Woven Finance and the Future of Digital Payments in Nigeria

Raheem Akingbolu writes on how consumer demand and digital revolution is 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 on Thursday, November 14, 2024, at Harbour Point, Victoria Island, Lagos, 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% to Nigeria’s GDP and account for 96% 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. Merchants from sectors such as fashion, travel, food, art, and tourism will be exhibiting their products and services, while consumers have the opportunity to shop, network, and experience Woven’s technology firsthand.

The Expo is anticipated to showcase 60 to 100 merchants who will have access to Woven’s payment solutions. Additionally, educational sessions will be held to inform merchants about compliance best practices related to digital payments.. From QR Code payments to Card transactions, the Woven infrastructure ensures that both merchants and customers can transact securely and efficiently, regardless of the payment method.

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.

A key aspect of Woven Finance’s mission is to drive financial inclusion across Nigeria. Despite the growth of digital payments, a significant number of Nigerians remain underserved by formal financial institutions. According to the CBN, 36 million Nigerian adults are unbanked, with limited access to formal financial services. Woven Finance aims to change this by providing a platform that allows anyone – from small business owners in rural areas to established merchants in urban centres – to access and benefit from secure digital payment services.

“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,” said Collins Obafemi, CEO of Woven Finance. “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.”

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.

The event will mark the beginning of a new chapter for Nigeria’s fintech sector. Business executives, government officials, and financial policy makers attending the event will witness firsthand how Woven Finance’s platform can support the broader goals of financial inclusion, economic development, and business growth. Through its comprehensive suite of services, Woven Finance is not just providing tools—it is creating opportunities for businesses to thrive in the modern economy.

With its innovative solutions, regulatory compliance, and strategic alignment with national financial goals, Woven Finance is set to become a key player in the financial services sector, supporting Nigeria’s transition to a more digital and inclusive economy. As the financial landscape continues to evolve, Woven Finance will be at the forefront, helping businesses navigate the complexities of modern financial management and achieve sustainable growth.