Lagos – Nigeria has been cited as a good
example how the digital evolution is unlocking Africa’s economic potential.
According to experts, Africa’s digital economy is slowly
evolving, showing huge potential for the continent's transformation towards a
While the progress has generally been slow, African
countries share some of the world’s highest speeds of digital growth.
Among the countries where adoption has been commendable
is Nigeria, where electronic payment systems are earmarked to superseding cash,
bank notes, payment orders and cheques with a huge demand for faster and more
convenient ways to pay for goods and services.
Omokehinde Adebanjo, Vice President and Area Business
Head for West Africa for MasterCard, mentioned initiatives such as the
just-concluded 16th edition of the annual Central Bank of Nigeria (CBN)
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In collaboration with the federal government and decision
makers in the financial space plays a fundamental role in advancing the
development of electronic payment in Africa, pecifically in Nigeria.
“These efforts have been pivotal in encouraging citizens
to bank which has also paved the way to economic freedom and financial
inclusion for marginalised groups in the country,” said Adebanjo.
Adebanjo said in this light, it was important to
understand that financially excluded markets were huge unserved populations
looking for a solution, and lower income did not mean electronic payments were
out of reach.
Over the years, many successful initiatives targeting
lower-income segments have been established, such as micro payments and micro
With millions of Nigerians receiving funds from friends
and family, this is a lifeline.
“These types of services have the potential to
open up new remittance corridors, expand the scope of cashless money transfers,
extend financial inclusion and grow the economy,’ said Adebanjo.
- CAJ News