• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, August 29, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Experts Advocate Collaboration  to Strengthen Payment System

by Bukola Idowu and Olushola Bello
2 years ago
in Business
Share on WhatsAppShare on FacebookShare on XTelegram

Experts have stressed the importance of a multidimensional collaboration in enhancing the country’s payment system.

Advertisement

To this end, the vice chairman of the Nigeria Communication Commission (NCC), Prof Umar Danbatta said this at the just concluded 2023 annual conference of the Finance Correspondent Association of Nigeria (FICAN) with the theme ‘Strengthening Digital Infrastructure for Efficient Innovative Payment System in Nigeria,’ held on Saturday in Lagos.

The Nigeria Communication Commission (NCC) boss, who was represented by the commission’s deputy director, Engr Anthony Ikemefuna, noted that, “Strengthening digital infrastructure for efficient and innovative payment systems in Nigeria is a long-term endeavour that requires collaboration, investment, and adaptability. By addressing these strategies comprehensively and proactively, Nigeria can build a robust and inclusive digital payment ecosystem that benefits its citizens and drives economic growth.”

He stressed the need to improve collaborative efforts between the NCC and financial regulators such as the CBN, to enable proper coordination of policies and regulations related to digital payments and telecommunications.

According to Danbatta, this will ensure that the regulatory environment is conducive for innovation and growth.

RELATED

Parallex Bank To Provide Limitless Banking Experience

Bank Unveils N4bn Financial Support For Lagos LGAs, LCDAs

16 hours ago
FCT Town Planners Reaffirm Commitment To Abuja Master Plan Restoration

Ministry Launches Portal For Tracking Real Estate Fraudsters

17 hours ago
ADVERTISEMENT

He further stressed the need to encourage partnerships between financial institutions, telecom operators, and fintech companies to develop and deliver innovative digital payment solutions.

He added that the country needed to leverage the expertise and resources of the private sector to expand and improve digital infrastructure.

“The government should take a leading role in promoting digital payments by setting a clear vision and providing support. Implement e-government initiatives to promote digital payments for public services and benefits distribution,” Danbatta asserted.

ADVERTISEMENT

He called on telecom operators to support financial inclusion initiatives by partnering with banks and fintech companies to offer mobile banking and payment services to unbanked and under-banked populations.

Meanwhile, the head, Digital Banking, United Bank for Africa, Mr Olukayode Olubiyi, argued that inadequate infrastructure posed one of the greatest challenges to Nigeria’s electronic payment.

He added that dearth of operational and telecommunications facilities, as well as unstable power supply had slowed down the growth of electronic payment in the country.

Olubiyi harped on the need for collaboration among stakeholders, including financial institutions, fintech companies, government entities, and regulatory bodies, plays a pivotal role in ensuring the success of innovative solutions.

“Ultimately, it comes down to policy, regulation, and collaboration. If parties are willing to collaborate, many of the frictions currently experienced in the Nigeria financial service sector can be mitigated,” Olubiyi opined.

He mentioned that many e-payment systems depend on stable power sources and robust IT infrastructure, such as laptops, mobile phones, POS terminals, and dependable internet connectivity.

“During the period of cash scarcity earlier this year, banks faced unprecedented e-payment failures, prompting the urgent need for technological infrastructure upgrades,” he noted.

According to Olubiyi,  the failure of e-payment channels on such a scale compelled customers to wait for banks’ networks to stabilise before completing their transactions.

According to him, the challenge of failed transactions in Nigeria’s payment systems necessitates a collaborative effort among industry stakeholders and the implementation of appropriate policies and regulations.

“An increased collaboration among the Central Bank, Telcos, the commercial banks and FinTech to expand internet connectivity and seamless electronic transfers across the country.

“A uniformity in banking applications across the industry could significantly reduce the occurrence of failed or delayed payments,” he added.

Olubiyi also stated that that would require robust technology, stringent security measures, and seamless integration with various payment platforms and financial institutions.

