The New Cashless Nigeria: Onipede Advocates Building Trust in a Digital Economy

The first quarter of 2023 was turbulent for Nigeria’s financial system. The naira redesign and cashless policy sparked widespread disruption, leaving citizens stranded without cash and forcing millions into digital transactions they had not planned for.

For some, it was a glimpse of a cashless future. For many others, it was a painful reminder of the fragility of Nigeria’s digital infrastructure.

To examine what these developments mean for financial inclusion, trust, and the future of fintech in Nigeria, we sat down with Gbeminiyi Onipede, a fintech professional with deep expertise in product development, digital transformation, and financial technology integration.

She shares her perspective on the unfolding events, the risks and opportunities of Nigeria’s cashless push, and what must change if the digital economy is to win the confidence of ordinary Nigerians.

When asked about the cashless policy and naira redesign sparked significant disruption. What lessons should Nigeria take from that period? She says, what happened in early 2023 was not just a policy experiment; it was a stress test of Nigeria’s digital readiness.

Millions of Nigerians were abruptly pushed into digital channels not out of choice but sheer necessity.

We saw long queues at banking halls and ATMs, endless complaints of failed transactions, and even ordinary businesses unable to complete payments.

Petrol stations refused cash but mobile transfers were delayed. For some people, getting their money felt like a gamble.

The lesson is very simple: infrastructure must come before policy. A cashless economy is only possible when the systems behind it are resilient, inclusive, and trusted. If digital rails collapse under pressure, the trust deficit widens.

Nigerians should not be compelled into digital payments; they should be encouraged by how smooth, fast, and reliable the systems are. In other markets, digital adoption happened because platforms were better than cash.

In Nigeria, the attempt to force adoption before fixing the rails created frustration. Policymakers must understand that convenience drives transformation, not compulsion. Asked about how many Nigerians felt excluded or frustrated during that time. How do you see digital banking helping or hurting financial inclusion? She explained that Digital finance can be either a bridge or a barrier, depending on how it is built.

On the positive side, it can reach millions of people who have never had a bank account. USSD technology works on feature phones. Agent banking has penetrated rural communities. Mobile wallets can help the unbanked create a transaction history. That is the potential.

But there is also a risk of exclusion. Think about the farmer in Ekiti without a smartphone or the market trader in Kano who struggles with literacy. These are the people who were hit hardest by the cash scarcity.

If digital products are designed only with the urban, tech-savvy user in mind, then millions are excluded. What we need is intentional design that is simple, affordable, and inclusive.

Just as importantly, there must be strong consumer protection. Failed transactions, long delays, or unreturned funds can erode trust very quickly. If people believe digital systems “eat their money,” they will run back to cash at the first opportunity.

Inclusion will only happen if systems are reliable for everyone, not just a privileged few. Asked about how trust seems to be a recurring theme in your answers. What role does cybersecurity play in strengthening that trust, she said, Cybersecurity is absolutely central.

As we digitise, fraudsters digitise too. In 2022 and 2023, fraud complaints spiked. We saw phishing scams, fake banking apps, cloned websites, and even POS operators tricking customers.

For many first-time digital users, one bad experience was enough to turn them off permanently. That is why cybersecurity is not an afterthought anymore; it is at the heart of customer experience.

Banks and fintechs must be able to detect fraud in real time. They need systems that can flag suspicious transactions instantly, block them, and protect customers before damage is done.

Stronger authentication, biometric logins, and faster recourse for failed transactions are not luxuries, they are necessities. But cybersecurity is also about education.

Nigerians must understand not to share OTPs, not to click strange links, and not to trust every message claiming to be from their bank.

If institutions combine strong systems with continuous education, trust will follow. And trust is what makes digital finance sustainable. When asked about 2023, how do you see Nigeria’s fintech industry evolving from here? She says, the 2023 disruption showed us both sides of the story.

On one side, it exposed the fragility of infrastructure when it came under stress. On the other, it revealed how quickly Nigerians can adapt.

Despite the frustration, millions downloaded new apps, agent networks grew, and people learned new ways of transacting. That adaptability is a strength we should not underestimate.

For fintechs, the next phase must be about stability and reliability. Growth for growth’s sake is no longer enough. Interoperability is critical. Customers should not struggle with fragmented systems that do not talk to each other.

Regulators, banks, and fintechs must collaborate more closely. If we continue building isolated solutions, the customer will always pay the price. But if we build a unified, secure, and user-friendly ecosystem, Nigeria can truly lead Africa in digital finance.

Asked her to give one recommendation to policymakers and one to fintech operators, what would they be? She advocates to policymakers: infrastructure first.

The naira redesign taught us that policies without strong digital rails create chaos. Government must invest in broadband, reliable networks, data protection, and last-mile connectivity before pushing digital-only agendas.

To fintechs: remember that trust is your greatest currency. Nigerians want safety, speed, and certainty. A customer who trusts your platform will stay even if competitors emerge. A customer who feels cheated or ignored will walk away forever. Build with empathy, design for ordinary Nigerians, and you will earn the trust that drives real adoption.

The naira redesign and cashless policy of 2023 were disruptive and painful, but they also provided a rare glimpse into the future. They revealed the cracks in Nigeria’s digital system but also the determination of Nigerians to adapt when pushed.

As Onipede argues, the challenge now is not to abandon digital but to make it stronger, safer, and more inclusive. If Nigeria applies the lessons of 2023, it can transform a period of crisis into the foundation of a more resilient and trusted digital economy.

Gbeminiyi Deborah Onipede is a Fintech expert and Business Analyst with a focus on digital transformation and financial inclusion in emerging markets. She has worked on projects spanning payments, product design, and predictive analytics, and contributes thought leadership on building secure and inclusive digital economies.