Experts: Collaboration Key to Cashless Adoption in Nigeria, Job Creation

Emma Okonji

The Managing Director of Remita Payment Services Limited (RPSL), a subsidiary of SystemSpecs Holdings Limited (SHL), Mr. Deremi Atanda, has called for deeper industry collaboration to foster the adoption of digital payments in Nigeria. He made the call during his presentation at the 2023 Digital Pay Expo Conference held recently in Lagos.

Also, the Executive Chairman of Phase 3, Mr. Stanley Jegede, has called for collaboration between technology companies and institutions of knowledge in order to foster national development and job creation.

Jegede who spoke at a recent career fair in partnership with the Nile Turkish University of Nigeria, said to fortify the nation’s ICT readiness and foster a vibrant digital economy on the continent, enhanced industry collaborations on information communication technology development across sectors would be of imperative.  

Giving insight to the discussion that focused on the importance of discovering and also adopting the factors that drive cashless adoption, Atanda stressed how transitioning financial services to a cashless payment model could foster socio-economic development.

“Contactless payment can greatly increase the use of cashless transactions. For us in the developing economy, which Nigeria partly belongs to, financial inclusion is crucial, and it depends on digital inclusion. Ultimately, this is about socio-economic growth, because cashless is not an end, but a means to improve and speed up payment, which benefits the whole ecosystem,” he said.

Africa, especially Nigeria, has seen a meteoric rise in the Fintech industry, which has dismantled traditional barriers and ushered in a new era of financial inclusion. However, the advent of contactless payment promises to completely transform how people transact goods and services on the go.

Experts predict that contactless payments are set to surpass cash and card payments in the near future, as they are growing rapidly with a 15.4 per cent Compound Annual Growth Rate (CAGR).

Reiterating Remita’s contribution to the advancement of cashless transactions in Africa, Atanda emphasised that collaboration among stakeholders would create revolutionary technology that would make financial transactions easier and more accessible.

“While cashless payments offer clear advantages and development potential, we must not overlook the key dependencies involved. The development of cashless payments should be accompanied by careful consideration of regulations and standards to maximise its benefits,” he added.

According to Jegade, network’s corporate social responsibility and commitment to initiatives, will help reform the education sector for exponential talent growth that will enable multifaceted inventiveness and boost innovation capabilities of the nation’s teeming population as well as increase the employability of Nigerians in the fourth industrial revolution.

“It cannot be overstated that ICT is both an enabler and service structure with a multiplier economic and social effect, especially in consideration of its immense capabilities of assuring the digital literacy and economic empowerment of a citizenry.