Stakeholders in the payment system at the weekend underlined the importance of a multidimensional collaboration in enhancing the country’s payment system.
Experts, who spoke at the yearly conference of the Finance Correspondents Association of Nigeria (FICAN) in Lagos, agreed that strengthening digital infrastructure for efficient and innovative payment systems requires collaboration, investment and adaptability.
The theme of the event was “Strengthening digital infrastructure for efficient innovative payment system in Nigeria”.
The speakers included Vice Chairman, Nigeria Communication Commission (NCC), Prof. Umar Danbatta; Head, Digital Banking, United Bank for Africa (UBA) Plc, Mr. Olukayode Olubiyi and Chief Finance Officer, Parthian Partners, Mr. Olayinka Arewa.
Danbatta said with comprehensive and proactive strategies that foster collaboration along the key elements of long-term investments, innovation and adaptability, Nigeria could build a robust and inclusive digital payment ecosystem that benefits its citizens and drives growth.
He stressed the need to improve collaboration between the NCC and financial regulators such as the Central Bank of Nigeria (CBN), to enable proper coordination of policies and regulations related to digital payments and telecommunications.
According to him, this would ensure that the regulatory environment is conducive for innovation and growth.
He stressed the need to encourage partnerships between financial institutions, telecom operators, and fintech companies to develop and deliver innovative digital payment solutions.
He added that the country needed to leverage the expertise and resources of the private sector to expand and improve digital infrastructure.
“The government should take a leading role in promoting digital payments by setting a clear vision and providing support.
“Implement e-government initiatives to promote digital payments for public services and benefits distribution,” Danbatta, who was represented by a Deputy Director of the commission, Anthony Ikemefuna, said.
He called on telecom operators to support financial inclusion initiatives by partnering banks and fintech companies to offer mobile banking and payment services to unbanked and under-banked populations.
