Industry Collaboration Key to Drive Cashless Adoption in Nigeria – ‘Deremi Atanda
Deremi Atanda, Managing Director of Remita Payment Services Limited (RPSL), a subsidiary of SystemSpecs Holdings Limited (SHL), has called for deeper industry collaboration to foster the adoption of digital payments in Nigeria. He made this call during his presentation at the 2023 Digital Pay Expo Conference held recently in Lagos.
Dissecting the discussion that focused on the importance of discovering and also adopting the factors that drive cashless adoption, ‘Deremi 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 in the near future, 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, ‘Deremi 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.
With over two decades of expertise in the fintech industry, Deremi Atanda is a skilled business leader and innovator. He is driven to use technology to address social and economic challenges while creating value for customers and stakeholders.
Remita Payment Services Limited is a leading provider of electronic payment solutions in Nigeria and across Africa. Under ‘Deremi’s leadership and vision, Remita is a pioneer of Nigeria’s fintech revolution, offering innovative solutions for financial empowerment and collaborative growth.