L-R: Executive Director, Finance, Xpress Payment Solutions Ltd., Mrs Temitope Ajanaku; Director, Xpress MTS, Mr Kayode Oladipupo; Chairman, Xpress MTS & Pioneer Director, Xpress Payment Solutions Ltd., Mr Akin Fanimokun; Founder, Xpress Payment Solutions Ltd. & Chairman, Xpress Holdings, Dr Awa Ibraheem; and Managing Director & Chief Executive Officer, Xpress Payment Solutions Ltd., Mr Wale Olayisade, during the Xpress at 10 public lecture in Lagos on Friday
By Taiye Olayemi
Stakeholders in the financial technology sector have called for expanded digital payment infrastructure and deeper financial inclusion as key drivers of economic growth, revenue mobilisation and the expansion of Nigeria’s digital economy.
They made the call in Lagos at the 10th anniversary celebration of Xpress Payments Ltd., which has the theme, “A Decade of Innovation, A Future of Possibilities”.
The Managing Director of Xpress Payments Ltd., Mr Akin Fanimokun, said resilient and secure payment systems had become essential to business operations, government revenue collection and financial inclusion.
He said the company had invested heavily in switching and processing infrastructure, including disaster recovery systems, to enhance transaction efficiency and payment security.
“Our purpose is to simplify and enable smarter payments. We are positioned to become an integral part of our customers’ lives through seamless, secure and easy-to-use products that create convenience and confidence,” he said.
Fanimokun said the firm had expanded beyond switching services into Payment Solution Service Provider (PSSP), Payment Terminal Service Provider (PTSP), third-party processing and non-bank acquiring operations.
He noted that its subsidiary, XpressMTS, obtained a mobile money licence in 2021, with monthly agent banking transactions rising from 1.5 million to over 2.5 million by 2022.
According to him, the company’s growing capacity earned it appointment as a collecting agent under the Treasury Single Account (TSA) framework.
He added that Xpress Payments had established regional hubs in Oyo, Delta, Abuja, Ogun, Gombe, Kano and Rivers states to deepen financial inclusion and extend payment services to underserved communities.
Delivering the keynote address, the Managing Partner of Verraki Partners, Mr Olaniyi Yusuf, said Nigeria had developed one of Africa’s most advanced real-time payment systems.
He said the next phase of growth would depend on stronger trust frameworks, improved infrastructure resilience and enhanced consumer protection.
“Nigeria has built impressive payment rails. The next decade is not about more rails; it is about how trustworthy the rails are and who we allow to ride them,” he said.
Yusuf noted that about 28.9 million Nigerian adults remained outside the formal financial system, stressing the need for broader financial inclusion.
He called for deeper collaboration among regulators, financial institutions and telecommunications operators to strengthen the digital payments ecosystem.
Also speaking, the Managing Director and Chief Executive Officer of Shared Agent Network Expansion Facility (SANEF) Ltd., Ms Uche Uzoebo, said regulatory frameworks were vital to protecting consumers and sustaining confidence in digital financial services.
She urged operators to see regulators as strategic partners and to take advantage of existing initiatives such as the Central Bank of Nigeria’s regulatory sandbox to develop innovative solutions.
Earlier, the Chairman of Xpress Holdings Ltd., Dr Awa Ibraheem, said corporate governance, regulatory compliance and resilient infrastructure would remain central to the future of the digital payments industry.
He said the company had maintained strong engagement with regulatory agencies while supporting government revenue collection through the Treasury Single Account platform.
Ibrahim expressed confidence that Xpress Payments was well positioned to expand its footprint across Africa’s digital payments ecosystem in the coming years.
Xpress Payment Solutions Ltd., incorporated in 2016, provides electronic payment, collections, bill payment, and funds disbursement services. (NAN)
Edited by Olawunmi Ashafa