The CEO of Network International, Nandan Mer has stated that Nigeria is well-positioned for a digital payments expansion, which is further supported by the introduction of their cutting-edge Network One technology. This platform improves domestic processing capabilities by complying with the Central Bank of Nigeria’s in-country transaction routing mandate. Network One is expanding across major markets in the Middle East and Africa (MEA) region, offering various services, such as digital payments, Fraud protection, and data analytics. The quick rollout Network One in Nigeria demonstrates the company’s dedication to both the nation and the larger African market.
Rapid expansion of digital payments in the country is fostered by its youthful population and high level of consumer expenditure. According to market estimates, domestic digital payments will amount to $21.32 billion in transaction value in 2024. By 2028, this amount is expected to expand at a Compound Annual Growth Rate (CAGR) of 10.06% to reach $31.28 billion. In addition, Network International is committed to developing local talent and infrastructure, encouraging cooperation with Nigerian banks, SMEs, and mobile operators, and advancing financial inclusion across the continent.
CBN has been advancing digital payments with policies.
According to Dr. Reda Helal, Group Managing Director for Processing, Africa and Co-Head Group Processing at Network International, the company’s deep understanding of the Nigerian market enabled them to create a customized solution that meets the unique needs of regional businesses. In addition to empowering its clients, the company is advancing financial inclusion and the democratization of payments throughout the continent by developing a technological hub. The company has strengthened its standing as a reliable payment partner in Africa by obtaining level 1 BBBEE status.
In the past few years, Nigerian digital payments have grown significantly due to a number of key factors. The use of mobile payment solutions has increased, and Fintech apps and mobile banking are growing in popularity. These platforms serve an increasing number of tech-savvy customers by providing easy ways to pay bills, send funds, and make payments. The Central Bank of Nigeria (CBN) has been instrumental in advancing digital payments through programs like the National Financial Inclusion Strategy and the implementation of the cashless policy,
Fintech industry in Nigeria is one of the most vibrant.
Global payment providers like Visa and MasterCard are increasing their footprint in Nigeria. More access to international digital payment networks is made possible by local collaborations with banks and fintech companies. To improve the effectiveness and Security of digital transactions, a great deal of funding has been invested in payment infrastructure. This involves putting in place cutting-edge payment systems and creating Technology centres that serve the demands of the regional market. The Nigerian government and regulatory agencies are bolstering the digital payment ecosystem by providing frameworks and supportive policies to guarantee consumer protection.
These trends point out that digital payments have a great chance to continue expanding and evolving as it becomes more and more integrated into Nigeria’s financial system. In terms of total digital payment transaction value in Africa, Nigeria comes second, trailing behind South Africa. The country has one of the most vibrant fintech industries in Africa, drawing large investments and spurring advancements in digital payments. Between 2020 and 2022, it garnered investments of more than US$1.3 billion. By 2025, the size of the nation’s e-commerce market is anticipated to be approximately US$7.5 billion, with online payments contributing significantly to this expansion.
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As per a CBN report in 2023, Nigeria’s mobile money transactions increased dramatically to over 1.4 billion transactions with a total value of over ₦48 trillion (almost US$104 billion). With over 1.4 million wallets registered and over ₦8 billion (about $17 million) in transactions in its first year of introduction, the Central Bank of Nigeria’s digital currency, the eNaira, has achieved tremendous uptake since its launch. As of 2023, Nigeria has over 1.5 million point-of-sale (PoS) machines, which will allow card payments to be accepted almost everywhere in the nation.