Tunde Ogundipe, CEO of E-doc Online, has cautioned that the Federal Government’s consumer credit initiatives risk stalling without significant improvements to Nigeria’s financial data infrastructure. While the Nigerian Consumer Credit Corporation (CrediCorp) has already facilitated over N47 billion in loans, Ogundipe argues that lenders remain hindered by a lack of verifiable credit history for a large portion of the population. He advocates for the wider adoption of open banking, which would allow lenders to assess creditworthiness based on real-time transaction data rather than traditional documentation. By leveraging authorized data sharing, financial institutions can better evaluate potential borrowers, ultimately supporting the government’s goal to extend credit to half of Nigeria’s working population by 2030.