Recapitalising banks should lead to more affordable and secure banking options, according to EFInA

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Nigeria’s banking sector recapitalisation will only achieve its purpose if the stronger capital base translates into visible improvements in the daily experiences of consumers, according to the Chief Executive Officer of Enhancing Financial Innovation and Access, Foyinsola Akinjayeju.

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Speaking at CNBC recently, Akinjayeju said the key measure of success should not be the amount of capital raised by banks, but how effectively the funds are deployed to create more affordable, secure and interoperable financial services.

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She said Nigerians must feel the impact of the recapitalisation through improved access to financial products, more reliable payment systems and services that better meet the needs of households and businesses.

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Akinjayeju argued that increased bank capital must be supported by better use of data and digital public infrastructure to drive financial inclusion and improve decision‑making across the economy.

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According to her, Nigeria already has significant financial data resources, but connecting these datasets and linking them with productive sectors such as agriculture and trade would help make individuals more visible, businesses more investable and economic activities more productive.

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She noted that rising financial inclusion figures have not always translated into stronger household welfare, pointing out that access to financial services alone has not necessarily improved outcomes in areas such as healthcare, education, nutrition and economic resilience.

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She added that the growing relationship between banks and fintech companies should not be viewed as the central issue. Instead, the focus should be on whether financial services are dependable, affordable, accessible and trusted by users.

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According to her, consumers are less concerned about whether a service comes from a traditional bank or a fintech firm. What matters, she said, is whether transactions work seamlessly, products are suitable for their needs and providers demonstrate reliability.

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Akinjayeju called for broader measures of financial inclusion success beyond national targets and account ownership figures.

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The CBN has concluded its recapitalisation programme, with 33 banks raising a combined N4.65tn.

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