It was against this backdrop that Verve International convened key players across the payments value chain for the 2026 edition of Verve Biz Unwind, an ecosystem gathering designed to strengthen partnerships and spark forward-looking conversations about the future of digital payments in Africa.

Held at the prestigious Radisson Blu Anchorage Hotel in Victoria Island, Lagos, the event brought together representatives from the Banks, fintech innovators, merchants, payment processors, and other ecosystem stakeholders.

More than a networking opportunity, Verve Biz Unwind served as a strategic platform for industry leaders to reflect on the evolving payments landscape, share insights, and explore new pathways for collaboration.

A key highlight of the event was the official unveiling of Verve Tokenization, a next-generation security solution designed to enhance transaction integrity and support the continued growth of digital commerce.

Tokenization works by replacing sensitive cardholder data with secure, device-bound digital tokens, rather than transmitting actual card details during transactions.

A unique cryptogram is generated for each payment interaction and this approach significantly reduces the risk of data exposure while maintaining the speed and convenience consumers expect from modern payment experiences.

Beyond its security advantages, Verve Tokenization is designed to enable seamless interoperability across multiple digital environments.

Whether payments occur through mobile wallets, banking applications, e-commerce platforms, or contactless terminals, a single Verve card can operate securely across all these channels.

This capability not only strengthens the customer experience but also creates new opportunities for partners to scale digital payment solutions with confidence.

Trends shaping Africa’s rapidly evolving payments ecosystem were also discussed, which includes the Contactless payments which are fast becoming the mainstream for payments across the continent.

Discussions also highlighted the importance of building infrastructure that not only supports scale, but also strengthens trust across the ecosystem.

In a market where trust is a critical currency, innovations like Tokenization and Contactless payments play an important role in supporting the resilience and reliability of Africa’s expanding payments ecosystem.

Africa’s digital economy is no longer simply an emerging narrative; it is an accelerating reality. Consumer expectations continue to evolve towards faster, safer, and more intuitive payment experiences. Verve continues to work closely with partners across the ecosystem to support this transformation.

The focus goes beyond enabling transactions; it is about building the infrastructure that powers trust, scale, and innovation across Africa’s digital economy.

As the conversations at Verve Biz Unwind 2026 made clear, the future of payments in Africa will not be defined by isolated breakthroughs, but by shared vision and coordinated action across the ecosystem.

This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.”

In his welcome address, Frank Aigbogun, BusinessDay Publisher, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.

Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, senior business development manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.

He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.

“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”

PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions.

The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.

This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.

This ends a four-year investigation by the European Commission into Apple unfairly blocking competition with its Apple Pay service.

NFC, or Near-Field Communication, is a technology that allows nearby devices to communicate. It’s what makes contactless payments, like tapping your phone to pay at a store, possible. Until now, Apple only allowed its own Apple Pay to use this technology on iPhones.

The investigation, which began in June 2020, looked into Apple’s control over NFC technology, to find out if it was limiting competition. In May 2022, the Commission found that Apple was indeed using its position to keep competitors out, which reduced choices for consumers and limited innovation.

In response to these findings, Apple promised to allow other mobile wallet apps now access the NFC technology without having to use Apple Pay or Apple Wallet. 

This will be done through something called Host Card Emulation (HCE), which allows payment information to be stored and transactions to be completed securely without relying on Apple’s own systems.

The tech giant also agreed to follow fair and transparent procedures for granting NFC access to other developers. This means any developer who wants to create a mobile wallet app will have the same opportunities to use the NFC technology. 

Again, users will be able to set their preferred mobile wallet app as the default for payments, making it just as easy to use as Apple Pay.

To ensure Apple follows through on these promises, an independent trustee will monitor the company’s actions. There will also be a system in place to resolve any disputes quickly. These commitments will apply to all users in the European Economic Area (EEA) and will remain in effect for ten years.

European Commission Executive Vice-President Margrethe Vestager said this agreement opens up competition in a key sector and prevents Apple from excluding other mobile wallets from the iPhone’s space. She noted that the changes would benefit both consumers and developers by increasing choice and facilitating innovation.

This move is expected to comply with the upcoming Digital Markets Act, which aims to prevent tech giants from blocking competitors from key technologies.

iPhone users in the EEA will soon have more options for contactless payments. This is a win for consumers, who will benefit from more choices and potentially better services, and for developers, who will now have a fair chance to compete in the market.

Within the Nigerian economic landscape, small and medium-sized businesses (SMBs) constitute over 90% of the total business landscape.

As Nigeria embraces digitization, SMBs equipped with the right tools and payment solutions are poised to thrive.

Digital payments are transforming opportunities for SMBs to pay and be paid, making it possible to reach new audiences, easily accept secure payments, track and monitor spending, increase security and safety, improve efficiencies, and grow like never before.

Contactless payments are the catalyst for the next generation of payments, and the gateway for the countless possibilities in the world of connected devices.

They continue to gain traction among consumers, merchants, and banks worldwide. In Australia, for example, nearly 90% of card-present transactions are made through contactless payment means. In London, the transportation system works with the same technology.

This technology could streamline payments in Nigeria, producing significant benefits for the entire ecosystem.

The Central Bank of Nigeria has released guidelines for contactless payments. The guidelines seek to ensure that participants in contactless payments implement appropriate risk management measures, while keeping to best industry standards.

