How Nigeria’s economic boom could be down to improved payments systems

With Nigeria having recently eclipsed South Africa as the continent’s biggest economy, it is worth taking a look the nation’s progress from the perspective of a service which is indispensable to the modern way of life — electronic payments. And electronic payments, in turn, depend on suitable telecommunications and banking infrastructure.

The pace of change in Nigeria is remarkable and, having been in the country for frequent periods around the early 2000s as part of the birth of the modern payments industry in that country, change is nowhere more noticeable than in the retail banking sector. Having recently returned there this year in a payments consultant capacity, the benefit of such an extended hiatus is the comparison of two distanced snapshots: the differences are quite stark and immediately noticeable.

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