The Central Bank of Nigeria's (CBN) recent reform of its monetary corridor has caused fixed-income returns to plunge, prompting millions of digitally savvy Nigerians to seek tech-accelerated savings and investing options.
In an interview with ITWeb Africa, Akinlabi Adegoke, chief digital officer at Lotus Bank and a recognised leader in digital transformation, identified digital accessibility as the key driver of this shift.
According to him, “The future of banking value will be built on tech-enabled utility and data-driven trust, not just a high-interest rate.”
The CBN’s latest adjustment, which significantly reduced the return on the Standing Deposit Facility from 24.50% to 22.50%, has sent an urgent signal to Nigeria's banking sector that the era of easy, high-yield fixed-income earnings is fading.
This macroeconomic pressure might catalyse the next major phase of Nigeria's fintech boom.
Retail customers, who now have smartphones and enhanced connectivity, are migrating to tech-first alternatives.
He said, “The ease of access on mobile platforms makes the transition even faster. Customers gravitate toward solutions that balance safety with more competitive returns, or at least provide stronger value propositions such as rewards, budgeting tools, or financial education.”
He believes that accessibility and fractionalisation are the key technological differentiators.
This is evident in how fintechs are now leveraging APIs and cloud infrastructure to create platforms for micro-investing in previously inaccessible assets like Eurobonds, Mutual funds, or Real estate, often requiring entry points as low as N1,000 ($0.69).
"Lower yields mean the average Nigerian is earning less on savings, and digital banking customers feel it immediately because they track their returns in real time," Adegoke noted.
This real-time visibility, enabled by mobile banking apps, is the core technological factor accelerating the customer response. Unlike legacy banking, where returns were often opaque, today’s digital customer is an active tracker.
Adegoke recommends that banks should rethink how they deliver value noting that innovation doesn’t always mean new technology; sometimes it means re-engineering existing products to make them more responsive to customer needs.
“Banks can introduce flexible savings accounts, inflation-aware financial tools, or hybrid digital products that combine liquidity with structured value,” he said.
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