Experts decry fallen trend in digital payment platforms

Experts in the financial sector have decried the dropping trend in the usage and application of digital payment platforms by average Nigerians in the last few years.

They say many people who shy away from gaining access to them are not aware of the advantages in running their daily businesses on such platforms.

The Managing Director of Global Accelerex, Mr. Tunde Ogungbade made this known in his lead presentation and keynote speech at the 3rd Quarterly Forum of the Nigeria Information Technology Reporters Association (NITRA) in Lagos, recently.

He adding that segments of the Nigerian population, which include low-income families; unemployed; the elderly; those living in rural or remote areas; immigrants; illiterates / low literacy level; and those with physical challenges;

those who distrust banks and other financial institutions or feel that they are outside the system were apparently left behind in Financial Technology (FinTech) inclusion.

The Global Accelerex boss recounted that the World Bank had in earlier days of technology revolution, stated that financial inclusion means that individuals and businesses have access to useful

and affordable financial products and services that meet their needs and delivered in a responsible and sustainable way using modern technology.

He noted that percentage of adult Nigerians that do not have access to financial services has evolved from 46.3 per cent in 2010 and 39.7 per cent in 2012 to 20 per cent in 2020, projecting that well over 70 per cent of adult Nigerian’s should have access to payment services in 2020.

The regulators, operators and the media, he said have major roles to play in driving awareness that will make those distancing themselves from the digital services to understand the true benefits.

On his part, the Founder, CWG Plc and Entrepreneur in Residence, Columbia Business School, New York, Austin Okere opined that banking will wear a new face in much the same way that retail did with the advent of e-commerce,

adding that Fintechs will command about 40 per cent of the global Financial Services market in the next 10 years.

“Banks will still be a major force because of centuries long investments & huge customer base branch network, solid reputations, and risk controls; banks need to radically change the ‘we win when you lose’ mind-set;

banks need to partner Fintechs to improve the value chain and enhance customer experience,” he pointed out.

Earlier in his welcome address, the Chairman of NITRA, Mr. Emma Okonji said “The introduction of cashless policy by the CBN in 2012, helped to further drive financially inclusive Nigeria’s vision to the level we are today.

“Going by the global technology advancement, especially in the digital payment space, Nigeria cannot afford to miss out in today’s knowledge revolution, having missed out in the previous industrial revolutions.

“Nigeria must therefore key into the current global technology trend, where digital transaction is the order of the day.”