“To combat fraud, it is imperative for the government, private sector organisations, and international partners to engage in strong and cohesive collaboration. Sharing intelligence and pooling resources will significantly contribute to the fight against cybercrime.

“Furthermore, this collaboration can extend to investments in cybersecurity infrastructure, including cybersecurity training facilities, incident response centres, and cybersecurity research and development centres,” he reasoned.

Speaking earlier, the chairman of FICAN, Chima Nwokoji noted that, the challenges witnessed in the country’s payment system during the cash scarcity provided a window of opportunity for the banking system to be proactive and inventive.

This, he said, would enable them to reap the benefits provided by electronic payments.

“As banks and fintechs are expanding their financial services portfolios to capture the unbanked and semi-banked, they should not only be expanding their digital infrastructure, but also making it more sophisticated to ensure seamless transaction and safety of funds.

“In its ‘Nigeria Development Update (June 2023), the World Bank pointed out that Nigeria’s digital and financial infrastructure is inadequate to support a swift transition to a cashless economy.

He quoted the multilateral as saying, “The lack of adequate digital and financial infrastructure and processes to support a swift transition to a cashless economy— coupled with the fact that only 40 per cent of adults have a bank account—further exacerbated the situation. The cash shortage resulted in a black market for new notes, inflating overall transaction costs.”


Join Our WhatsApp Channel

Nigerians can now earn US Dollars monthly by acquiring domains cheaply and reselling for profits up to $18,000 (nearly ₦30Million). Beneficiaries include professionals, entrepreneurs, civil servants and more. Click here to start.


SendShare10171Tweet6357Share
ADVERTISEMENT
Previous Post

Edo Guber: Parties May Cede Governorship Ticket To Central

Next Post

FCTA To Demolish Illegal Shops In Area 1

Bukola Idowu and Olushola Bello

Bukola Idowu and Olushola Bello

You May Like

Parallex Bank To Provide Limitless Banking Experience
Business

Bank Unveils N4bn Financial Support For Lagos LGAs, LCDAs

2025/08/28
FCT Town Planners Reaffirm Commitment To Abuja Master Plan Restoration
Business

Ministry Launches Portal For Tracking Real Estate Fraudsters

2025/08/28
Renewed Confidence In Aviation Sector Raises Local Airlines Participation – NCAA
Business

Lagos, FCT, Rivers Generate 70% Of Aviation’s N215.6bn GDP Contribution

2025/08/28
Air Peace Lauds Minister Over Installation Of Airfield Lighting On Lagos Airport
Business

Tinubu’s Brazil Visit Yielded Air Peace, Embraer MRO Agreement – Onyema

2025/08/28
Large-cap Stock Drives Local Bourse To N180bn Gains
Business

Bulls Lose Steam As Equities Market Dips By N325bn Amid Profit Booking

2025/08/28
Kogi Stakeholders Task Federal Gov’t On Ending Benue Killings
Business

Tinubu Promises Continued Support For Capital Market Reforms, Expansion

2025/08/28
Leadership Conference advertisement

LATEST

Tubotamuno Launches ‘The Elite Wanderer’ To Turn Wealth Into Power, Legacy

2027: Why PDP Must Present Southern Christian Candidate — Bauchi Gov

Akure Monarch Shuts Markets, Shops For Amole Festival

Federal Gov’t To End Police Escort Misuse By VIPs, Says Hadiza Bala-Usman

INEC Allays ADC’s Fears Over Voter Registration Figures

JUST-IN: Besiktas Sack Ole Gunnar Solskjær As Head Coach

Benue, Plateau Killings: DSS Files Criminal Charge Against 9 Suspects

Federal Gov’t Hails Ex-Perm Secs’ Council For Bolstering Governance

Niger Delta Coalition Backs NNPCL Boss, Passes Confidence Vote On Tinubu

Gombe Gov Meets VON DG, Pledges Continued Support, Robust Partnership

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.