In a recent interview with Francis Onyemachi of BusinessDay, Dr Agada B. Apochi, Managing Director of Unified Payments Services and a distinguished Nobel International Business School graduate, shared his insights. He discussed how improved payment solutions drive the development of Fintech systems in Nigeria and outlined vital policy areas that could further support the sector.

Unified Payments Services maintains a prominent position as the country’s first financial technology company. Dr Apochi explained that their pioneering initiatives have significantly impacted the national landscape of electronic transactions. Later, they partnered with Visa to enable Nigerian institutions to issue cards that could be used domestically and internationally. This historic partnership established Unified Payments as the first non-bank institution in West Africa to join Visa Inc. as a principal plus member. This authorized traditional and non-traditional Nigerian banks to issue or accept Visa payments using the company’s license.

In addition, Unified Payments expanded its reach by forming strategic alliances with American Express, UnionPay, and Mastercard. Due to the negative perception of doing business in Nigeria, they required nine years to obtain an American Express license. Not only did their efforts pave the way for other institutions to follow suit, but they also established Unified Payments as a pioneer.

One of the most significant contributions of Unified Payments was the implementation of EMV (Europay, Mastercard, and Visa) technology, mandating that all payment devices in Nigeria operate in chip-and-pin mode. This change substantially decreased fraud, highlighting the significance of secure payment methods.

During the interview, Dr Apochi also discussed their subsidiary PayAttitude, which enables phone number-based payments. This innovation enables remote authorization of transactions via a secure method, augmenting both convenience and security. He emphasized the significance of promoting digital financial services to increase financial inclusion and stimulate economic development.

Dr. Apochi emphasized the importance of government involvement when addressing difficulties. He urged the government to implement electronic payment methods for its services to encourage citizens to do the same. In addition, he proposed mandating the use of National Identification Numbers (NIN) for specific transactions and providing tax incentives for electronic payments. He believed these measures could facilitate the transition from currency to digital payments and increase revenue collection.

In the future, Unified Payment Group will prioritize universal access to payment solutions, ensuring that everyone can participate in electronic transactions regardless of smartphone ownership. They aim to improve the efficiency and inclusiveness of person-to-person interactions in commercial transactions.

In conclusion, Dr. Apochi’s observations illuminated the transformative impact that Unified Payments Services has had on Nigeria’s Fintech landscape. Their innovations have propelled business transactions and paved the way for future expansion and inclusion in the sector.