E-Financial
Lagos State Goes Truly Digital,Partners with Interswitch to Provide Omni-Channel Digital Payment Solutions to Lagosians
As part of the Lagos State Government’s strategic vision to embrace a digital future through the adoption of innovative technology and processes across all spheres of governance and public-sector service delivery, His Excellency, Mr. Akinwunmi Ambode, Executive Governor of Lagos State announced on Monday, February 19 that effective from the 1st of March 2018, the State Government will fully digitize revenue collection in partnership with Interswitch.
In announcing this strategic partnership with Interswitch, which is reputed to be one of Nigeria’s leading financial technology and electronic payment drivers, Governor Ambode stated that the government’s vision is to actualize extensive adoption of electronic channels in the payment of taxes, levies and other government payments.
This is with a view to expeditiously improve on the effectiveness of service delivery to residents of the State whilst ensuring greater accountability in line with the vision of the current administration in Lagos State.
Governor Ambode, In a statement announcing the partnership, revealed that “to ensure that the government improves on the quality of service delivery to our people, effective 1st March 2018, no payment or taxes will be made by cash henceforth across the State.
“Tax payers should be able to pay all legitimate taxes and bills through all payment channels at their own time and convenience.
“The transaction process is now going to be everyday, anytime and on weekends.”
Explaining further on what informed the Lagos State Government’s resolution to partner with Interswitch to digitize payments and collections in Lagos, Governor Ambode added that “Interswitch has been at the forefront of efficient and secure public sector payments and collections at National and State levels for quite a while now, and we are confident in their ability to provide strong support and the state-of-the-art payment infrastructure, comparable to such obtainable anywhere in the world as well as the capabilities required to facilitate seamless implementation of this policy in a state like Lagos.”
Interswitch has equally expressed a commitment to providing omni-channel payment infrastructure which will facilitate seamless transaction processes in revenue collection to make it easy and convenient for the good people of Lagos who can now pay every day, any time and online.
In a statement credited to Mitchell Elegbe, Founder and Group Chief Executive Officer, Interswitch “Over the last few years, we have invested extensively in building and continuously developing a variety of payment channels which facilitate real-time transaction through any means desirable by all parties within the payment process.
“Our vision at Interswitch is an Africa where payment becomes a seamless part of our everyday lives, and we are resolutely committed to working with Lagos State to embrace a fully digital future, in line with our resolve to continue to create digital transaction solutions that enable individuals and communities prosper across Africa.”
In view of this partnership with the LASG, government payments will now be possible through multiple channels including physical payments in any branch of any bank, and using Interswitch solutions such as Interswitch Paydirect, Interswitch Payment Gateway, Quickteller Paypoint, and Mobile Apps/USSD codes of LASG MDAs, thereby encouraging real-time cashless payments directly to the State Treasury.
Observers have lauded this development as a welcome breakthrough in public sector finance, accountability and service-delivery as it essentially underscores the unwavering and forward-thinking dynamism of the Lagos State Government, with effective public-private collaboration at its heart.
Interswitch is extremely delighted to collaborate on this partnership and is excited to embark on a fruitful and constructive relationship with the Government.
A statement from the company stated that “Going into the implementation of this, Interswitch will ensure that the full-breadth of our multi-layer platforms would henceforth be deployed for use by all government Ministries, Agencies, Parastatals, Associated Companies and Units.
“Interswitch is also committed to continuous innovation to ensure the provision of new and easier payment channels, particularly leveraging such platforms as direct payment from mobile phones.
“To facilitate the required awareness, enlightenment and consumer education across all segments of the population across the state, Interswitch is also fully committed to working very closely with the LASG and its relevant agencies with a view to driving adoption and uptake, from the perspective of all stakeholders who need to be engaged – the state civil service and MDAs as well as businesses operating within the state, general public etc.”
Securities and Exchange Commission (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.
In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.
“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.
“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”
SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.
“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.
“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.
Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.
Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.
“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”
Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.
Africa’s cross-border payments market is on track to hit $1 trillion by 2035, according to a new report by venture capital firm Oui Capital. Titled “Africa’s Cross-Border Payment Landscape—a deep dive into the systems, players, and shifts shaping Africa’s cross-border payment flows,” the report states that the market is currently valued at $329 billion and growing at a compound annual growth rate of 12%.
