The Lagos State Deputy Governor, Dr. Obafemi Hamzat, has called on Nigeria’s fintech industry to move beyond digital payments and leverage its infrastructure to expand access to credit, insurance, savings and other economic opportunities.
Hamzat made the call at the Nigeria Fintech Week 2026, organised by the Fintech Association of Nigeria under the theme, “Legacy in Motion: Powering the Digital Renaissance,” in Lagos.
He was represented at the event by the Special Adviser to the Lagos State Governor on Technology, Broadband and Innovation, Ganiu O. Oseni.
According to Hamzat, the rapid expansion of digital payments has created an important layer of infrastructure that can now support broader economic activity.
He cited figures from the Central Bank of Nigeria’s 2026 Fintech Report showing that transactions processed through the NIBSS Instant Payment platform rose from about five billion in 2022 to nearly 11 billion in 2024.
Hamzat said the growth demonstrated that digital payments had moved beyond being a convenience for consumers and businesses, creating data and infrastructure that could support other parts of the economy.
He argued that transaction histories could, for example, help small businesses establish financial records and improve their access to credit, while digital identity systems could make financial services easier to access.
The Deputy Governor also identified insurance and savings as areas where fintech infrastructure could help expand participation, particularly through interoperable systems that reduce transaction costs.
He said the next phase of fintech development should focus on what digital infrastructure can enable rather than solely on the number of transactions processed.
Hamzat also pointed to the economic information generated when businesses receive payments, issue invoices and collect revenues digitally.
He said such records could provide greater visibility into business activity and potentially support better financial decision-making.
From digital adoption to productivity
The Lagos deputy governor said Nigeria’s fintech ecosystem now had an opportunity to shift the focus from digital adoption to productivity across the wider economy.
He described the first phase of fintech development as largely focused on making payments easier, while arguing that the next phase could use digital infrastructure to make economic activity more efficient and data-driven.
Hamzat said Lagos was positioned to play an important role in this transition because of its concentration of financial institutions, technology companies and public-sector institutions.
He cited the Lagos State Digital Services Portal, which provides access to more than 300 public services, as an example of the state’s efforts to expand digital access and improve interaction between government and citizens.
According to him, integrating digital systems into wider economic and public-sector activities would help move the country from simply adopting digital tools to using them to improve productivity.
Payment infrastructure continues to expand
The comments come amid continued efforts to modernise Nigeria’s payment ecosystem and improve interoperability among banks, fintech companies and other financial service providers.
The country has been developing new payment infrastructure alongside existing systems, with the National Payment Stack emerging as part of the next generation of payment technology.
The broader policy direction has also placed emphasis on financial inclusion, digital payments, interoperability and consumer protection.
For Hamzat, the expansion of Nigeria’s digital financial infrastructure presents an opportunity to connect more businesses and individuals to services beyond payments, including financing, insurance and savings.
He therefore urged the fintech sector to consider its role not merely as a provider of transaction services, but as part of the infrastructure supporting wider economic activity in Nigeria.
