In a country where over 60% of the population is under 35 years old, the conversation around financial inclusion and economic empowerment must include one critical component: how can technology and strategic leadership in financial services uplift a generation of young Nigerian entrepreneurs?
Across Africa, and especially in Nigeria, the financial services sector is undergoing a quiet revolution powered by technology. Mobile banking, fintech startups, blockchain solutions, and digital lending platforms are no longer on the periphery – they are central to the nation’s economic future. However, beneath the tech-powered revolution in finance, lies a deeper opportunity: leveraging these innovations to spark upward social mobility for young people.
A New Financial Infrastructure for Inclusion
For decades, access to formal financial services in Nigeria has been a luxury enjoyed by only a minority. According to Statista (2025), just 49% of Nigerians aged 18–35 have access to banking services—meaning over half of that age group remains unbanked, making formal finance effectively a young-adult luxury. With over 40% of Nigerians living below the poverty line, many cannot afford bank fees or meet minimum balance requirements. Historical bank failures and opaque service charges have also fostered widespread distrust in traditional banking.
Moreover, high transaction fees, lack of valid identification documents, and poor access to rural bank branches have excluded many—particularly aspiring entrepreneurs—from formal financial systems. However, technology is beginning to dismantle these barriers. According to the Nigeria Inter-Bank Settlement System (NIBSS), mobile banking
adoption surged by more than 50% between 2020 and 2024, driven largely by youth-led businesses and side hustlers in search of flexible, 24/7 financial services.
Youth-led businesses in Nigeria have significantly embraced digital financial services (DFS), but this adoption still shows room for deeper penetration. While mobile banking usage among Nigerians aged 18–35 reached around 80%. Only about 19% of SMEs accept mobile money payments, and a mere 5% consider it their most convenient payment channel (Alfred, Vanguard, 2023). That contrast suggests that although entrepreneurs use smartphones and apps, many youth-run ventures remain hesitant to fully integrate DFS into their business models. Barriers such as infrastructure gaps— unstable connectivity, unreliable electricity—and rising fees or unexpected charges continue to limit consistent usage.
To boost DFS penetration among youth-led businesses, targeted improvements are needed on both supply and demand sides. Banks must ensure affordability and transparency – most users don’t check fees and are deterred by hidden costs – so clear, low-cost, and predictable pricing is critical. SMEs and DFS providers must prioritize financial literacy and digital education, building on programs like NITDA’s Digital State Initiative to train youths in app-based budgeting, savings, and digital payment management.
Infrastructure investment – especially expanding rural internet access and stabilizing power – would address usability issues identified in underserved areas. Moreover, policy level enhancements like open-banking frameworks, better consumer-protection mechanisms, and robust agent networks can foster trust and convenience. These are key motivators to leverage for youth adoption. With improved regulation, education, infrastructure, and cost transparency, Nigeria can accordingly elevate the share of youth led businesses fully utilizing and benefitting from digital financial services. A look at young entrepreneurs – many of whom operate in informal sectors—can now open digital bank accounts, access microloans, receive payments, and build financial credibility. These tools, when paired with supportive leadership from financial service institutions, unlock new economic pathways. The message is clear: access to capital and financial infrastructure is no longer a privilege; it’s a foundational pillar of inclusive growth.
Strategic Leadership Makes the Difference
Technology alone, however, is not enough. It must be deployed under the guidance of visionary project leaders who understand both innovation and local context. Effective project leadership in financial services ensures that digital solutions are not just high tech, but high impact. This includes developing customer-centric lending products for small business owners, crafting financial literacy programs for first-time borrowers, and building seamless integration between digital wallets and traditional banking systems.
Leaders in fintech and traditional banking alike must adopt human centered design towards developing digital financial services that impact lives, data-driven decision making, and collaborative partnerships with regulators and social enterprises. By aligning technology strategy with real-world challenges – like youth unemployment and lack of credit history – they can design platforms that are not only commercially viable but socially transformative.
Human-Centered Design (HCD) in digital financial services is an approach that places the needs, behaviors, and experiences of real users—especially marginalized or underserved populations—at the core of product development. Instead of starting with the technology, HCD begins with a deep understanding of people’s challenges, goals, and environments, using empathy-driven research, prototyping, and continuous feedback to create solutions that are practical, inclusive, and intuitive.
