confidence is critical because trust is the currency that underpins all financial activity. Without trust, users may hesitate to adopt new technologies, no matter how convenient they are.
The blended strength of traditional banks and technology pioneers is creating what many financial experts describe as structural harmony within the financial system. Traditional banks provide depth, stability and long-term capital, while digital-first institutions deliver accessibility, convenience and speed. Together, they form an ecosystem capable of supporting individuals and businesses from all walks of life.
A Pathway to Nigeria’s Shared Future
As Nigeria marches toward its 2036 economic goals, technology-enabled banking plays a clear role as both a catalyst and a foundation for sustainable growth. It is helping to bring more citizens into the formal economy, fuel business expansion, enhance revenue mobilisation, and build a resilient financial sector that supports diversified economic activity.
The journey ahead will require continued collaboration between government, regulators, financial institutions, and technology innovators. Investments in digital infrastructure, education on financial literacy, and policies that encourage innovation will ensure the gains of today are solidified into the prosperity of tomorrow. When every Nigerian, from the urban professional in Lagos to the rural trader in the North, has the tools and confidence to save, borrow, pay and invest through regulated digital channels, the nation will be closer to achieving its one trillion dollar vision.
In this moment of transformation, technology-enabled banking is not just a set of tools or services. It is a national enabler. It is empowering citizens with agency, strengthening businesses with capital and infrastructure, and laying the groundwork for inclusive, equitable development that honours the potential of Nigeria’s 220 million people and beyond.
Nigeria’s path to 2036 is being shaped today, and at its heart is a financial landscape that embraces innovation, nurtures trust and expands opportunity across every community in the nation.
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