Mr. Niyi Toluwalope, the CEO of eTranzact, an electronic and mobile payment solution company in Nigeria, has stated that the Nigerian payment system is among the best in the world. Toluwalope made this statement during a seminar for finance correspondents and editors organized by the Central Bank of Nigeria (CBN) in Calabar on Wednesday.
Toluwalope presented a paper titled “Designing and Implementing a Robust Payment Architecture” at the seminar. In his presentation, he highlighted the growth of fintech startups and active regulator involvement as some of the factors that have contributed to the development of Nigeria’s payment system into one of the most advanced payment ecosystems globally.
He pointed out that in terms of development and adoption of modern payment systems, Nigeria’s payment architecture is characterized by growing fintech startups and active regulator involvement. He also mentioned that the payment system still requires more work in terms of infrastructure, regulation, talent, and capital. He emphasized the importance of physical infrastructure, regulatory guidelines, talent, and capital in building an ideal payment system.
Toluwalope suggested that the ideal payment architecture could only be delivered by the sustainable injection of capital and empowering a qualified set of fintechs to provide payment infrastructure needs for the rest of the industry. He further explained that efficiency could be achieved by reducing repetitive investment in payment infrastructure while ensuring competitiveness.