'Industry collaboration key to driving cashless adoption'

The Managing Director of Remita Payment Services Limited (RPSL), a subsidiary of SystemSpecs Holdings Limited (SHL), ‘Deremi Atanda, has called for deeper industry collaboration to foster the adoption of digital payments in Nigeria. He made the call during his presentation at the 2023 Digital Pay Expo Conference held in Lagos.

Dissecting the discussion that focused on the importance of discovering and also adopting the factors that drive cashless adoption, Atanda stressed how transitioning financial services to a cashless payment model fosters socioeconomic development.

“Contactless payment can greatly increase the use of cashless transactions. For us in the developing economy, which Nigeria partly belongs to, financial inclusion is crucial, and it depends on digital inclusion. Ultimately, this is about socio-economic growth, because cashless is not an end, but a means to improve and speed up payment, which benefits the whole ecosystem,” he said.

Africa, especially Nigeria, has seen a meteoric rise in the fintech industry which has dismantled traditional barriers and ushered in a new era of financial inclusion. However, the advent of contactless payment promises to completely transform how people transact goods and services on the go.

Experts predict that contactless payments are set to surpass cash and card payments shortly, as they are growing rapidly with a 15.4 per cent Compound Annual Growth Rate (CAGR).

Reiterating Remita’s contribution to the advancement of cashless transactions in Africa, Atanda emphasised that collaboration among stakeholders will create revolutionary technology that makes financial transactions easier and more accessible.

“While cashless payments offer clear advantages and development potential, we must not overlook the key dependencies involved. The development of cashless payments should be accompanied by careful consideration of regulations and standards to maximise its benefits,” he added.