Cashless Nigeria

Adedamola Giwa, managing director, JumiaPay Nigeria in this interview, talks about the prospects that digital payments hold for businesses...

This is one of the many new and innovative solutions we plan to introduce for the benefit of our customers in 2023. Our focus is to help more SMEs grow by leveraging our experience and expertise as the leading e-commerce group in Africa. One of the ways we seek to help businesses grow is by making it easier for their customers to access credit through a ‘Buy now, Pay later’ solution in partnership with our licensed lending partners. The government needs to invest heavily in critical infrastructures such as internet facilities and electricity to accelerate the rate of adoption of financial services and digital payments across the country. We also need to invest more in awareness and education to ensure our people understand the importance of embracing electronic payment. We want to ensure that more businesses can operate seamlessly online and receive payments. The Nigerian financial services and digital payments infrastructure have evolved over the years. Digital payments also provide businesses with useful information about their customers, spending patterns, preferences and other details that help the business better serve them and retain their loyalty. To ensure the adoption of digital payments across the country, the services must be readily available, accessible and affordable to the majority. We have also seen an increase in the adoption of social commerce, where businesses now leverage social media platforms like Instagram and Facebook to promote and sell their goods and services. In recent years, cashless transactions have been on the rise in Nigeria, even according to official data but many businesses are yet to embrace it and the possibilities it offers. According to an EFInA report, as of 2020, 38.1 million of the country’s 106 million (18 years and above) adults or 36 percent of Nigerian adults, remain completely financially excluded.