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Abubakar Jimoh, Group Chief Executive Officer of TrustBanc Financial Group, has called for greater use of artificial intelligence in assessing small-business borrowers and the creation of dedicated professional certifications for fintech practitioners.
Jimoh made the recommendations while delivering the Chairman’s address at the 2026 Lagos Bankers’ Fair on August 13, held under the theme, “Connecting Finance, Innovation and Opportunity for a Greater Lagos.” He urged banks, fintech companies, regulators and professional institutions to work together to expand access to finance and strengthen Nigeria’s financial system.
AI Could Change How Banks Assess MSMEs
At the centre of Jimoh’s argument was the potential for AI to give financial institutions a more detailed picture of an MSME’s creditworthiness.
He argued that lenders have traditionally relied heavily on the five Cs of credit character, capacity, capital, collateral and conditions but that digital financial records can make some of these factors easier to assess.
According to him, repayment behaviour, transaction records, supplier payments and cash-flow patterns can provide evidence of a business owner’s financial character and capacity, potentially reducing the dependence on collateral as the primary gateway to credit.
He said properly designed AI systems could process these financial signals at greater speed and scale, allowing lenders to assess risk and make credit decisions more efficiently.
“AI makes character measurable and capacity visible.”
Nigerian MSMEs Face Major Credit Gap
Jimoh’s proposal comes against the backdrop of a significant financing challenge facing Nigeria’s MSME sector.
Nigeria has more than 39 million MSMEs, accounting for about 96% of businesses, contributing roughly half of the country’s GDP and employing more than 84% of the workforce.
Despite their economic importance, only about 4% of MSMEs have access to formal bank loans, while unmet demand for MSME financing is estimated at more than $32.2 billion.
Jimoh argued that AI-enabled credit assessment could help lenders identify viable businesses that may be excluded by conventional lending models because they lack sufficient collateral.
Traditional Banks Can Also Deploy AI
The TrustBanc chief executive stressed that AI-powered lending should not be viewed as a capability exclusive to fintech companies.
He pointed to examples from Nigerian digital lenders, China’s small-business lending market and traditional banks in the United States as evidence that established financial institutions and microfinance banks can also use technology to extend credit while maintaining appropriate risk controls.
He said the objective should be to use technology to improve the quality of credit decisions rather than simply increase the volume of loans issued.
MangoMonie to Use Data-Led Credit Assessment
Jimoh also highlighted the work being undertaken by Mango Microfinance Bank, one of TrustBanc Financial Group’s licensed subsidiaries.
Through its MangoMonie platform, the institution is developing a data-led approach that will use borrowers’ repayment behaviour, transaction histories and cash-flow patterns to assess their creditworthiness.
The initiative builds on Mango’s existing experience providing credit to individuals and MSMEs, with the broader aim of helping viable businesses demonstrate their ability to repay even where conventional collateral is limited.
Call for Dedicated Fintech Professional Qualification
Beyond credit, Jimoh called for changes in professional training within Nigeria’s banking industry.
He urged the Chartered Institute of Bankers of Nigeria (CIBN) to move fintech, digital banking and agency banking beyond modules and electives and establish them as standalone professional certifications.
Among his proposals was a possible CIBN Chartered Fintech Practitioner designation that could provide formal recognition for fintech professionals and help traditional financial institutions recruit people with both technology expertise and knowledge of financial regulation.
AI Training Should Become Part of Certification
Jimoh further recommended that artificial intelligence should form a core and examinable component of such professional qualifications.
He argued that professionals working in financial services need to understand not only how AI can be deployed, but also how to manage its risks and governance requirements.
For him, AI should receive the same level of attention in professional banking education as regulation and risk management, ensuring that emerging financial professionals can build and oversee AI systems responsibly.
Lagos Positioned to Connect Banking and Fintech
Jimoh said Lagos has a combination of talent, capital, regulatory capacity and professional expertise that could allow it to turn financial innovation into infrastructure with broader economic benefits.
He called for stronger collaboration between traditional banking institutions and fintech companies, arguing that both sectors have complementary roles in shaping the future of financial services.
The proposals ultimately point to a financial system where data, AI, professional expertise and traditional banking capabilities work together to expand credit access and deepen financial inclusion across Nigeria.
