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Nigeria need to upgrade Digital payments

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By Abiodun Okunloye

Infrastructural development will facilitate digital payment expansion.

During the inaugural edition of the SystemSpecs Tech Innovation Webinar Series, which was recently hosted in collaboration with FintechNGR, with the theme “Cashless Policy: Sustaining Digital Payments beyond the Currency Redesign,” Deremi Atanda, the Managing Director of Remita Payment Services Limited (RPSL), a major financial service provider in Nigeria, has urged for infrastructural development to facilitate the expansion of digital payments in the country. Doing this will ensure that digital payments can sustain themselves in the upcoming future.

Gathered at the event are Fintech experts like Dr. Henrietta Onwuegbuzie, Director of the Business Innovation Accelerator at Lagos Business School; Demola Igbalajobi, Managing Director of SystemSpecs Technology Services(STSL); Tomilola Majekodinmu, Founder and Chief Executive Officer of Bankly; and others to explored how digital payments may be maintained in the most effective manner with a stronger emphasis on the significance of the creation of suitable Infrastructure in order to create a robust digital payment system across the nation.

Improvements are needed in Nigeria’s financial infrastructure.

During the event, Deremi stressed the role of the cashless policy in terms of fostering financial inclusion, cutting costs associated with currency management, and improving the effectiveness of the payment system. Yet, he also cautioned that the idea would not be successful unless considerable improvements were made to Nigeria’s infrastructure. The SystemSpecs Technology Innovation Webinar Series acts as an innovative platform that has been deliberately chosen to deliver real solutions to a variety of economic, financial, and other national issues.

He also discussed the four A paradigms, which entail providing infrastructure to the last mile and ensuring awareness. He said, “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’”. Taking into account the current obstacles, such as limited access to the internet, low Literacy rates, and outdated infrastructure, that prevent digital payments from gaining widespread popularity,

Remita offers seamless payment services for people and corporations.

Deremi Atanda is in charge of leading the expansion and growth of Remita Payment Services Limited (RPSL), establishing key alliances, and managing the creation of cutting-edge digital payment solutions in his role as the company’s Managing Director. Remita has developed into a significant player in Nigeria’s growing Fintech industry owing to his leadership. It is now a leading financial firm with a base in Nigeria. The company offers seamless payment services for people, corporations, organizations of any size, federal and state governments.

It won multiple awards for its innovative solutions, including “Best Lending Support Service Provider” as well as “Best Corporate Payments Platform” from the Central Bank of Nigeria (CBN) in 2022. Remita is at the forefront of technological advancement in the ever-changing Fintech industry, always releasing new products and services to fulfil the demands of its consumers. It stands out as a frontrunner in the Nigerian Fintech industry primarily to its dedication to quality, high customer satisfaction, and doing things that benefit others.

Collaborative efforts are needed in the sector to boost inclusion.

Moreover, he underlined how important it is for traditional financial institutions, the government, and Fintech startups to work together in order to confront these difficulties properly. Fintech companies have an essential part to play in expanding access to financial services and fostering the growth of digital payment systems. In order to accomplish their goals, he explained, they are going to have to work together with a variety of other stakeholders in and outside of  sector.


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