In the context of digital finance, HCD helps to uncover barriers such as low digital literacy, limited access to formal IDs, and distrust of financial institutions. By designing tools like mobile banking apps, microloan platforms, or budgeting tools with users’ realities in mind, developers can ensure services are not only accessible but also meaningful. For instance, an app with voice navigation and multiple local languages can empower rural users who might otherwise be excluded due to literacy gaps.
Impact of human-centred design on lives:
HCD leads to products that are more likely to be adopted and used effectively. It builds trust, encourages financial inclusion, and empowers users to take control of their financial futures—whether that means saving for emergencies, building credit, or investing in education or a small business.
Benefits for Young Entrepreneurs and Upward Mobility:
For young entrepreneurs, especially in emerging markets, HCD-based financial platforms can be a game-changer. They can access microcredit without traditional collateral, use digital bookkeeping tools tailored to their needs, or receive AI-driven business insights in formats they understand. These tools help them grow sustainable ventures, build financial histories, and tap into broader economic networks.
Ultimately, HCD enables financial services to become not just tools of convenience, but instruments of social mobility, reducing systemic barriers and giving youth the financial footing to transform their ideas into livelihoods.
Stories of Change: From Hustle to Scale
Consider the journey of Ayomide, a 27-year-old fashion designer in Lagos who leveraged a mobile lending platform to secure a ₦200,000 loan. With transparent terms, a quick approval process, and the ability to repay via mobile transfers, she expanded her production capacity and hired two assistants. Within 12 months, Ayomide moved her workshop from a roadside kiosk to a small studio—and became eligible for further credit. Her story mirrors thousands of others, where project-led innovations in financial services provide the structure for young Nigerians to turn passion into prosperity.
Stories of Change: From Soil to Scale
Consider the journey of Ibrahim, a 31-year-old agripreneur from Kaduna who used a digital cooperative platform to access a ₦150,000 input loan at planting season. Through a mobile-first application, he received subsidized seeds, fertilizer, and weather alerts tailored to his crop cycle. For the first time, he could plan harvests with data—not guesswork. By the end of the season, his maize yield doubled. Ibrahim not only repaid the loan via mobile wallet but also joined a digital market linkage program that connected him to buyers in Lagos. Within a year, he expanded from 1 to 3 hectares and now
mentors other young farmers through the same platform. His story echoes across northern Nigeria – where tech-enabled agricultural finance is sowing new opportunities, one hectare at a time.
Stories of Change: From Okada to Optimization
Meet Chidinma, a 29-year-old delivery agent in Port Harcourt who turned her side hustle into a full-time logistics business after joining a mobility fintech platform. With just her bike and a smartphone, she qualified for a ₦100,000 asset-financing loan to upgrade to a fuel-efficient tricycle. The platform offered GPS routing, digital receipts, and cashless payment options – cutting her delivery time by 40% and attracting more clients. Within 8 months, Chidinma grew her daily earnings, hired two riders, and registered her business. Her growth is part of a rising wave in urban logistics, where digital micro-leases and real-time tech are helping youth-led startups break traffic barriers – and build resilient supply chains.
Stories of Change: From Chalkboard to Cloud
At 26, Blessing, a self-taught coder in Ibadan, lacked the formal credentials to land tech jobs. Then she discovered an edtech lending service that provided tuition loans for online courses. With a ₦120,000 flexible loan, she enrolled in a global coding bootcamp, paying back in small installments tied to her income. The platform did not just fund her education – it tracked her learning progress and connected her to internship opportunities. In under a year, Blessing became a front-end developer, now working remotely for a fintech startup in Nairobi. Her leap from digital learner to digital earner reflects a broader shift – where inclusive education financing is bridging Nigeria’s skills gap and unlocking global careers for youth.
What Comes Next?
As Nigeria continues to embrace a digital-first economy, the intersection of technology driven business strategy and dynamic project leadership will define the next era of financial inclusion. Financial service providers must invest not just in software, but in strategic roadmaps that prioritize empowerment. Governments and regulators, in turn, should foster an ecosystem where innovation thrives without leaving the most vulnerable behind.
The time is now for banks, fintechs, investors, and development agencies to recognize their role – not just as financiers but as architects of opportunity. With thoughtful execution and an unwavering focus on impact, the financial services sector can serve as a powerful engine of upward mobility for the entrepreneurial youth of Nigeria.
Because when young entrepreneurs rise, the nation does too.
