The Federal Government is actively addressing challenges to ensure smooth digital payment systems and e-commerce operations nationwide.
Led by the Office of the Vice President in collaboration with the Ministry of Industry, Trade and Investment and development partners, this initiative aims to enable Nigerians to effortlessly transfer funds via mobile devices and other digital platforms.
Senator Ibrahim Hassan Hadejia, Deputy Chief of Staff to the President at the Office of the Vice President, shared these insights during a stakeholders’ roundtable held in Abuja on Tuesday.
As conveyed by Stanley Nkwocha, spokesperson for the Vice President, Senator Hadejia emphasized the current administration under President Bola Tinubu’s commitment to advancing financial inclusion. This involves deploying diverse strategies tailored to various digital payment infrastructures designed to reach underserved populations and those excluded from traditional financial services.
He highlighted that Nigeria offers one of the most accessible and user-friendly payment and banking systems in West Africa, a level of convenience rarely seen elsewhere globally.
“Such seamless financial access is uncommon worldwide. Once we resolve these challenges, we can leverage this extensive reach to expand e-commerce. Our concern is ensuring that all eligible Nigerians, regardless of location, can access straightforward, high-quality financial services that transcend educational and economic barriers,” Senator Hadejia explained.
He further noted that the Office of the Vice President views digital payment systems and identity verification as critical hurdles to unlocking Nigeria’s e-commerce potential.
“Our financial inclusion efforts focus on developing digital payment infrastructures that effectively serve the last mile and the financially marginalized,” he added.
Addressing these issues, he remarked, would simultaneously solve multiple challenges.
Senator Hadejia assured that once payment processes become fully seamless, mobile users will enjoy effortless sending and receiving of funds.
He elaborated, “In recent years, digital platform transactions have surpassed traditional credit card volumes. This growth has attracted major players like Wizard and Mastercard to invest in this space.”
He also pointed out that the African Continental Free Trade Agreement (AfCFTA) has yet to achieve its expected momentum, partly due to complications with cross-border payments and identity verification.
“We anticipate that dialogues such as this will help identify practical solutions,” he concluded.
Earlier, Dr. Max Mendez-Parra, Principal Research Fellow at the International Economic Development Group, ODI Global, shared that his organization has been collaborating with the AfCFTA Secretariat and various African nations on digital trade negotiations and protocols.
Dr. Mendez-Parra emphasized that AfCFTA’s implementation is transformative for Africa’s economy, particularly Nigeria’s, and that ODI is supporting both the Nigerian government and the AfCFTA Secretariat in Accra on investment and digital trade protocols.
“This marks our fourth year working in Nigeria, partnering with the Office of the Vice President to strengthen the implementation of the Digital Trade Protocol,” he stated.
Additionally, Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, represented by Special Adviser Patience Okala, introduced the AFCTA DG Pass initiative. This project aims to operationalize digital identities to facilitate trade under AfCFTA.
Oduwole expressed optimism that the roundtable discussions and feedback would contribute meaningfully to the initiative’s development, which is still in its early stages.
Furthermore, Mallam Salisu Nakande, Special Assistant to the President on ICT Policy, revealed that the project was launched two years ago with the backing of Vice President Kashim Shettima.
“We recognize that Nigerians are eager to engage in trade, but seamless payment systems are essential to unlocking the full economic potential. This conversation is foundational to achieving that goal,” Nakande remarked.
