Lagos: Stakeholders in the financial technology sector have called for expanded digital payment infrastructure and deeper financial inclusion as key drivers of economic growth, revenue mobilisation, and the expansion of Nigeria’s digital economy. They made the call in Lagos at the 10th anniversary celebration of Xpress Payments Ltd., which has the theme, ‘A Decade of Innovation, A Future of Possibilities’.
According to News Agency of Nigeria, the Managing Director of Xpress Payments Ltd., Mr Akin Fanimokun, emphasized the importance of resilient and secure payment systems for business operations, government revenue collection, and financial inclusion. He highlighted the company’s significant investments in switching and processing infrastructure, including disaster recovery systems, to enhance transaction efficiency and payment security. Fanimokun stated, “Our purpose is to simplify and enable smarter payments. We are positioned to become an integral part of our customers’ lives through seamless, secure, and
easy-to-use products that create convenience and confidence.”
Fanimokun shared that the firm has expanded beyond switching services into Payment Solution Service Provider (PSSP), Payment Terminal Service Provider (PTSP), third-party processing, and non-bank acquiring operations. He noted that XpressMTS, a subsidiary, obtained a mobile money license in 2021, with monthly agent banking transactions increasing from 1.5 million to over 2.5 million by 2022. The company’s growing capabilities led to its appointment as a collecting agent under the Treasury Single Account (TSA) framework. Xpress Payments has also established regional hubs in various states to deepen financial inclusion and extend payment services to underserved communities.
Delivering the keynote address, the Managing Partner of Verraki Partners, Mr Olaniyi Yusuf, remarked on Nigeria’s advancement in real-time payment systems. He noted that future growth would rely on stronger trust frameworks, improved infrastructure resilience, and enhanced consu
mer protection. “Nigeria has built impressive payment rails. The next decade is not about more rails; it is about how trustworthy the rails are and who we allow to ride them,” he said. Yusuf highlighted that about 28.9 million Nigerian adults remain outside the formal financial system, stressing the need for broader financial inclusion and collaboration among regulators, financial institutions, and telecommunications operators.
Ms Uche Uzoebo, Managing Director and CEO of Shared Agent Network Expansion Facility (SANEF) Ltd., also spoke, emphasizing the importance of regulatory frameworks in protecting consumers and maintaining confidence in digital financial services. She encouraged operators to view regulators as strategic partners and leverage initiatives like the Central Bank of Nigeria’s regulatory sandbox for developing innovative solutions.
Earlier, Dr Awa Ibraheem, Chairman of Xpress Holdings Ltd., discussed the centrality of corporate governance, regulatory compliance, and resilient infrastructure t
o the future of the digital payments industry. He affirmed the company’s commitment to strong engagement with regulatory agencies and supporting government revenue collection through the Treasury Single Account platform. Dr Ibraheem expressed confidence in Xpress Payments’ potential to expand its presence across Africa’s digital payments ecosystem in the coming years.
Xpress Payment Solutions Ltd., incorporated in 2016, provides electronic payment, collections, bill payment, and funds disbursement services.