Digital payments have been around for a while in Nigeria. They come in different forms, including debit cards, hardware tokens (key fobs), smartphones, smart cards, and wearable devices. 

However, the payment landscape has always been obscured and inefficient.

During the Naira redesign process this year, when e-payments surged by 44.6% in just three months, the payment infrastructures of many local banks and some fintech struggled under the demand pressure.

So when the Central Bank of Nigeria (CBN) announced this May its plans to issue guidelines to promote the safe and efficient use of contactless payments in Nigeria, We felt it was welcomed news. According to CBN, the guidelines will cover technical and operational requirements, security measures, and standards for issuing and accepting contactless payments. 

Nigeria’s overall digital payment industry is growing at an insane rate. The move by the apex bank would further accelerate the adoption of digital payments in the country.

Benefits of Digital Payments

Digital payment has many benefits including

• Ease of payments, and
• Speed and convenience to consumers’ in-person phone transactions
• It’s secured: If you lose your key, card or phone, you can contact your bank to freeze your account, and they will disregard fraudulent payments. Transaction limits and advanced authorisation measures.
• It enhances customer experience: Ease and convenience of payment are something customers expect from modern businesses and their banks. Let’s just say digital payment adds ‘class’ to a Nigerian populace that doesn’t joke with their status.

What the CBN policy means for banks and merchants 

The CBN policy means an enhancement to already growing digital payments activities in Nigeria. We expect massive adoption across boards as businesses scramble to incorporate easier payment solutions into their payment processes.

As a retailer, offline or online merchant, or e-commerce business owner, there’s never been a better time to offer customers easier payment options by embedding digital payment solutions into your payment system. 

With the push towards a cashless economy, Nigerian consumer behaviour is changing, with customers expecting their preferred payment method to be readily and easily available. Consumers are looking for an offering that will satisfy their digital payment needs. Tapping into this avenue will not only increase your customer satisfaction but also open your business to a stream of new demographics.

We know businesses have sensed the shift from cash to digital payment, which has prompted the CBN to implement policies to sustain the growth of digital payments.

Taking the payment opportunity

While the opportunity to ease your customer’s payment journey and boost your business revenue is there, adding digital payments can be a hassle. The technical expertise and cost required to build payment systems might be off-putting.

But there is good news.

With Finslack, a customisable digital financial platform, you can create and launch custom digital payment solutions like;

• Adding a digital wallet into your product/service to enable wallet transactions
• Scan and pay (QR code payment system)
• Bank transfer for direct bank payments
• Direct payment link to enable customers to pay instantly via the checkout page

In a matter of days. Let me explain in detail:

Digital wallet

Finslack digital wallet solution allows you to add a wallet to your product where customers can store money, reward points, units, cryptos, and other digital valuables. This payment feature is excellent for retailers, mobility platforms, betting firms, e-commerce stores, merchants and more. Learn more.

Scan and pay

With Finslack Virtual POS, you can launch a QR code-based payment system where you generate a QR code at checkout or cashier points, allowing your customers to complete payments instantly via scanning codes. Both the customer and merchant get an accurate digital receipt of each transaction. 

Virtual accounts for bank transfers

Finslack supports payments and bank transfers to local and international bank accounts. Our Virtual Account Management solution lets you create, and issue NUBAN and IBANs to customers to enable payments and transfers. Whether you’re a digital bank biller or merchant, our virtual account management cuts across multiple business models.

The easiest way to launch digital payment solutions 

Digital payment is gaining more traction in Nigeria and the CBN planned policy is a testament to where the market is heading. Adding a digital payment solution(s)to your business payment methods is sure to win you more customers and boost revenue. 

To launch your digital payment faster, leverage Finslack. Our payment modules are easy to set up, maintain and scale using a low-code/no-code approach. With over 12 years of experience in financial engineering and working with top brands like Mastercard, Flutterwave, Sendwave, World Remit and others, Finslack is charting a route to help businesses launch financial services in a matter of days, not months.

Book a demo to start building your payment solution and the Finslack team will work with you to bring your idea to life.