Future of Digital Payments in Nigeria

Raheem Akingbolu writes on how consumer demand and digital revolution are redefining the Nigerian consumer market

Nigeria’s fintech sector has grown exponentially in recent years, driven by both consumer demand and advancements in technology. The Central Bank of Nigeria (CBN) reports that the value of electronic payment transactions in Nigeria surpassed N393 trillion in 2023, a testament to the increasing adoption of digital payments.

However, despite these strides, there remains a significant portion of the economy still operating in the informal sector, relying heavily on cash-based transactions. The continued reliance on cash transactions by a significant portion of the population, alongside a global shift towards a digital economy highlights the urgent need for innovative payment solutions. This is where Woven Finance with its offerings and consistent adherence to regulatory standards that enhance security and consumer trust, comes in. 

With its Brand Refresh and the Woven Lifestyle Expo in November, Woven Finance is positioning itself as a fintech powerhouse. These events are strategically designed to reaffirm the company’s presence in the highly competitive Nigerian fintech market while offering a unique platform to introduce its robust payment infrastructure to merchants and consumers alike.

Woven Finance sees this as both a challenge and an opportunity. With a suite of payment solutions that cater to both businesses and consumers, the company aims to bridge the gap between traditional cash transactions and the emerging digital economy. From Virtual Accounts to Scan-to-Pay services, Woven Finance is focused on ensuring that payments are fast, secure, and convenient.

The heart of Woven Finance’s service offering lies in its versatile payment infrastructure, which allows businesses and consumers to transact effortlessly across multiple platforms. These include: The company’s Virtual Accounts which provide unique account numbers that allow for direct payments and simplified transaction tracking., while the Card Payments enable easy debit and credit card transactions through secure gateways. Then the Payment Links allows merchants to send payment requests to customers via simple links that can be accessed from mobile phones or computers. 

One of the unique services offering Scan-to-Pay, is a QR code-based system for instant payments, offering a contactless, fast, and secure alternative to cash transactions and the Online Payment Integration is designed as a Seamlessly integrating payment solutions into e-commerce platforms, enabling businesses to accept payments from a wide range of sources. Direct Debit: Allowing automatic payments for services and subscriptions, reducing the risk of missed payments and improving cash flow for businesses.

These solutions not only serve large enterprises but also empower small and medium-sized businesses (SMEs), providing them with tools to navigate regulatory requirements effectively while enhancing their operational efficiency. According to the National Bureau of Statistics (NBS), SMEs contribute 48 per cent to Nigeria’s GDP and account for 96 per cent of businesses. By integrating into Woven Finance’s payment infrastructure, SMEs can improve their operations, ensuring that payments are received promptly and securely.

The Woven Lifestyle Expo, scheduled to take place after the Brand Refresh event, is not just another trade fair. It is a unique convergence of technology and lifestyle, aimed at showcasing how Woven Finance’s payment solutions can seamlessly integrate into various industries.

For merchants, the benefits of using the Woven payment system are clear: faster processing times, improved cash flow, and reduced reliance on cash transactions. For consumers, the experience is seamless, whether they are scanning a QR code for payment at a pop-up shop or paying via a card at a travel agency booth. 

“Our goal is to ensure that every Nigerian, regardless of location or economic status, has access to the financial services they need to grow and succeed. We believe that by simplifying payments and making them accessible to all, we can contribute to the broader goals of financial inclusion and economic empowerment,” said CEO of Woven Finance, Collins Obafemi. 

As the Nigerian fintech space becomes increasingly competitive, Woven Finance is stepping up as a leader with its comprehensive suite of payment solutions. The Woven Lifestyle Expo and Brand Refresh are more than just events – they represent the company’s commitment to innovation, financial inclusion, and empowering businesses to thrive in the digital economy. 

With a focus on seamless transactions, user-friendly interfaces, and secure payment systems, Woven Finance is poised to redefine the way Nigerians interact with financial services. As the company reintroduces itself to the market on November 14, 2024, it is clear that Woven Finance is not just a fintech company; it is a catalyst for change in Nigeria’s payment ecosystem.