NITDA Urges African Countries to Build Efficient payment systems

As more Nigerians continue to embrace the cashless payment systems, a financial organisation has identified the need to ensure the development and implementation of safe, reliable and efficient payment and financial market systems in not just Nigeria, but the whole continent.

The organization believes this is very crucial in achieving a secure, affordable and accessible payment solution that will expand financial inclusion, foster development and support financial stability in Africa

Financial transactions in most developed countries are done cashless, which proves that the world is gradually moving towards a cashless society and it is important Africa is not left behind

This is the essence of the 2nd edition of the cashless African payment systems conference organised by Foreign Investment Network

The rise of cashless transactions also comes with high financial technology innovations (Fintech), daily providing investment opportunities

Already, this sector is responsible for the inflow of huge foreign Direct Investment

NITDA discloses that Africa’s revenue from Fintech alone hit between 4.5billion dollars and 6 billion dollars in 2022

In spite of these alluring figures, the sector is still an emerging area in Africa with a huge unbanked population, that can attract more foreign investors

Beyond job creation, reliance on Dollars as a currency for import and other exchanges has further plunged the African Continent in debt, encouraging fraud and corruption

This conference is to serve as the launch pad for the international business community to explore business opportunities in Africa

It will also help the continent take advantage of transformative technological innovations in the finance sector for its development and prosperity.