Cardoso Calls for Stronger African Credit System Through Collaboration
Nigeria’s push to unlock a modern, data-driven credit economy received a major boost on Friday as Central Bank Governor, Olayemi Cardoso, called for a unified continental effort to build a stronger, more transparent African credit system.
Speaking at the 2025 Africa Credit Expo in Lagos—an industry-defining event organised by CreditRegistry in partnership with Afreximbank—Cardoso said Africa’s development ambitions hinge on a credit architecture that empowers citizens, strengthens enterprises, and accelerates sustainable growth.
Represented by Deputy Director Fidelis Odia, the CBN Governor emphasised that a functional credit system is the backbone of a modern economy, enabling small businesses to scale, entrepreneurs to expand, and households to participate fully in productive economic activity.
“Access to credit empowers entrepreneurs, strengthens small businesses, and supports job creation. A strong credit system is essential to long-term economic stability,” Cardoso said.
Africa’s Credit Gap: Big Vision, Bigger Challenges
This year’s Expo—held under the theme Unlocking Africa’s Finance Story—assembled leading bankers, fintech innovators, regulators, and credit intelligence firms to tackle a pressing economic reality:
Africa cannot achieve inclusive growth without a robust, integrated, technology-enabled credit marketplace.
Despite the continent’s vast potential, weak credit reporting, fragmented data systems, high lending risks, and shallow financial inclusion continue to stifle economic productivity.
Cardoso noted that the CBN has initiated structural reforms to strengthen Nigeria’s financial infrastructure, enabling data-driven lending, deeper digital innovation, and safer credit expansion.
He highlighted ongoing upgrades that make credit more accessible, affordable, and inclusive for individuals and SMEs—especially critical as MSMEs account for over 90% of businesses and more than half of jobs across Nigeria.
Collaboration: The Key to Africa’s Credit Transformation
Cardoso stressed that a resilient credit culture cannot emerge in silos. It demands:
- Industry-wide partnerships
- Trust between lenders and borrowers
- Regional credit interoperability
- Unified data intelligence across markets
- Ethical frameworks for digital lending
“A resilient credit culture requires collaboration, trust, and active participation from all stakeholders,” he said.
The CBN, he added, is committed to fostering ethical, sustainable credit growth that drives inclusion—not exploitation.
Innovation Spotlight: From BNPL to Digital Scoring Systems
The expo also showcased the newest tools shaping Africa’s credit future.
Credit expert Ayobamigbe Igbalajobi highlighted how structured credit solutions and digital scoring models can accelerate financial resilience for households and SMEs.
He pointed to fast-growing models like Buy Now, Pay Later (BNPL), which, when professionally regulated, can:
- Expand consumer purchasing power
- Boost small retail businesses
- Deepen formal credit footprints
- Strengthen economic activity
Fintechs such as OxygenX Finance Company, which unveiled a new loan app at the event, underline how innovation is widening channels for micro- and nano-credit.
BRANDECONOMY Analysis: Why This Matters
Africa’s economic future depends on credit intelligence, not mere credit expansion.
This requires strong institutions, seamless data flows, widespread inclusion, and risk-pricing accuracy.
Cardoso’s intervention signals a shift toward:
- Modern credit markets built on analytics, not collateral
- Pan-African credit systems that support AfCFTA’s trade ambitions
- A digital-first approach to financial inclusion
- A unified Africa capable of unlocking its $2.5 trillion GDP potential
Simply put, credit is the engine; collaboration is the key.
Nigeria’s renewed commitment—combined with the collective push from Afreximbank, fintech firms, and regulators—positions the continent for a true credit revolution with an efficient African credit system.
