The Nigerian financial sector grapples with several difficulties, including lack of accountability, revenue leakages, fraud, and the risk of theft in transactions and accounting practices. These issues impede economic growth and jeopardise the integrity of the financial industry. According to a report by the International Monetary Fund (IMF 2019) on selected issues in Nigeria, financial transparency and corruption rank high among the concerns of Nigeria’s population and have a substantive impact on macroeconomic outcomes in the country,

To tackle these issues facing financial transparency and accountability, Adekunle Idris, a seasoned Product Manager known for his expertise in driving successful product integrations and optimizing digital innovation, recognises the urgent need for transformative solutions. Idris is addressing the issues besetting the finance industry, including lack of accountability, revenue leakages, and the hazard of financial pilferage in transactions and accounting practices, to guarantee prudent management of resources and improve public trust in the sector.

Idris contributed significantly to Nigeria’s Federal Ministry of Finance on HealthPay, a Revenue Assurance & Collection System designed to streamline revenue collection and monitor processes in Federal Health Institutions across Nigeria. Tasked with curbing revenue leakages and lack of accountability, Idris conceptualised, designed, and oversaw the development of HealthPay, revolutionising the way monetary transactions are conducted in the healthcare sector.

With a focus on enhancing the financial sector and revenue collection, as well as achieving prudence in the management of scarce resources, HealthPay introduced multiple payment methods and a centralised reporting dashboard to track payment statuses and detect anomalies in real-time across various revenue lines in hospitals. This has further strengthened security measures while also allowing stakeholders to make proactive decisions and allocate resources.

HealthPay offers seamless payment options for patients while coordinating and harmonising all revenues collected across all Nigerian federal health institutions. By integrating card payments, cash transactions, web payments, and bank deposits, HealthPay has subsequently decreased patients’ wait times in hospitals and minimised the risk of revenue leakages and financial scams. Idris’s comprehensive strategy sought to sanitise the finance sector, enhance revenue collection, and ensure prudence in resource management, aligning with Nigeria’s attempts to attain transparency and accountability.

A pervasive lack of accountability within the finance industry fosters an environment conducive to mismanagement and corruption. By leveraging technology and innovation, Idris revolutionised the way transactions were coordinated, laying the foundation for sustainable fiscal management practices in federal health institutions and ultimately ushering in a new era of transparency, efficiency, and prudence.

Adekunle Idris’s remarkable journey in sanitising financial services reflects on his conceptualisation of HealthPay, a Revenue Assurance & Collection System, for Nigeria’s Federal Ministry of Finance. The financial terrain of Nigeria has been permanently altered by his strategic initiatives and relentless dedication, which have established new standards for transparency and efficiency.