Stakeholders across Africa are pushing for a safer and more secure cashless economy, particularly in Nigeria, to streamline business operations and cut down on corruption. The third Africa Cashless Payment System Conference, held in Lagos and themed “Building Safer Cashless Economy and Business Communities,” brought together leaders to discuss how enhanced digital transaction security can transform the continent’s financial landscape. Organized by the Foreign Investment Network (FIN), the conference highlighted the need for a digital financial system accessible to all.
In her opening speech, Oluyinka Fayomi, Chairman of FIN UK, spoke on the transformative impact of a cashless system, especially for financially excluded groups. “Through collaboration and innovation, we can create a digital ecosystem that empowers individuals and businesses across Africa,” Fayomi stated. She noted Lagos’s success in reducing cash-handling costs and boosting digital transactions, providing a model for other regions. Mobile money services, with 548 million registered accounts across Africa, demonstrate the continent’s readiness for a shift that can enhance economic growth and financial inclusion.
Aminu Maida, Vice Chairman of the Nigerian Communications Commission (NCC), emphasized the critical role of telecommunications infrastructure in advancing mobile money services and ensuring secure, efficient cashless transactions. Represented by the Commission’s Zonal Controller, Tunji Jimoh, Maida highlighted the National Broadband Plan 2020-2025, aiming to provide download speeds of 25 Mbps in urban areas and 10 Mbps in rural areas to cover 90 percent of the population with a target of 70 percent internet penetration by 2025. The NCC’s deployment of 120,000 km of fibre infrastructure will boost internet accessibility, enhancing the reliability of cashless transactions across Nigeria.
Furthermore, Maida highlighted the importance of USSD codes, especially in rural regions, as they enable mobile money transactions without requiring internet connectivity. “Telecoms infrastructure is the backbone of mobile financial services,” he said. “As internet penetration grows, we can support more advanced mobile money and online banking solutions.” He underscored that this expansion opens new opportunities for small businesses to thrive digitally, especially in informal markets, while cautioning that risks like fraud and data breaches must be addressed to build trust.
Soji Oni, Head of Technical Control at the Nigeria Insurers Association (NIA), represented the Director-General and pointed to the role of insurance in managing risks associated with cashless transactions. With cashless transactions in Nigeria reaching an astounding N611 trillion in 2023—up 54.55% from N395.38 trillion in 2022—Oni stressed that safeguarding these transactions is crucial. He described cashless transactions as a revolutionary force in Nigeria’s financial landscape, moving away from physical cash to create a secure and inclusive financial system.
The conference closed with an urgent call for increased investment in digital infrastructure and risk management strategies, especially as Nigeria and Africa at large embrace digital transformation. Experts underscored the role of a secure cashless system in positioning Africa within the global digital economy while emphasizing the need for strong measures to secure transactions and protect user data.
