Digital payments key to Nigeria’s economic growth, transparency, revenue drive

Niyi Toluwalope, managing director and chief executive officer of eTranzact Plc,  has said Nigeria’s digital payment ecosystem has become a critical driver of economic growth, transparency and efficient public service delivery.

He stressed that the private sector must play a central role in building the country’s digital public infrastructure.

Toluwalope, represented by Abubakar Achimugu company’s Executive Director and Group Head, Public Sector Division,  made the remarks at the Nigeria Employers’ Summit 2026 organised by the Nigeria Employers’ Consultative Association (NECA) in Abuja.

He said digital payments have evolved beyond simply facilitating financial transactions to becoming a strategic tool for strengthening governance, improving tax administration, enhancing revenue collection and reducing financial leakages across both public and private institutions.

According to him, countries around the world are investing heavily in Digital Public Infrastructure (DPI), describing it as the digital foundation that enables modern economies to function efficiently.

He explained that the infrastructure rests on three key pillars, digital identity, trusted data exchange and digital payments, and noted that Nigeria has already made significant progress, with more than 100 million National Identity Numbers (NIN) and over 60 million Bank Verification Numbers (BVN) enrolled.

While government provides the regulatory framework, he said the responsibility for building, operating and scaling the infrastructure largely rests with the private sector.

“Every digital payment creates a trusted record. Every trusted record strengthens accountability. Every accountable transaction reduces leakages. Every reduction in leakages increases confidence in government, institutions and the economy, and that is where eTranzact comes in,” he said.

Toluwalope said the company’s technology solutions are designed to advance national development priorities by helping governments and businesses improve operational efficiency, transparency and service delivery.

He listed several of the company’s flagship platforms, including its e-Invoicing Solution, Pension Gateway, Electronic Verification Management System (EVMS) and Central Billing Systems, saying they have supported digital transformation efforts across federal and state government institutions as well as private sector organisations.

According to him, the solutions help institutions streamline operations, strengthen accountability and improve service delivery while supporting broader public sector reforms.

“Our platforms are designed to support organisations, including members of NECA, by helping them improve their operations through secure and efficient digital solutions.

“These solutions position eTranzact not only as a champion of digital payment innovation, but also as a trusted partner in translating public sector reforms into measurable economic outcomes, making us the preferred financial technology partner for both the public and private sectors,” he said.

Toluwalope further argued that digital payment innovation contributes significantly to Environmental, Social and Governance (ESG) objectives by expanding financial inclusion, strengthening corporate governance and enabling businesses to operate more sustainably and efficiently.

He reaffirmed the company’s commitment to partnering with government and the private sector to develop trusted digital payment infrastructure capable of delivering measurable economic outcomes.

“The future will not be shaped by the reforms we announce, but by the outcomes we deliver,” he said.

Also speaking at the summit, Adedayo Adejokun, eTranzact’s Head of Federal Government Business Partnerships, said the company’s sponsorship of the event reflected its commitment to supporting government reforms, private sector development and inclusive economic growth.

She noted that eTranzact’s role extends beyond payment processing to simplifying interactions between citizens, businesses and government through digital technology.

“We’re here today because we’re one of the sponsors of this summit. For us, sponsorship is about putting our money where our mouth is. We strongly believe in ESG principles and in driving inclusiveness.

“Our role as a financial technology solutions company goes beyond facilitating payments. We simplify interactions between citizens, businesses, and government by making these processes more seamless and efficient.

“The more government creates opportunities for private sector participation, the more opportunities are generated for businesses and individuals alike,” she said.

A major highlight of the summit was the launch of the ESG Implementation Guide for Micro, Small and Medium Enterprises (MSMEs), an initiative aimed at helping Nigerian businesses integrate sustainability principles into their operations.