TrustBanc Group has called for the adoption of artificial intelligence (AI) in credit assessment for micro, small and medium-sized enterprises (MSMEs) and the introduction of professional certification for fintech operators, as a means to deepen financial inclusion and strengthen the sector's credibility.
AI for MSME Credit Assessment
The Chief Executive Officer of TrustBanc Group, Mr. Wale Ayeni, made the call during a panel session at the 2026 Nigeria Fintech Week held in Lagos. He argued that traditional credit scoring methods have excluded many viable MSMEs due to lack of collateral or formal financial history.
According to Ayeni, AI-enabled credit assessment can analyse alternative data such as transaction history, mobile money usage, and even social media activity to provide a more accurate risk profile. This would enable lenders to extend credit to MSMEs that would otherwise be deemed high-risk.
He noted that the current MSME financing gap in Nigeria stands at about N5.8 trillion, according to a report by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). Ayeni stressed that AI could help bridge this gap by reducing the cost of credit assessment and expanding the pool of creditworthy borrowers.
Professional Fintech Certification
Ayeni also advocated for a professional certification framework for fintech practitioners, similar to those in banking and accounting. He said that a certification would enhance trust, standardise skills, and improve governance in the rapidly growing fintech industry.
He emphasised that the absence of a formal certification leaves room for unethical practices and operational inefficiencies. A certification body, he suggested, could be established in collaboration with the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to set minimum standards and conduct examinations.
The CEO also highlighted that such a certification would boost investor confidence and attract more foreign direct investment into the Nigerian fintech space, which has already attracted over $1.2 billion in funding in the past three years.
Industry Reactions and Next Steps
The call has been welcomed by some industry stakeholders who agree that AI and certification are essential for the next phase of fintech growth. However, others have raised concerns about data privacy and the potential for AI bias.
TrustBanc plans to pilot an AI-driven credit scoring model for MSMEs in the first quarter of 2027, targeting at least 10,000 businesses. The company is also in discussions with the CBN and SEC to explore the feasibility of a certification framework.
As the fintech industry continues to evolve, the adoption of AI and professional standards could be pivotal in ensuring sustainable growth and financial inclusion in Nigeria.
