Stakeholders Push For Lower Digital Payment Costs, Stronger Trust

Key players in Nigeria’s financial services, telecommunications and fintech sectors on Monday called for lower transaction costs, stronger cybersecurity standards and wider access to digital financial services as the country moves to implement the newly launched Payments System Vision 2028 (PSV 2028).

The calls were made during a panel discussion held on the sidelines of the launch of the Central Bank of Nigeria’s (CBN) Payments System Vision 2028 in Abuja.

Participants argued that reducing the cost of digital transactions and expanding access to payment services would be critical to achieving the objectives of the new payments roadmap. The vision seeks to deepen financial inclusion, promote innovation and strengthen Nigeria’s position in regional and global commerce.

The managing director and chief executive officer of the Nigeria Inter-Bank Settlement System (NIBSS), Premier Oiwoh, said digital payments should become virtually free for end users in order to encourage wider adoption and accelerate the transition to a cashless economy.

According to him, several countries are already moving in that direction and Nigeria should consider similar measures.
“We need to stop charging people for moving money around. We need to empower Nigerians with phones to conduct financial transactions,” he said.

Oiwoh also stressed the importance of maintaining control of Nigeria’s payment infrastructure and preserving interoperability across payment platforms.

He disclosed that Nigeria currently has about 488 million bank and payment accounts, of which approximately 388 million are active, highlighting the scale and growth of the country’s digital payments ecosystem.

Responding, executive vice chairman of the Nigerian Communications Commission (NCC), Dr Aminu Maida, said the commission was already working on initiatives aimed at reducing costs within the digital ecosystem.

He noted that the NCC was exploring zero-rating models in some sectors to make digital services more affordable, adding that efforts were currently underway in the education sector.

The managing director and chief executive officer of Sterling Bank, Abubakar Suleiman, said the focus should be on ensuring that every Nigerian can access the financial system while building public trust and maintaining the sustainability of the infrastructure already established.

He warned that failure to sustain the gains achieved in digital finance could result in setbacks for the industry.

The panelists agreed that regulators and industry operators should review transaction pricing structures with a view to making digital financial services cheaper and more affordable, particularly for people living in rural communities.

The participants argued that reducing transaction costs would encourage greater adoption of digital channels and support the financial inclusion objectives outlined in PSV 2028.

Founder and chief executive officer of Moniepoint, Tosin Eniolorunda, said one of the key measures of success for the new vision would be the extent to which customer complaints are reduced and confidence in the payment system is strengthened.

He noted that the payments ecosystem should also be leveraged to expand access to credit for businesses.

According to him, the next stage of financial sector development should involve bridging the gap between payments and lending by using transaction data to support credit access for enterprises.
“We need to give credit to businesses using the payment system,” he said.

On his part, the managing director of Remita, Deremi Atanda, called for the establishment of measurable performance indicators to track progress under the new framework.

He said authorities should monitor the number of individuals with National Identification Numbers (NINs) who are able to carry out digital transactions, as well as the volume of devices capable of supporting electronic payments.

Atanda stressed that policymakers should focus on the practical value citizens derive from digital financial tools rather than simply measuring the availability of technology.

He added that payment technology remains a critical tool for driving economic inclusion and transforming financial services delivery.

The chief operating officer and chief technology officer of OPay, Dotun Daniel Adekunle, emphasised the need for stronger cybersecurity safeguards as digital transactions continue to expand.
He urged regulators and industry operators to ensure that cybersecurity standards are professionally implemented and consistently enforced.

Adekunle said maintaining strong cyber resilience would be essential for sustaining consumer confidence and protecting the integrity of the payments ecosystem.
He also advocated closer integration between payment platforms and banking services, noting that such collaboration could help expand opportunities for small and medium-scale enterprises.

Earlier, Director of Payment System Services at the CBN, Musa Jimoh, traced the evolution of Nigeria’s payments reforms to the Payment System Vision 2010, which was introduced in 2007 to modernise the country’s financial infrastructure.

Jimoh said the Central Bank identified three major barriers to financial inclusion at the time: the high cost of financial services, limited access to financial touchpoints and the complexity of account opening requirements.

He disclosed that agent banking networks had grown from about 50,000 agents in the early years of the initiative to more than two million agents nationwide.
Jimoh said these reforms significantly improved access to financial services and laid the foundation for Nigeria’s current digital payments ecosystem.

He added that the new Payments System Vision 2028 is intended to deepen financial inclusion, strengthen efficiency, enhance global competitiveness and build greater trust in digital financial services.
“Trust is a key word in the entire game that we are set to play,” he said.

The Payments System Vision 2028 was launched by the CBN on Monday as a strategic framework aimed at building a secure, inclusive, innovative and globally competitive payments ecosystem capable of supporting Nigeria’s digital economy and long-term economic growth.