By Stellamaris Ashinze
As urbanisation continues to reshape Nigeria’s economic landscape, digital financial platforms are becoming pivotal in bridging the credit gap for small scale entrepreneurs and the self employed.
Recent data indicates that as of 2024, no fewer than 128 million Nigerians, more than half of the population. now reside in urban centers like Lagos, Kano and Abuja in search of sustainable livelihoods.
Margaret Banasko, Head of Marketing at FairMoney Microfinance Bank (MFB) made this known in a statement on Tuesday.
Banasko said that many of these urban dwellers were young hustlers determined to turn skills into income but are often hindered by the rigid requirements of traditional formal banking.
“With only a mobile phone, internet connection, and a Bank Verification Number (BVN), Nigerians are increasingly able to access a wider range of financial tools designed to support their daily needs and long-term goals,” Banasko said.
She highlighted the experience of Aigbe Osasere, a migrant from Benin City who established a fish farming business in the Ijegun area of Alimosho, Lagos.
According to her, Osasere’s business model required rapid cycles of purchasing fingerlings and feed, a process often stalled by a lack of immediate liquidity.
Banasko said that through the FairMoney app, Aigbe gained access to digital banking services immediately after completing BVN verification.
She said that the availability of instant loans provided the flexibility he needed to restock quickly and maintain continuous production,” the statement added.
According to her, the integration of digital tools has also helped informal traders formalize their operations.
Banasko said that for Osasere, the transition included opening a bank account and obtaining a physical debit card, which allowed bulk buyers to pay him directly.
She said that this shift provided small business owners with clearer financial records and better visibility into daily revenue, which were previously difficult to track in cash-heavy informal sectors.
In addition to credit, the firm noted that savings features were being utilised by entrepreneurs to build capital for expansion.
Osasere is reportedly using these features to save portions of his daily sales to increase his fish tank capacity.
“Beyond supporting his business, the platform has become part of his everyday life, facilitating money transfers to family, bill payments, and the purchase of airtime and electricity tokens,” Banasko stated.
The firm reiterated its commitment to being a dependable partner for Nigeria’s growing population of freelancers, traders, and young workers who require speed and flexibility to navigate the urban economy. (NAN)(www.nannews.ng)
Edited by Vivian Ihechu