Contactless payment technology is a fast, convenient way to make everyday purchases, especially at supermarkets, fast-food restaurants, gas stations and in public transportation, helping consumers transform their lifestyle by streamlining their payment experience – all in just a few seconds for each transaction. 

Consumers are the biggest winners: contactless technology allows payments to be made simply by bringing the card over the payment terminal via short-range wireless technology.

There is no need to swipe or dip the card, and in many cases, it isn’t necessary to enter a PIN or password. This technology has the same security standards employed by chip cards.

Say goodbye to the long lines at checkout! This technology provides benefits to storeowners, who can use it to ensure quick, streamlined payments at the register and increased operational efficiency by reducing cash usage.

This in turn improves the user payment experience and increases sales. Without this technology, there is no interoperable platform for the growth of mobile payments in Nigeria or the use of increasingly popular new payment devices, including bracelets, watches, and rings.

Consumers want to use those devices wherever they go, in a universal manner, as it is currently done in more than 200 countries around the world when using their cards.

Contactless payments allow you to build new experiences to replace cash usage. Additionally, it offers powerful benefits to issuer banks. Not only does it help penetrate small-ticket transactions and participate in new acceptance categories, but it also accelerates digital migration by driving preference for the banks’ products and developing new payment uses by combining tokens, biometrics, and other available platforms to improve the user experience.

Africa’s digital payments landscape has experienced significant growth over the last decade and South Africa leads the charge of contactless payments adoption on the continent, with more than 50% of all digital transactions being contactless.

The introduction of new technologies such as contactless in Nigeria will further support the CBN’s cashless policy to reduce the reliance on cash transactions.

The opportunity to expand contactless payments is huge, as it brings benefits to all ecosystem participants.

The focus was on the impact of contactless payments in Nigeria and across Africa, bringing to light how Mastercard is driving innovation and collaboration within the financial ecosystem.

The Nigerian financial sector is known for its challenges, including fragmentation and complexity. In response, industry leaders have consistently pushed the sector forward through innovative strategies. The Central Bank of Nigeria’s issuance of new guidelines on Contactless Payments in June 2023 marked a turning point, prompting Mastercard to intensify its efforts in collaboration with traditional banks and fintech companies.

“We are not just a credit card company; our evolution involves innovative partnerships and collaborations, transforming us into technology providers with a vision for seamless, secure, and diverse payment capabilities,” emphasised Kari Tukur, Vice President and Head of Customer Solutions for East and West Africa.

The program affirmed the impact of Mastercard’s strategic partnerships, noting the importance of collaboration in strengthening the financial sector. These partnerships, which include financial institutions, digital banks, and fintech companies, now extend to telcos, retail, and medical tech to address diverse needs and enhance financial inclusion.

“Innovative partnerships and collaboration truly strengthen the ecosystem, allowing us to reach a diverse range of people,” Tukur stated.

The conversation shifted to the challenges of financial inclusion in Nigeria, particularly in the context of the COVID-19 pandemic. Tukur highlighted the gap in the market for micro and small businesses, asserting Mastercard’s commitment to developing solutions that address this gap, including contactless payments.

“The digital payments capability is a lifeline, and our journey has created a landscape for us to drive across the ranking, filling existing gaps and offering solutions for different customer segments,” explained Tukur.

Diving into a panel session which dissected the future of contactless payments, developments, challenges, and opportunities within the industry, the discussion touched on issues such as the impact of misinformation, the need for collaboration, and the importance of consumer confidence in contactless payments.

“Consumer confidence is important for the success of contactless payments. It involves addressing challenges and providing a seamless customer experience.”

Mastercard has implemented technological sophistication and security measures to ensure safe and secure contactless payments. The discussion covered tokenisation, multi-factor authentication, and zero-liability policies, highlighting Mastercard’s commitment to staying at the forefront of technology to protect consumers and promote secure transactions.

The discussion expanded to address infrastructure challenges, emphasising the need for collaboration and a mindset shift within the industry. The panellists stressed the importance of understanding the value that contactless payments bring and the necessity of deploying solutions that align with local needs.

Highlighting the key role of technology in shaping consumer behaviours, the session addressed the rise of fintech companies, acknowledging them for bringing significant improvements in accessibility, security, and responsive solutions. The panel also emphasised the importance of simplicity and user-friendly experiences to ensure widespread adoption.

A considerable focus was placed on the challenges faced by small and medium enterprises (SMEs), particularly in the context of Nigeria’s economic space. Issues such as access to funds, security concerns, and the need for innovative solutions were addressed. The panellists once again reiterated the development of collaborative platforms and infrastructure as a solution.

Contactless Payments and Future Initiatives

The conversation extended to the significance of contactless payments in the Nigerian market. Panelists discussed the need for policies that promote smartphone adoption and enable contactless payment capabilities. Initiatives aimed at enhancing the user experience and providing solutions for various sectors, including retail and services, were explored.

These insights align with Mastercard’s pioneering efforts in Nigeria. The company’s focus on driving innovation, collaborating with stakeholders, and addressing the unique challenges of the region solidifies it as a major player in shaping the future of payments.

The panel session conclusively provided valuable insights into the evolving payments sector in Nigeria, bringing to light the role of technology, collaboration, and innovative solutions. Mastercard’s initiatives continually align with the broader industry goals of enhancing accessibility and security while facilitating economic growth.