By Oyindamola Akindele
The move toward a cashless economy in Nigeria is not just a policy decision—it is a necessary evolution. In a country where informal markets dominate and physical cash has long been king, the adoption of fintech solutions presents an opportunity to reimagine how transactions are made, how businesses are run, and how financial inclusion can be deepened.
Fintech, in its simplest form, leverages technology to make financial services more accessible, efficient, and secure. From mobile money to digital wallets, online lending platforms to virtual banks, fintech has the potential to reach segments of the population that traditional banking systems have historically ignored or underserved.
The Central Bank of Nigeria’s cashless policy aims to reduce the reliance on physical cash by encouraging digital transactions. However, for this policy to thrive, we must go beyond regulation—we must empower innovation. Fintechs are the key drivers in this space. They are agile, tech-driven, and well-positioned to bridge the gap between policy goals and real-world adoption.
One of the biggest advantages of embracing fintech is the ability to provide instant, traceable, and secure transactions. Whether it’s a street vendor in Oshodi using a mobile point-of-sale system or a small business in Kaduna receiving payments via USSD, fintech is enabling more Nigerians to participate in a modern financial ecosystem. This not only reduces the risk of carrying cash but also increases transparency, improves data tracking for tax and credit purposes, and fuels economic growth.
As a software engineer, I’ve seen firsthand how building scalable, secure fintech solutions can empower micro and small businesses. When people can save digitally, access credit without stepping into a bank, or make payments across borders in seconds, their lives change—and so does the economy.
Yet, technology alone cannot do the work. We must invest in infrastructure—especially internet and power—as well as digital literacy. We need to build systems that work in low-bandwidth environments and cater to users in both urban and rural communities.
Fintech is not a silver bullet, but it is an essential tool in achieving a fully cashless society. With the right policies, partnerships, and continuous innovation, Nigeria can lead the way in Africa’s digital finance revolution.
It is time we embrace not just the idea of a cashless policy, but the technology that will make it possible.
