PiggyVest, Flutterwave, Paystack, Other Payment Systems in Nigeria Have attracted N290trn in 5 Years, CBN Says

PiggyVest, Flutterwave, Paystack, Other Payment Systems in Nigeria Have attracted N290trn in 5 Years, CBN Says

  • Nigeria's apex bank, the CBN says PiggyVest, Flutterwave and other Nigerian digital payment platforms have amassed over N290 trillion in investment, headed by Nigerian founders
  • The CBN governor, Godwin Emefiele said the bank is building a reliable, safe and robust payment system in the country
  • The Nigerian payment system is adjudged the best in Africa with VC funders finding them attractive for investment

The Central Bank of Nigeria (CBN) says N290.5 trillion, about ($700 million) has been invested into Nigeria’s payment system by Nigerian founders between 2015- 2020,

The CBN governor, Godwin Emefiele disclosed this at the 2021 annual Bankers’ Committee retreat in Lagos, which was held with the theme, Building Resilience for Economic Growth, Nairametrics reports.

CBN Governor, Godwin Emefiele
CBN Governor, Godwin Emefiele Credit: next24online/NurPhoto
Source: Getty Images

Emefiele said that the apex bank is concentrating on building a cheap, fast, efficient and safe payment system in Nigeria which is also robust.

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What the Emefiele is saying

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"With the growing pace of digitization globally, we will continue to leverage digital channels in fulfilling this objective. Reflective of the confidence in our payment system, between 2015 and 2020, about $700 million has been invested in firms run by Nigerian founders."

The CBN boss praised the success of its CBDC, the eNaira and said as the first central bank digital currency in Africa and one of the first in the world, the eNaira will foster greater financial inclusion using digital channels, support cross-border payments for businesses and firms, and provide a reliable channel for remittance inflows into the country.

Emefiele continued:

"The eNaira will ensure that Nigerians in remote areas can conduct financial activities using their digital devices at little or no cost."

Emefiele also announced plans by the apex to float an international financial centre, saying that the bank is to mobilise international capital and support growth in key sectors.

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This will enable access to large pools of cheap investment capital, Emefiele said.

The CBN boss said:

"The NIFC will serve as a hub for attracting domestic and external capital to strengthen our post-covid economy and will help to position Nigeria as a key destination for investment in Africa."

Nigerian payment platforms invest in other African countries

Meanwhile, Legit.ng reported that Nigeria’s foremost payments platform, Flutterwave, is seeking to make incursions into French-speaking countries.

The company has co-invested in a French-speaking payments platform, CinetPay, a digital payment system that helps merchants in Francophone countries in Africa to accept and make payments.

Flutterwave announced on Wednesday, December 8, 2021, a seed round of N1.03 billion from 4DX Ventures, a Pan-Africa focused VC firm.

Source: Legit.ng

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