Managing Director of Remita Payment Services Limited, Mr. ‘DeRemi Atanda, has called for a renewed focus on collaboration, legislative support and the standardization of payment infrastructure to unlock economic opportunities in the country.
He made the call while delivering a keynote address that spotlighted the transformative potential of Nigeria’s National Payment System Vision (NPSV) at the recent 2024 Annual Conference of the Committee of e-Business Industry Heads (CeBIH).
He noted that the country’s Payment System Vision, as articulated by the Central Bank of Nigeria (CBN) is:
“To facilitate economic activities by providing safe and efficient mechanisms for making and receiving payments with minimum risks to the central bank, payment service providers and end users, extending the availability and usage to all sectors and geographies, banked and unbanked, and conforming to internationally accepted regulatory, technical and operational standards”.
He also noted: “The National Payment System Vision is not just a document; it is a call to action, a shared goal for facilitating economic activities through safe and efficient payment mechanisms.
If we cannot domesticate this vision within our businesses, we leave critical gaps.”
Highlighting the remarkable progress since the inception of the National Payment System Vision 2025 in 2020, Mr. Atanda emphasized key achievements in Nigeria’s digital payments ecosystem under NPSV 2025.
These include the significant growth in active bank accounts from 114.8 million in 2020 to 231.1 million by 2024, representing a 101 per cent growth, the 365 per cent growth in real-time payment volumes from 2 billion in 2020 to 9.3 billion by 2023, and the expansion of POS transaction volumes by 110 per cent, from 655 million in 2020 to 1.4 billion by 2023.
He also highlighted that the Nigerian fintech sector attracted over $2 billion in foreign direct investment (FDI) and has birthed four fintech unicorns between 2020 and 2025.
These achievements, he noted, signify not just progress but the immense potential of a strategically aligned payments ecosystem.
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