Ohiowele Rallies Stakeholders to Support Nigeria’s $3b iGaming Industry

The Chief Executive Officer of Stateside Microfinance Bank Limited, Ehizojie Ohiowele, has called for stronger collaboration among regulators, financial institutions, technology companies and gaming operators to unlock the full economic potential of Nigeria’s rapidly evolving internet gaming industry.

He made the call in Enugu, where he participated as a panelist at the Enugu Gaming Conference 2026, organised by the Enugu State Gaming and Lotto Commission under the theme, “Code, Capital and Compliance: Unlocking Nigeria’s iGaming Tech Opportunity.”

The two-day conference brought together stakeholders from the gaming, fintech, technology, investment and regulatory ecosystems to examine opportunities and challenges confronting Nigeria’s gaming industry.

Speaking during a panel session under the sub theme “Capitalizing Nigeria’s iGaming Industry and Unlocking Continental Opportunities,” he stated that the conversation around gaming must move beyond wagering and entertainment to recognise the sector as an important component of Nigeria’s wider digital economy.

According to him, “The opportunity in Nigeria’s iGaming industry is much bigger than gaming itself. It sits at the intersection of technology, payments, financial services, data, employment and entertainment. If properly regulated and supported with the right infrastructure, it can become a significant contributor to economic growth.”

He noted that financial institutions have an important role to play in providing working capital, payment infrastructure, settlement solutions and other financial services required by legitimate gaming businesses.

“Capital should not be viewed simply as a loan. For the gaming industry, capital also means access to reliable payment infrastructure, liquidity, settlement, treasury solutions and financial technology that allow operators to scale responsibly.”

He added that access to capital must go hand in hand with strong governance, transparency, responsible gaming practices, robust know-your-customer processes and regulatory compliance.

Ohiowele stated that by expanding access to financial services through digital banking, payments and credit, financial institutions are strengthening financial inclusion and supporting businesses at the heart of its strategy.

He also added that Stateside’s interest in the iGaming sector is part of a broader strategy to ensure that businesses operating within Nigeria’s digital economy have access to appropriate financial infrastructure.

“At Stateside, we believe banking has to evolve with the economy. As new sectors emerge, financial institutions must be prepared to understand their business models, manage their risks and provide the financial infrastructure required for them to grow.”

For Stateside, he said, focus on payments, credit and digital financial services positions the bank to participate in the next phase of Nigeria’s digital economic transformation.