Stakeholders in Nigeria’s electronic payment system are gearing up to find solutions to challenges that emerged in the first quarter of 2023, in alignment with the country’s Payment System Vision (PSV) 2025. The PSV 2025, released by the Central Bank of Nigeria (CBN) in December 2022, emphasizes contactless payments, big data, and open banking.
Key players from the telecommunications sector, financial services sector, payments service providers, and switching companies will convene in Lagos for the 2023 annual conference of the Finance Correspondents Association of Nigeria (FICAN). The conference theme is “Strengthening Digital Infrastructure for Efficient, Innovative Payment Systems in Nigeria.” The event aims to address challenges faced by the e-payment ecosystem and promote the development of robust digital infrastructure in line with global trends.
The Nigeria Interbank Settlement System (NIBSS) reported substantial growth in electronic payment transactions in Q1 2023 compared to the previous year. The Ag. Governor of the CBN, Mr. Folashodun Shonubi, will be the keynote speaker, and other industry leaders will contribute as guest speakers and panelists.
Opinion:
The commitment of stakeholders in Nigeria to address challenges in the electronic payment system is a positive step toward enhancing the country’s financial infrastructure. The emphasis on building a robust digital ecosystem aligns with global trends in the financial technology space and is crucial for fostering innovation and efficiency.
The significant growth in electronic payment transactions demonstrated by NIBSS underscores the increasing reliance on digital payment methods in the country. The involvement of key players from both the financial and telecommunications sectors in the conference highlights the collaborative approach needed to create a seamless and secure electronic payment environment. As Nigeria aims to strengthen its digital infrastructure and embrace emerging payment technologies, such conferences provide a platform for valuable discussions, insights, and partnerships that can shape the future of the country’s payment systems.