Yvonne-Faith Elaigwu, Head of Operations and Governance at OnePipe, has emphasized that embracing cashless transactions in Nigeria can play a significant role in formalising the economy, enhancing government revenue, and fostering growth. She stated that by moving a larger share of financial transactions into the banking system, the cashless approach can expand the country’s tax base, leading to better fiscal management and overall economic growth.

Elaigwu explained that cashless transactions provide businesses with valuable customer data, allowing them to understand consumer behaviors, personalize offerings, and make strategic decisions. “Every digital transaction tells a story, providing insights that businesses can use to tailor services and build customer loyalty,” she added.

Further, Elaigwu highlighted that a cashless society democratizes access to financial services, allowing businesses and individuals greater access to credit, savings, and investment opportunities. However, she acknowledged that fully transitioning to a cashless economy requires collaborative efforts from government, financial institutions, and businesses. Essential components for a successful shift, she noted, include investments in digital infrastructure, consumer education, and a solid regulatory framework to maintain a smooth, secure, and inclusive system.

She concluded by envisioning a future in which cashless transactions contribute to a more inclusive economy, benefiting Nigerians across all regions and sectors. “With a unified effort, we can build a seamless, data-driven, and inclusive financial ecosystem that benefits all Nigerians,” Elaigwu said, encouraging stakeholders to actively contribute to realizing this vision.