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Finance Expert Decries Prolonged Delay in Passage of Payment System Bill
Managing Director of Remita Payment Services Limited, Mr. ‘DeRemi Atanda, has highlighted the urgency to pass the Payment System Management Bill which has been pending action in the National Assembly for over a decade.
Atanda worried that further delay will hinder progress and jeopardise significant gains recorded in Nigeria’s digital payments ecosystem.
While speaking during the Committee of e-Business Industry Heads (CeBIH)’s conference in Lagos, recently, the leading finance expert asserted that there was no better time than now to revisit the bill given expectations in the sector in line with the demands of the National Payment System Vision (NPSV) 2030 .
He noted that while the NPSV 2025 pulled significant milestones, a lot more development could not happen because of the inexistent bill.
“Without its passage, much of what we aspire to achieve will remain suboptimal. This is a call to relevant stakeholders to come together and intensify advocacy in this regard as we aim towards 90 per cent financial inclusion target in 2030,” he said
Atanda further went ahead to highlight progress made in Nigeria’s digital payments ecosystem, including a 101per cent growth in active bank accounts and a 365 per cent growth in real-time payment volumes.
He stressed that sustaining the momentum requires a concerted focus on global standards, cooperation within the payment ecosystem, and stakeholder awareness.
“To shape the future of payments in Nigeria, we must champion robust legislative reforms and advocacy to address emerging challenges and position the industry as a model for innovation and inclusion.”
He cautioned against unhealthy competition amongst players as being counterproductive, calling instead for all to embrace collaboration.
“We are often trapped in competition when we should be cooperating to build the foundational infrastructure. The opportunities at the top are immense, but the real work lies beneath, in building the standards, technology, and systems that enable growth,” he said.
