Experts are advocating for a collaborative approach to bolster Nigeria’s electronic payment (e-payment) systems. At the 2023 annual conference of the Finance Correspondent Association of Nigeria (FICAN), themed ‘Strengthening Digital Infrastructure for Efficient Innovative Payment System in Nigeria,’ stakeholders emphasized the significance of multi-dimensional cooperation.
Professor Umar Danbatta, Vice Chairman of the Nigeria Communications Commission (NCC), stressed the necessity of collaboration, investment, and adaptability for long-term improvements. Coordinating efforts between the NCC and financial regulators like the Central Bank of Nigeria (CBN) is crucial for creating a conducive regulatory environment.
Danbatta urged financial institutions, telecom operators, and fintech companies to unite in developing innovative payment solutions. Government involvement and support, including e-government initiatives, are vital for promoting digital payments for public services.
Olukayode Olubiyi, Head of Digital Banking at United Bank for Africa, highlighted infrastructure challenges, including unstable power supply. He emphasized the need for collaboration among stakeholders, policy adjustments, and upgrading technological infrastructure.
The challenges experienced during cash scarcity earlier this year underscored the urgency of technological upgrades. Collaboration among the Central Bank, telcos, commercial banks, and fintech is essential for expanding internet connectivity and reducing payment failures.
Robust technology, stringent security measures, and cybersecurity investments are imperative to combat fraud and ensure the success of e-payment systems.
Chima Nwokoji, Chairman of FICAN, encouraged banks and fintechs to enhance their digital infrastructure to capture the unbanked population. The World Bank also highlighted the need for improved digital and financial infrastructure to support a cashless economy transition in Nigeria.
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