ADVERTISEMENT
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Monday, July 28, 2025
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
ADVERTISEMENT
Home Economy And Business

Ongoing Struggle of Digital Transactions and Scepticism among the Underbanked – Igbaroola Olakunle

the African fintech ecosystem grapples with three pivotal challenges that hinder the ease of payments for both businesses and customers:

by NewsOnline Nigeria
December 12, 2023
in Economy And Business, Top Stories
0
Ongoing Struggle of Digital Transactions and Scepticism among the Underbanked

In Nigeria, the dominance of cash in financial transactions is likely to persist unless our financial institutions make substantial investments in technology and earnestly embrace the realm of digital banking.

 

The persistence of challenges in establishing a fundamental and robust infrastructure for seamless digital transactions raises questions about our commitment to securing a formidable position in the global financial landscape. This becomes particularly concerning when even the banked population encounters difficulties accessing real-time information about their funds.

 

The underbanked and unbanked populations, crucial demographics for financial inclusion, may find it hard to place trust in financial institutions that are still grappling with the real-time assessment of existing account holders’ funds.

 

End-user costs must also be reduced significantly when developing financial inclusion products. Our current approach, which involves exchanging data without significantly expanding the user database, must be changed in order to validate concerns about the industry’s current approach.

 

While we have made commendable progress in implementing seamless and instant payments, accompanied by a noteworthy reduction in transaction costs, there remains a critical need for further inclusivity. The existing real-time infrastructure, facilitating the flow of billions of dollars annually, must be broadened to ensure accessibility for all.

 

Despite these achievements, the African fintech ecosystem grapples with three pivotal challenges that hinder the ease of payments for both businesses and customers:

 

Speed of transactions: Efforts should be directed towards enhancing the speed of transactions, ensuring that financial interactions occur in real time.

 

Cost of transactions: Initiatives aimed at minimizing transaction costs will contribute to making digital payments more affordable and attractive to a wider audience.

 

Transparency of transactions is crucial to foster trust among users and promote a more open and accountable financial ecosystem.

 

In summary, while Nigeria has made strides in the digital payment landscape, there is a pressing need to address these key issues to facilitate a more inclusive and efficient financial environment.

 

Igbaroola Olakunle, Co-founder/CEO, Westpay Global Resources

ADVERTISEMENT
Previous Post

BREAKING: Governor Akeredolu Transmits Power To His Deputy, Lucky Aiyedatiwa

Next Post

Ohanaeze Fires Back at Bode George Over Lagos’s Anti-Igbo Comment

Next Post

Ohanaeze Fires Back at Bode George Over Lagos's Anti-Igbo Comment

Trending Stories

Week 4 Pool Result for Saturday 26, July 2025, UK 2025/2026 From Pool Agent

NECO 2025 BECE Results Released, Check Your 2025 BECE Results Here

BREAKING: WAEC Releases 2025 May/June Exam Results (Check Ur WAEC Results Here)

Watch Viral Sex Video Of Anambra Married Woman With Husband’s Best Friend

BREAKING: ADC Speaks On Choosing Presidential Candidate Among Atiku, Obi, Amaechi

Lagos Renames Streets After Tinubu, Olamide, 9ice, Bukayo Saka [Full List]

BREAKING: PDP Woos Peter Obi With 2027 Presidential Ticket Amid Political Realignment

Dollar To Naira Black Market Exchange Rate Today, 27 July 2025

BREAKING: Senate Breaks Silence On Alleged Feud Between Akpabio and Bamidele

Ongoing Struggle of Digital Transactions and Scepticism among the Underbanked – Igbaroola Olakunle

Latest Stories

BREAKING: Lagos Faces 25-Day Blackout, Businesses to Lose Billions Amid National Grid Maintenance

Aisha Buhari, Children Move Into Kaduna House of Late Ex-President

BREAKING: ADC Slams Tinubu Over $21bn Loan, Warns Nigeria Heading for N200trn Debt Crisis

FG Unveils N10m Support Scheme for Tertiary Institution Staff

BREAKING: Dangote Urges Tinubu To Ban Fuel Imports, Marketers, Experts Kick

Week 5 Pool Fixtures 2025 For Saturday 2nd August – Pool Agent

Dollar To Naira Black Market Exchange Rate Today, 28 July 2025

Shettima Departs Abuja For UN Food Summit In Ethiopia

BREAKING: Senate Breaks Silence On Alleged Feud Between Akpabio and Bamidele

ActionAid Blasts Tinubu Govt Over Insecurity, Hunger, Debt Despite Economic Reforms

ADVERTISEMENT

NEWSONLINE NIGERIA

Get the Latest Naija News, Breaking News, Top Stories, World News, Business, Politics & Entertainment from NewsOnline Nigeria.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

ALERT US

Important Press Releases, Special Investigations: admin@newsonlineng.com

OFFICE ADDRESS

13 Poland Street, London, United Kingdom (UK)

Copyright © 2025 NewsOnline Nigeria

No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports

Copyright © 2023 Newsonline Nigeria

Exit mobile version