‘No country practises 100% cashless policy’

There is no country that practises total use of digital payment in settling its transactions, without a measure of cash deployment, the Managing Director, SystemSpecs Technology Services Limited, Demola Igbalajobi, has said.

Speaking at the maiden SystemSpecs Tech Innovation Series webinar in Lagos, Igbalajobi and other stakeholders at the event made case for seamless e-payment system and how banks, telcos and switches could contribute to make it a reality.

Other panelists who spoke on the theme: ‘Cashless Policy: Sustaining Digital Payments Beyond the Currency Redesign’ include Managing Director, Remita, ‘Deremi Atanda and Founder/CEO Bankly, Tomilola Majekodinmu.

The stakeholders said aside switches, telcos and banks also have roles to play in seamless payment system, and believed that poor connectivity is a major challenge, which stakeholders needed to tackle.

Speaking on e-Naira, Igbalajobi said the payment platform needs to be made more accessible to the people for it to achieve its objectives.

He said: “People need to understand how to use the e-Naira. The channel for accessing e-Naira should be easy and seamless. There is need to let the people know the value they can benefit. We are looking to solve new problems and such solution should work for people in their daily lives.”

Majekodinmu called for extension of e-payment to the grassroots because the cost of printing cash is extremely high.

She explained that access to financial services is not just about opening bank accounts, it is about services that move the people from just opening an account to adoption of financial services.

Atanda said currency redesign policy of the Central Bank of Nigeria (CBN) would accelerate digital payment journey for the country and help stimulate cash-less adoption.

The CBN’s Naira Redesign policy was initiated to ensure that monetary policy decisions produce the right results of reducing inflation rate and achieving exchange rate stability.


It is expected that ensuing deflationary pressure could elicit interest rate cuts that would in the short- to medium-term boost economic activities, spur aggregate demand, and enhance output growth.

The policy is also meant to support the efforts of security agencies in combating banditry and ransom-taking and curbing the counterfeiting N200, N500 and N1,000.

The policy saw the redesigning of the N200, N500 and N1,000 notes and setting a December 31, 2023 final deadline for people to deposit old notes in their accounts.

However, several hurdles are making the policy difficult for the CBN’s implementation. The biggest challenge has been the difficulty in getting the new notes.

CBN Governor, Godwin Emefiele recently blamed some bankers for sabotaging the apex bank’s efforts.

Atanda called for quality infrastructure to support the growth of digital payments in Nigeria.

He stressed the importance of adequate infrastructure development to enable a sustainable digital payment system.

At the webinar, Atanda emphasised the importance of the cashless policy in promoting financial inclusion, reducing the cost of currency management, and enhancing the efficiency of the payment system. However, he also warned that the policy cannot succeed without a significant upgrade of Nigeria’s infrastructure.

The SystemSpecs Technology Innovation Webinar Series serves as an ingenious platform to proffer innovative solutions to a range of economic, financial, and other national challenges.

“Provide infrastructure to the last mile, ensure there is awareness, and that is where we talk about the four A paradigm. The first one is Awareness, people must know what there is; the second is Adoption; the third is Acceptance and the fourth is Acculturation making it a way of life where you keep reinventing the first three ‘As’,” he added.

Acknowledging the challenges hindering the widespread adoption of digital payments, including poor network connectivity, low levels of literacy, and inadequate infrastructure, ‘Deremi accentuated the need for a collaborative effort among fintech companies, the government, and traditional financial institutions to effectively tackle these daunting challenges.

“Fintech companies have a vital role to play in promoting financial inclusion and driving digital payments. We need to collaborate with other stakeholders, including the government and traditional financial institutions, to achieve our objectives.” he stated.

Atanda is responsible for driving the company’s growth and expansion strategy, building strategic partnerships, and overseeing the development of innovative digital payment solutions. Under his leadership, Remita has become a major player in Nigeria’s fintech industry.

Remita is a leading financial technology company based in Nigeria, providing innovative payment solutions to individuals, corporates, organisations of any size, and state and federal governments. Its cutting-edge solutions have been recognised both locally and internationally, earning the organisation numerous awards including the Best Lending Support Service Provider and Best Corporate Payments Platform accolades from the Central Bank of Nigeria (CBN) in 2022.

In a rapidly evolving fintech industry, Remita remains at the forefront of innovation, continuously developing new products and services to meet the evolving needs of its customers. Its focus on excellence, customer satisfaction, and social responsibility sets it apart as a leading player in the Nigerian fintech landscape.