Stakeholders in Nigeria’s financial technology sector have called for expanded digital payment infrastructure and greater financial inclusion to drive economic growth, increase revenue, and grow the digital economy.
They made the appeal at Lagos’ 10th anniversary celebration of Xpress Payments Ltd., themed “A Decade of Innovation, A Future of Possibilities.”
Xpress Payments MD Mr. Akin Fanimokun emphasized that resilient, secure payment systems are vital for business operations, government revenue collection, and financial inclusion.
He highlighted the company’s investments in switching and processing infrastructure, including disaster recovery systems, to improve transaction efficiency and security.
“Our goal is to simplify and enable smarter payments. We aim to become an integral part of our customers’ lives through seamless, secure, and easy-to-use products that foster convenience and confidence,” he said.
Fanimokun noted that the company has expanded beyond switching into Payment Solution Service Provider (PSSP), Payment Terminal Service Provider (PTSP), third-party processing, and non-bank acquiring.
He added that XpressMTS, a subsidiary, obtained a mobile money license in 2021, with agent banking transactions rising from 1.5 million to over 2.5 million monthly by 2022.
The company’s growing capacity earned it an appointment as a collecting agent under Nigeria’s Treasury Single Account (TSA) framework.
Xpress Payments has also established regional hubs in Oyo, Delta, Abuja, Ogun, Gombe, Kano, and Rivers to deepen financial inclusion and serve underserved communities.
In his keynote, Mr. Olaniyi Yusuf of Verraki Partners said Nigeria has developed one of Africa’s most advanced real-time payment systems.
He stressed that future growth depends on stronger trust frameworks, resilient infrastructure, and better consumer protection.
“Nigeria has built impressive payment rails. The next decade is about trust and who we allow to use them,” he stated.
Yusuf highlighted that about 28.9 million Nigerian adults remain outside the formal financial system, emphasizing the need for broader inclusion.
He called for closer collaboration among regulators, financial institutions, and telecom operators to strengthen the digital payments ecosystem.
Ms. Uche Uzoebo, CEO of SANEF Ltd., noted that regulatory frameworks are key to protecting consumers and maintaining confidence in digital services.
She urged operators to view regulators as strategic partners and leverage initiatives like the CBN’s regulatory sandbox to develop innovative solutions.
Earlier, Dr. Awa Ibrahim, Chairman of Xpress Holdings Ltd., stressed that corporate governance, regulatory compliance, and resilient infrastructure are central to the industry’s future.
He highlighted Xpress Payments’ strong engagement with regulators and its role in supporting government revenue through the TSA platform.
Ibrahim expressed confidence that Xpress Payments is well-positioned to expand across Africa’s digital payments landscape in the coming years.
Founded in 2016, Xpress Payment Solutions offers electronic payment, collections, bill payment, and funds disbursement services.
