From Juliana Taiwo-Obalonye, Abuja
The Federal Government of Nigeria is intensifying measures to eliminate glitches in digital payment systems and expand e-commerce, aiming to ensure all Nigerians have access to reliable and convenient financial services.
Spearheaded by the Office of the Vice President in collaboration with the Ministry of Industry, Trade and Investment and development partners, the initiative seeks to enable seamless money transfers through mobile phones and other digital devices.
Deputy Chief of Staff to the President (Office of the Vice President), Ibrahim Hadejia, revealed these plans during a stakeholders’ roundtable held in Abuja on Tuesday, September 9.
He reiterated the administration of President Bola Tinubu’s commitment to driving financial inclusion through tailored digital payment strategies that reach underserved populations.
According to a statement by the media aide to the Vice President, Stanley Nkwocha, highlighting Nigeria’s advanced payment landscape, Hadejia said few countries offer the ease of payment and banking services available in Nigeria. However, he acknowledged persistent challenges related to payment convenience and identity verification as key barriers to broader e-commerce growth.
“From our perspective, digital payment and identity verification remain the last obstacles to unlocking Nigeria’s full e-commerce potential,” he explained. “Addressing these challenges will help ensure eligible Nigerians, regardless of location or socio-economic status, can access quality, simple financial services.”
Hadejia further referenced lessons from India’s prepaid payment instruments to illustrate how enhanced payment systems could stimulate trade and e-commerce in Nigeria.
With digital transactions now exceeding traditional credit card volumes, the government welcomes growing interest from global payment players like Mastercard and Visa. He also noted that issues with cross-border payments and identity verification have slowed progress under the African Continental Free Trade Area (AfCFTA).
The roundtable is intended to gather data and insights to help the government improve regulations, infrastructure, and legislation to unblock e-commerce and digital trade.
Other participants included Dr Max Mendez-Parra from the Overseas Development Institute (ODI), who emphasised ODI’s support for AfCFTA’s digital trade protocols, and the Minister of Industry, Trade and Investment, Jumoke Oduwole, who detailed the early-stage AfCFTA DG Pass initiative to operationalise digital identities.
Special Assistant on ICT Policy to the President, Salisu Nakande, noted that the project launched two years ago with Vice President Kashim Shettima’s backing, stressing the importance of seamless payment solutions to tap Nigeria’s growing digital economy.