The Committee of e-Business Industry Heads (CeBIH) has issued a compelling call for a fundamental cultural transformation in how Nigerians perceive and access consumer credit, identifying this shift as crucial for advancing financial inclusion and stimulating economic growth.
Moving Beyond Payments to Credit-Driven Inclusion
Speaking at a press conference in Lagos, CeBIH Chairman Ajibade Laolu-Adewale revealed that the committee's 2025 conference theme "Reimagining Financial Inclusion Through Cultural Shifts in Consumer Credit" represents a strategic pivot from traditional payment discussions toward a more comprehensive, credit-focused financial model.
Laolu-Adewale emphasized that while digital transactions have successfully brought millions of Nigerians into the formal banking system, true financial inclusion extends beyond mere account ownership. He stressed that genuine inclusion means providing citizens with the financial instruments necessary to construct better lives and achieve economic stability.
Addressing Deep-Rooted Credit Distrust
The CeBIH chairman identified long-standing cultural barriers including widespread distrust, excessive caution, and social stigma as primary reasons for Nigeria's slow adoption of structured consumer credit.
"For too long, credit in Nigeria has been seen with suspicion or fear," Laolu-Adewale observed, while advocating for a new perspective where responsible credit serves as "a bridge to productivity, business expansion, better living standards, and a more resilient economy."
He outlined the committee's vision for a dual transformation encompassing both consumer mindset evolution and industry commitment to responsible lending practices. This comprehensive approach requires enhanced governance frameworks, transparent processes, and broader implementation of technology and alternative data to establish trustworthy credit systems.
Conference Designed for Collaborative Solutions
CeBIH Vice Chairman Abidemi Asunmo detailed preparations for the upcoming conference, describing it as an immersive experience engineered to foster transformation and collaboration among diverse stakeholders.
The event will convene bank executives, fintech leaders, regulators, policymakers, and behavioural experts to address critical industry challenges. Technical sessions will specifically focus on alternative data for credit scoring, infrastructure development for trust and transparency, financial literacy enhancement, and creating consumer-centric credit products tailored for Nigeria's extensive informal sector.
Asunmo characterized the conference as potentially the single most important gathering where Nigeria's next frontier of financial inclusion will be thoroughly examined and shaped.
Wunmi Ogunbiyi, a member of the CeBIH Advisory Council, highlighted systemic deficiencies, noting that even financial professionals encounter difficulties accessing credit due to weak data systems and poor repayment culture.
She revealed that previous government loan initiatives recorded alarming repayment rates of less than 10 to 20 percent, underscoring the urgent need for stronger structures to protect lenders and rebuild borrower trust.
Tunde Kuponiyi, CEO of Smartcash PSB and fellow Advisory Council member, described the conference theme as a natural progression, pointing out that millions of small and medium enterprises remain financially excluded because they operate outside conventional banking systems.
