‘Collaboration Critical To Efficiency Of e-payment System In Nigeria’

Niyi Toluwalope, managing director and chief executive officer of eTranzact International, says there is an urgent need for collaboration to boost the efficiency of the country’s e-payment system.

He stated this during the 2024 Annual Conference of CeBIH (Committee of e-Business Industry Heads), which was held at the weekend in Lagos and had the theme ‘Payment system 2030: Navigating contemporary issues in driving future growth’.

Toluwalope underscored collaboration can drive innovation and growth, especially as the consumer landscape evolves towards a younger demographic.

He said: “So what we see in the future is the situation where things are no longer a silo; we have a lot of efficiencies based on interconnected systems people leverage on. Nobody is duplicating the roles; We are not reinventing the wheels. You can leverage what has been established already and build on that.

we need to adopt, and that is how to grow.”

Toluwalope further stressed that Nigeria leads in population but ranks lower in bank and payment penetration compared to South Africa and Kenya, emphasising that key factors driving growth include active regulatory engagement and innovative FinTech solutions, citing that inadequate infrastructure and compliance issues remain critical hurdles.

He added that, “It is a regulatory compliance. You cannot regulate compliance requirements; you cannot avoid them, but at the same time, it must be seamless, quick, and fast. So digitising onboarding is one of the things we believe has helped the adoption of payment and payment systems over the last couple of years, and we expect things to be even further simplified to make this better.”