Business
Expert Decries Poor Financial Services
A financial expert in Ni
geria, Mr Issah Idriss, has said that the nation was not doing well in the Provision of Financial Products and Services, even though the country remained a strong force in sub-Sahara Africa.
He has observed that more that more than 2.5 billion people world wide, who made up about the 50 per cent of the world’s working population, lacked access to financial services, particularly in developing countries which Nigeria is part of.
Speaking in a consumer sensitisation forum in Enugu recently, Idriss, who is a principal officer of the department of Development Finance of the Central Bank of Nigeria (CBN) said “A survey by Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Bureau of Statistics in 2011 revealed that there are 17,284,671 micro, small and medium enterprises (MSMEs) in Nigeria.
“Out of these 17,261,753, making up 99.87 per cent of the MSMEs, are micro enterprises, and they are the foundation for any sustainable financial inclusion programme because they are the bottom of the pyramid.,”
Idriss said that although the national economy had shown some promises for the realisation of a sustainable financial inclusion, some factors had contributed to the high financial exclusion rate in Nigeria.
He said, that the financing gap for the formal and informal micro enterprises stood at N1.79 trillion and N540 billion respectively, stressing that this factor had led to low income among Nigerians.
According to him, about 24 percent of the adult population in the country earned less than two dollars (about N324) per day.
Idriss said that it was in the light of this challenge that the consumer protection Department of CBN was established.
He said that through the department, a N220 billion-MSMEs Development Funds was set up to provide long-term, low –interest funds for the sector through participating Financial Institutions (PFIs), with 60 per cent of the funds dedicated to women enterprises.
According to Idriss, the broad target for financial inclusion in Nigeria is to ensure that 80 percentage of the adult population has access to appropriate, affordable and diversified financial services by 2020.
The financial expert posited that in addition to accessing the fund, customers of banks ought to be advised on specific products and services of the banking community; noting that the banking community was awash with products and services that might be just misleading.
“The relationship between banks and customers is contractual under the law and you will be held responsible for certain action you take. So you need to ask in-depth questions before going in for any product or service,”he stated.
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
