TrustBanc CEO urges AI adoption for MSME loans, highlights $32B credit gap
Abubakar Jimoh, Group CEO of TrustBanc Financial Group, urged banks, fintechs, regulators and professional bodies to collaborate on using AI to expand credit access for Nigerian MSMEs at the Lagos Bankers' Fair on August 13, 2026. Delivering the Chairman's address on the theme 'Connecting Finance, Innovation and Opportunity for a Greater Lagos,' he argued that Lagos possesses the unique concentration of talent, capital, regulatory will and professional expertise required to convert financial innovation into inclusive economic infrastructure.
Jimoh emphasized that AI can assess borrower character through historical transaction and repayment data, shifting focus from collateral-dependent lending within the traditional 5 Cs of credit framework. This approach is vital given Nigeria's over 39 million MSMEs—which represent approximately 96% of businesses, contribute about half of GDP and employ more than 84% of the workforce—yet only about 4% have access to formal bank loans, leaving an unmet MSME credit demand estimated at more than $32.2 billion.
He pointed to Mango Microfinance Bank's MangoMonie platform as a practical example already in development, which will use repayment behavior to reveal character and transaction histories and cash-flow patterns as evidence of capacity, helping viable MSMEs demonstrate creditworthiness where conventional collateral is limited. Jimoh further recommended that the Chartered Institute of Bankers of Nigeria elevate fintech, digital banking and agency banking from modules to dedicated professional certifications, such as a CIBN Chartered Fintech Practitioner designation, with AI as a core examined pillar alongside regulation and risk.
Closing his address, Abu Jimoh called on institutions and professionals across the financial sector to lead the fusion of banking and fintech: 'Let this be the beginning, not the end, of the conversation about connecting finance, innovation and opportunity for a truly greater Lagos.'
Will AI-driven character assessment finally unlock credit for Nigeria's vast MSME sector, or will traditional lending barriers persist despite the clear pathway forward?