It identifies Africa’s booming digital adoption, increasing intra-African trade, and a surge in mobile money usage as the key growth drivers.
Despite the impressive growth, the report highlights systemic inefficiencies.
“Legacy rails, double currency conversions, and fragmented regulations still siphon billions in hidden costs,” Oui Capital states, noting that the continent continues to have the highest global remittance costs, averaging 7–8%.
However, digital innovation is helping reshape the landscape. Mobile money is now a key channel, with 30% of Sub-Saharan remittances flowing through mobile wallets.
In 2022, Africa accounted for 66% of global mobile money transaction value, demonstrating the rapid formalisation of what was once a predominantly informal cash ecosystem.
Oui Capital sees significant investment potential in addressing these inefficiencies. “Infrastructure plays—interoperable API layers, decentralised FX liquidity pools, and PAPSS integrations—represent $10 billion-plus opportunities,” the report says.
The Pan-African Payment and Settlement System is one such initiative pushing for local currency settlements and reduced reliance on USD/EUR clearing, which presently adds around $5 billion in annual costs.
According to the report, cryptocurrencies and Stablecoins are emerging as promising alternatives, cutting remittance costs by up to 60% in markets with clear regulations.
“Fintech APIs are already pushing fees as low as 1.5–3%,” the report notes.
Still, the venture capital firm warns that challenges persist as only 55% of African jurisdictions allow full electronic KYC, limiting the scalability of fintech solutions.
The report urges founders to go beyond peer-to-peer transfers by embedding services like lending and insurance.
“Africa’s payments race is now a scale game. Those that solve for liquidity, compliance and cost will define the continent’s digital trade backbone over the next decade,” it concludes.
Chartered Institute of Bankers of Nigeria has expanded its Agency Banking Certification Programme through a tripartite collaboration between the Institute, FIC, and SANEF Limited.
This partnership according Prof. Pius Deji Olanrewaju, President/Chairman of Council the Chartered Institute of Bankers of Nigeria, CIBN, is timely and strategic, “as we aim to broaden the reach of the certification across Nigeria’s agent banking sector. With SANEF’s deep integration in the financial inclusion ecosystem and established relationships with leading super agents, we are confident that this collaboration will strengthen the quality and visibility of the programme.
“The goal is clear, to enhance professionalism among agent bankers, support the national financial inclusion strategy, and contribute to building trust and integrity within this growing segment of the financial services sector. This collaboration presents an excellent opportunity for further implementation of the competency framework for the banking industry in Nigeria”.
He noted that the collaboration among others is part of his LEGACY agenda which highlights the multifaceted role of financial institutions in shaping Nigeria’s economic future.
The letter C in the LEGACY agenda refers to Competence in the banking and Finance industry, which is a very crucial factor in the banking and finance sector. Competent individuals in this industry are equipped with the necessary knowledge and skills to effectively manage financial resources. Individuals with expertise in this field can contribute to the growth and stability of the economy.
Mrs. Uche Uzoebo, Managing Director/Chief Executive Officer, Shared Agency Network Expansion Facilities, SANEF, described the memorandum of Understanding, MoU, as a visionary partnership that seeks to expand Financial Inclusion through Agent banking training, Financial Literacy and knowledge impartation, an objective that forms a key pivot of what SANEF represents.
“Over the years, SANEF, in strong collaboration with our key stakeholders, Banks and Licenced Super-Agents/Mobile Money Operators and other Financial Service Providers, have continued to deepen the frontiers of Financial Inclusion and agent bank. Financial Literacy and training have remained a key part of this objective.
“This MOU ceremony is a fulfillment of a shared vision through the expansion of Agent Banking, Financial Literacy, capacity building, thought leadership, training and competency.
She further explained that the agreement provides a training structure with well-curated and knowledge filled training modules and materials that will deepen the knowledge and capacity in agent banking.
“It will go ahead to deepen and expand the knowledge and capacity of all participants that will take part in this training and we believe that with the quality and cooperation of all parties present, this very important objective of impartation of knowledge and thought leadership, grooming and training minds to be empowered and learned and contributing our quota to nation building and be a better place,” she added.
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