Nigeria’s payment system has developed into one of the most advanced payment ecosystems globally.
The Chief Executive Officer (CEO) of eTranzact, an electronic and mobile payment solution company, Mr Niyi Toluwalope, says the Nigerian Payment System is among the best in the world.
Toluwalope said this in Calabar, at the Central Bank of Nigeria (CBN)Seminar for Finance Correspondents and Editors, on Wednesday
He presented a paper titled “Designing and Implementing a Robust Payment Architecture”.
According to him, Nigeria’s payment system has developed into one of the most advanced payment ecosystems globally.
“In terms of development and adoption of modern payment systems today, our payment architecture is characterised by growing fintec startups and active regulator involvement.
He, however, said that there was still more work to do.
According to him, every payment system possesses attributes that are formed by the quality and standards of the stakeholders.
He listed infrastructure, regulation, talent and capital as factors needed to build an ideal payment system.
“No payment architecture exists without the physical infrastructure like servers, network connectivity and software tools supporting the proper collection, storage and transfer of data to facilitate payment transaction processing.
“Payment networks have to be governed by regulatory guidelines to enable the responsible deployment of payment solutions to prevent harm to the ecosystem.
“However, regulations have to evolve to enable the payment architecture of the future through the adoption of “regtech” to design and enforce guidelines, ” he said.
He said that talent was critical to building the payment architecture of the future, adding that the ideal payment architecture could only be delivered also by the sustainable injection of capital.
“Payments in Nigeria has entered a new era of growth and requires that stakeholders view payment infrastructure through new lenses.
“Efficiency can be achieved by reducing repetitive investment in payment infrastructure while ensuring competitiveness.
“This is by empowering a qualified set of fintechs with demonstrable capabilities to provide payment infrastructure needs for the rest of the industry, ” he said.