• About
  • Advertise
  • Careers
  • Contact Us
Saturday, June 21, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home Economy Fintech

Global Perspectives on Payment Solutions – Lessons from Nigerian Markets

Mobile money is the one outstanding feature in the Nigerian payment ecosystem, writes OLUWASEUN ADEOYE

by Techeconomy
March 1, 2025
in Fintech
0
Global Payment Solutions by Oluwaseun Adeoye
Oluwaseun Adeoye

Oluwaseun Adeoye

UBA
Advertisements

Technological innovation, changing consumer behaviours, and the pressing need for financial inclusion drive the impending change in the global payments landscape.

Most discussions surrounding the future of payments tend to focus on developed markets; however, much can be learned from developing markets such as Nigeria in understanding what really shapes global payment solutions.

With its specific challenges as well as opportunities, Nigeria has carved a niche as a laboratory of innovation around payments, and it shows how creativity and adaptability overcome barriers and drive progress.

Mobile money is the one outstanding feature in the Nigerian payment ecosystem, with mobile money services such as Paga and OPay revolutionizing the way money is sent, received, or stored by a largely non-banking populace.

They brought marketing to the users, allowing them to conduct transactions with nothing more than their mobile phone without undergoing the rigors of having to open a bank account traditionally.

If Nigeria, whose situation presents some of the greatest challenges in mobile money, succeeds in something as basic as bringing everyone into the payment ecosystem, it illustrates how payment solutions must, themselves, be low-cost, best-suited, and accessible to the unbanked.

Thus, it is a lesson worth taking by other regions toward confronting the same challenge and offering solutions to overcome it.

Collaboration is arguably what most solidly springs out from Nigeria. It is reputedly anchored on partnerships from fintech start-ups and banks, as well as telecom providers, and that is why regulators are adding their voice in the Nigerian payments ecosystem.

The merger between MTN—the country’s leading telecoms provider—and banks enabled this huge success, being that MTN Mobile Money is a service that exploits the broad reach of mobile networks and the inherent security that the banking infrastructure offers.

All these can be very much linked as part of the reasons why they are seen to give more value to the solutions they create together; thus, for the global markets too, it goes to show that pooling together between the traditional players and the fintech organizations will definitely help drive innovations in payment matters.

From the Nigerian experience, the Central Bank of Nigeria (CBN), as a regulator, has been very proactive in creating a regulatory environment.

These regulations indeed play a pivotal factor in shaping the payment landscape that promotes innovation while ensuring safety and stability. Initiatives such as the Payment Service Bank license and cashless policy have built a framework within which digital payments could grow.

At the same time, the CBN has instituted guidelines that consumer protection has played along with policies against fraud like the Bank Verification Number (BVN) system.

This requirement will highlight the need for regulators to increasingly work toward finding a balance between enabling financial innovation and safeguarding the financial system for the global markets.

There is also a general trend emerging among the rise of digital wallets and QR code payments among consumers in Nigeria.

The likes of Quickteller and PalmPay have simplified digital payment for consumers and merchants, especially in informal markets.

QR codes, in particular, have gained a lot of ground and acceptance because they offer an inexpensive way to pay for services.

They are also very easy to use and require minimal infrastructure. Global payment providers should design solutions that are intuitive, easy to use, and compatible with existing behaviors as the keys to driving adoption in traditionally cash-dominated markets are simplicity and accessibility.

Nigeria’s payment ecosystem teaches resilience and adaptability. The infrastructure challenges, like unreliable electricity and internet connectivity, have forced innovators to come up with solutions that function with very wrong environments.

It highlights that USSD (Unstructured Supplementary Service Data) codes have become the most popular payment methods due to their compatibility with basic mobile phones and lack of internet connectivity.

Such discoveries show how resourceful these Nigerian innovators have been and are a good lesson to share with world markets undergoing similar experiences.

Nigeria’s payments ecosystem has challenges, including fraud and cybersecurity, which are real concerns that would call for continuous investment in security measures and consumer education.

The user is confused about navigating unconsolidated systems with no single payment standard due to innovation.

All stakeholders (i.e., the regulators, financial institutions, and fintech companies) must work together to solve these challenges.

So, what can global markets learn from Nigeria’s payment system? First and foremost, accessibility and inclusivity must come first, designing solutions that meet the needs of traditionally underserved populations.

Encourage collaboration between traditional players and innovators to make progress. Create regulatory environments that encourage innovation while ensuring security and stability.

Manage simplicity and adaptability to push adoption and mitigate infrastructure challenges. Invest in security and education towards consumer trust protection.

By virtue of innovation and resilience before it, Nigeria’s payment ecosystem is a source to learn from.

It provides lessons to be internalized in crafting payment systems for global markets that are technologically advanced but, at the same time, inclusive, accessible, and impactful.

More than ever, with lessons from Nigeria, payment systems meant to work for everyone is charted out in pathways wherein financial inclusion becomes the priority in solving current challenges posed by a turning world towards digital. Nigeria is setting the standard for global payments in the future.

*Oluwaseun Adeoye is a Product Manager with 12+ years in finance, specializing in electronic payments and digital banking. He holds a Computer Science degree from Bowen University and is pursuing a Graduate Certificate in Cloud Data Management at Conestoga College. Skilled in API integration, business development, and project management, he has delivered customized payment solutions for Nigerian and global markets.

 

Outside work, he enjoys learning, music, and leveraging technology to simplify tasks.

Loading

Advertisements
MTN ADS

0Shares
Tags: BVNCentral Bank of NigeriaOPayPagaPalmpayPayment SolutionsQuicktellerUSSD
Techeconomy

Techeconomy

Next Post
Olusesan Ogunyooye | AXA Mansard | Marketers and AI

'AI Won’t Take Marketers’ Jobs', Professionals with AI skills Will - Ogunyooye

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

National Mass Metering Programme (NMMP) Phase II.

Nigeria’s Electricity Metering Deficit Avails UK Significant Partnership Deal

2 years ago

Best Movies You Can Not Miss in 2018

8 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.