Nigerian Banks, Fintechs Deploy Digital Services as Financial Inclusion Push Accelerates
Guaranty Trust Bank launched a 2.95% airtime loan product while AfriGO partnered with PalmPay for in-app card requests, as financial institutions leverage mobile platforms to expand service accessibility across West Africa.
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Nigerian financial institutions are accelerating digital service deployments through mobile platforms, with Guaranty Trust Bank Limited introducing instant airtime loans at 2.95% interest and AfriGO partnering with PalmPay to enable domestic card requests through mobile applications, according to announcements from the institutions this week.
The moves represent a broader shift toward embedded finance solutions as banks and fintechs compete to capture Nigeria's 122 million mobile phone subscribers, many of whom remain underbanked. Digital financial services penetration in Nigeria reached 64% in 2025, up from 48% in 2020, according to Central Bank of Nigeria data, creating opportunities for institutions to monetize basic financial needs through low-friction digital channels.
GTBank Targets Airtime Market With Micro-Lending Product
Guaranty Trust Bank's Quick Airtime Loan product provides customers instant access to mobile airtime credit when account balances run low, charging 2.95% interest on borrowed amounts. The service integrates directly with GTBank's mobile banking platform, allowing customers to receive airtime within seconds of loan approval without visiting physical branches or completing extensive documentation.
The 2.95% rate positions GTBank competitively against informal airtime credit services, which typically charge between 5% and 10% for similar short-term advances. Nigeria's airtime and data services market exceeded ₦2.8 trillion ($3.4 billion) in 2025, according to Nigerian Communications Commission figures, making micro-lending products tied to telecommunications spending a potentially significant revenue stream for financial institutions.
The product launch follows similar digital lending initiatives from Access Bank and United Bank for Africa, which introduced salary advance and bill payment loans through mobile channels in 2025. Nigerian banks collectively disbursed ₦847 billion in digital loans during 2025, representing 23% growth year-over-year, according to Nigeria Inter-Bank Settlement System data.
Payment Infrastructure Partnerships Expand Card Accessibility
AfriGO's partnership with PalmPay enables customers to request Nigeria's domestic payment card directly through the PalmPay mobile application, eliminating the need to visit bank branches or payment service provider offices. The collaboration expands distribution channels for AfriGO's domestic card scheme, which competes with international networks by offering lower merchant fees and local currency settlement.
PalmPay operates one of Nigeria's largest mobile money platforms with over 35 million registered users as of January 2026, providing AfriGO access to a substantial customer base for card issuance. The partnership reflects growing collaboration between traditional payment infrastructure providers and mobile-first fintech platforms as Nigeria pushes to increase domestic payment card usage from current levels of approximately 28 million active cards.
"The collaboration allows Nigerians to request the national domestic card directly through the PalmPay app, expanding the reach of the country's payment ecosystem," according to the partnership announcement published in This Day. The integration supports Central Bank of Nigeria initiatives to reduce dependence on international payment networks and promote local payment infrastructure development.
Regional Digital Certification Services Launch
Beyond banking services, the West African Examinations Council rolled out digital certificate services across all member states, according to Business Day, digitizing academic credential verification processes that previously required physical document collection and manual authentication. The service allows students and employers to request and verify examination certificates electronically, reducing processing times from weeks to hours.
WAEC's digital certification platform serves students across Nigeria, Ghana, Sierra Leone, Liberia, and Gambia, with over 3.2 million candidates sitting for WAEC examinations annually. The digital service addresses long-standing challenges with certificate fraud and slow verification processes that have complicated employment screening and university admissions across West Africa.
The convergence of digital lending, payment infrastructure expansion, and credential verification services illustrates how institutions across sectors are leveraging mobile technology to address accessibility gaps in West African markets. Financial inclusion metrics will likely continue improving as these digital services scale, though regulatory frameworks around consumer protection and data privacy remain under development across the region.
Nigeria's National Financial Inclusion Strategy targets 95% adult financial inclusion by 2024, up from current levels near 64%, with digital channels identified as the primary mechanism for reaching unbanked populations in rural areas and informal economic sectors.