CeBIH urges consumer credit shift to drive financial inclusion

The Committee of e-Business Industry Heads has called for a fundamental cultural shift in the perception and use of consumer credit in Nigeria to drive true financial inclusion.

The call was made on Tuesday at a press conference in Lagos to announce its upcoming annual conference.

CeBIH is constituted of the upper echelon of electronic business industry practitioners across all banks in Nigeria. The organisation collaborates with the Central Bank of Nigeria on regulations affecting electronic business in the banking sector.

The theme of this year’s annual conference is ‘Reimagining Financial Inclusion Through Cultural Shifts in Consumer Credit’.

Speaking on the conference theme, the Chairman of CeBIH, Ajibade Laolu-Adewale, said, “It is a direct response to a critical juncture in our nation’s financial evolution. We have successfully used payments and transactions as the gateway to financial inclusion, bringing millions into the formal banking system. But we must now ask ourselves a profound question, is being able to transact the same as being able to thrive? The resounding answer is no.

“True financial inclusion is not just about having a bank account; it is about having the financial tools to build a better life. It is about the single mother who needs a loan to expand her small business, the young graduate seeking a credit line to learn a new skill, and the artisan who needs a buffer to weather an unexpected expense.

“For too long, credit in Nigeria has been viewed with caution, stigma, or outright distrust.

Many Nigerians have viewed borrowing as a sign of weakness rather than a strategic tool for advancement. This cultural mindset has constrained growth, limited opportunities, and slowed financial inclusion. Meanwhile, in other economies, structured consumer credit is the backbone of innovation, entrepreneurship, home ownership, and long-term wealth creation.”

He stated that the association seeks to drive a change in the narrative around credit, saying, “CeBIH wants Nigerians to understand that responsible credit is not a burden, it is a bridge. A bridge to productivity, business expansion, better living standards, and a more resilient economy. With the right systems, the right governance, and the right culture, credit becomes a catalyst for empowerment.

“For too long, we have viewed credit through a lens of suspicion and fear, often for good reason, due to past experiences with predatory practices. This is the cultural narrative we are determined to change.”

Laolu-Adewale added that CeBIH would pursue the change on two fronts: a national mindset shift and catalysing an industry-wide transformation.

The conference is scheduled for early December in Lagos.

Also speaking at the event, the CeBIH Vice Chairman, Abidemi Asunmo, noted that the conference had been designed for impact, with an opening session expected to be attended by the Honourable Minister of Communications, Innovation and Digital Economy; the Minister of State for Humanitarian Affairs and Poverty Alleviation; the Chief Executive Officers of the Nigeria Consumer Credit Corporation, the National Credit Guarantee Company, and the National Identity Management Commission; the Deputy Governor for Financial System Stability at the Central Bank of Nigeria; the Group Managing Director of United Bank for Africa; and other distinguished captains of industry.

“This session will set a definitive tone, framing the high-stakes imperative for a cultural shift in credit. Following this, we will dive into a series of keynote speeches and technical sessions. These are not theoretical discussions. We have curated practical, solution-oriented sessions on the most critical pillars of this new ecosystem.

“The heart of the conference will be our dynamic panel discussion sessions. We have moved beyond echo chambers to create panels that spark genuine debate. We are bringing together the most vocal fintech disruptors with seasoned executives from our leading banks and placing them alongside our regulators from the CBN and consumer protection advocates. It is at this intersection of ideas that true innovation is born,” she said.