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Moniepoint Backs Cash-Flow Lending as Formal Credit Access Rises to 10 Percent
Moniepoint Backs Cash-Flow Lending as Formal Credit Access Rises to 10 Percent
EFInA’s A2F 2026 Survey shows formal credit access in Nigeria has nearly doubled to 10 percent since 2023.
Formal financial inclusion among women business owners rose to 76.3 percent, while inclusion among women farmers increased to 53.6 percent.
Moniepoint says cash-flow-based lending can help deepen credit access for underserved entrepreneurs by assessing business performance rather than relying primarily on collateral.
Channel
October 5, () – Moniepoint has backed the expansion of cash-flow-based lending as the Enhancing Financial Innovation and Access (EFInA) Access to Financial Services in Nigeria (A2F) 2026 Survey shows a sharp increase in formal credit access and continued gains in financial inclusion among underserved groups.
The company said the survey’s findings align with its lending model, which assesses borrowers based on how their businesses earn and move money rather than relying primarily on conventional collateral requirements.
The approach, Moniepoint said, could help extend formal credit to more Nigerian entrepreneurs, particularly women operating businesses in trade and agriculture.
The A2F Survey is EFInA’s nationally representative assessment of how adult Nigerians access and use financial services. The survey has served as a key benchmark for financial inclusion in Nigeria since 2008.
The 2026 edition was conducted with the National Bureau of Statistics across all 36 states and the Federal Capital Territory, drawing on more than 18,600 interviews conducted between April and June 2026.
Formal credit access nearly doubles
According to the survey, formal financial inclusion in Nigeria has risen to 73 percent, representing an estimated 87.2 million adults.
Formal credit access has also increased to 10 percent nationally, nearly twice the level recorded in 2023.
Moniepoint said the increase points to a broader shift in the financial system, but argued that further progress will depend on lending models capable of reaching businesses and individuals who may not meet the requirements of conventional credit.
The company said its cash-flow-based approach is designed to assess the underlying strength of a business by examining its financial activity and ability to generate and manage cash.
This is particularly relevant for small businesses and entrepreneurs whose limited formal collateral may otherwise restrict their access to bank credit.
The company also highlighted gains among women. Formal financial inclusion among women business owners increased from 67.5 percent to 76.3 percent, while the figure for women farmers rose from 42.7 percent to 53.6 percent.
Moniepoint said expanding cash-flow-based underwriting could help build on those gains and support progress towards the National Financial Inclusion Strategy’s target of 40 percent formal credit penetration.
Moniepoint Co Founder and Group Chief Executive Officer Tosin Eniolorunda
Trust emerges as key driver of financial participation
Beyond access, the A2F 2026 Survey identified trust as an important factor influencing how Nigerians use financial services.
The survey found that 96.9 percent of adults who trust their financial provider had conducted a financial transaction within the previous 90 days, compared with 65.6 per cent among those who did not trust their provider.
That represents a 31.3 percentage-point gap and suggests that expanding access alone may not be sufficient to deepen financial participation.
Moniepoint Co-Founder and Group Chief Executive Officer, Tosin Eniolorunda, said the finding reflected the company’s experience with its own customers, arguing that access must be accompanied by reliability and trust.
“EFInA’s institutional work has since 2008 shown, survey after survey, that access to financial services means little without trust,” Eniolorunda said.
He added that building trust had been central to Moniepoint’s operations, noting that 83 percent of its users reported an improved quality of life, while 85 percent reported greater confidence in achieving their financial goals.
Eniolorunda said the figures demonstrated the relationship between financial wellbeing and quality of life, adding that reliable access to financial services can help people manage their finances and build greater economic stability.
Moniepoint targets underserved entrepreneurs
Delivering a goodwill message on behalf of Moniepoint at the launch of the survey, the company’s Vice President of Corporate Affairs, Edidiong Uwemakpan, described the A2F Survey as a major reference point for financial inclusion in Africa.
She said the survey’s findings should encourage fintechs, commercial banks and policymakers to focus not only on expanding access but also on designing financial products around the needs of underserved Nigerians.
“By showing us where and why Nigerians are left behind, EFInA has challenged fintechs, commercial banks and policymakers not just to expand access, but to design with deliberate intention,” Uwemakpan said.
Moniepoint said the survey would inform the next phase of its inclusive lending strategy, with a continued focus on entrepreneurs, particularly women in trade and agriculture.
Uwemakpan said the company would continue working with EFInA and financial-sector regulators to translate the survey’s findings into solutions capable of expanding credit access across the country.
“Data provides the compass, but collective execution builds the road,” she said.
With formal credit access still reaching only one in 10 adults, the survey suggests that while Nigeria has made progress in financial inclusion, significant room remains to bring more entrepreneurs into the formal credit system.