Nigeria’s banking sector recapitalisation will only achieve its purpose if the stronger capital base translates into visible improvements in the daily experiences of consumers, according to the Chief Executive Officer of Enhancing Financial Innovation and Access, Foyinsola Akinjayeju.
Speaking at CNBC recently, Akinjayeju said the key measure of success should not be the amount of capital raised by banks, but how effectively the funds are deployed to create more affordable, secure and interoperable financial services.
She said Nigerians must feel the impact of the recapitalisation through improved access to financial products, more reliable payment systems and services that better meet the needs of households and businesses.
Akinjayeju argued that increased bank capital must be supported by better use of data and digital public infrastructure to drive financial inclusion and improve decision‑making across the economy.
According to her, Nigeria already has significant financial data resources, but connecting these datasets and linking
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