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Four Technologies that can Drive Nigeria’s Cashless Economy

By Victor Irechukwu, Head of Engineering, OnePipe
Waving your hand to pay after shopping at a store, or simply placing your mobile phone on the checkout counter could seem strange – at least to a number of people in Nigeria. But it is possible and in fact, already standard practice in some countries.

Victor Irechukwu,
This, and other cashless methods can also be possible in Nigeria if the right technologies are adopted. After all, some people already use tollgates where courtesy of something called e-tag, they are let through without waiting to pay every time. It is a form of cashless technology too.
Global cashless payment volumes are set to increase by more than 80% from 2020 to 2025, from about 1tn transactions to almost 1.9tn, and to almost triple by 2030, according to analysis by PwC. Asia-Pacific will grow fastest, with cashless transaction volume increasing by 109% from 2020 to 2025 and then by 76% from 2025 to 2030, followed by Africa (78%, 64%) and Europe (64%, 39%). Latin America comes next (52%, 48%), and the US and Canada will have the least rapid growth (43%, 35%).
Here are some technologies Nigeria should be looking into so as to strengthen the move towards being cashless.
QR code
Have you ever come across a sign that says ‘scan to pay’ (with a pattern of black squares) after shopping at a store? Any business or individual that receives payment can provide this option, which is derived from Quick Response codes, which are machine-readable barcodes that store information.
In 2020, Ghana became the first African country to introduce a universal QR code. In South Africa, the Payments Association of South Africa (PASA) has identified a need to streamline the experience of both payer and payee and is in the process of standardising QR codes across the sector.
In 2021, the Nigeria Inter-Bank Settlement System Plc (NIBSS) launched the New Quick Response (NQR) payment solution code, which it describes as “an innovative payment platform implemented on behalf of all financial service providers.” The New Quick Response code solution offers a robust platform that delivers instant value for P2B and P2P transactions by simply scanning to pay.
Generally, making QR codes more widely used will create another easier way for people to transact without cash, and cheaper for merchants to receive their money.
Mobile money
Nigeria still hasn’t fully hacked Mobile Money, despite the successes recorded in other countries across Africa. In 2021, CBN data shows Nigeria recorded 1.2 billion mobile money transactions with a value of N15 trillion (about $34 billion using official rates).
However, in Ghana, with a fraction of Nigeria’s population, the volume of transactions was 4.25 billion in 2021, with a value of GH¢ 978.32 billion (about $75 billion).
Let’s not even compare with Kenya or other African countries blazing the trail in mobile money. It is clear that this technology remains largely underexplored in Nigeria. With the country’s large rural population and low internet penetration, mobile money offers those who would otherwise be disadvantaged a way to send and receive money electronically and with less sophistication required.
Digital wallets
iPhone users should be familiar with Apple Pay and their android contemporaries, Google Pay. But, whenever you are sceptical of inputting your card details on a website, has it occurred to you to use that Apple or Google pay function (which you already trust) on your device?
There are other options which PwC described in a report as ‘super-apps’ such as WeChat Pay and Alipay in China, and in different countries, local options abound with different names. While many people already use these platforms it is still not a widespread means of payment in Nigeria.
These digital wallets allow consumers to load and store payment methods and access funding sources, such as cards or accounts, on their mobile devices. The use of digital wallet–based transactions grew globally by 7% in 2020, according to a report by FIS, a financial services technology group, which predicts that digital wallets will account for more than half of all e-commerce payments worldwide by 2024, as consumers shift from card-based to account- and QR code–based transactions.
Nothing stops the growing fintech industry in Nigeria from introducing similar platforms to take advantage of the immense opportunities.
Contactless payments
This has been referenced a few times earlier and it is one innovative way to not only get more people to go cashless, but also in a way that would excite them.
Imagine that you have finished shopping at a supermarket and the cashier tells you to simply hold your phone near theirs and with the tap of a button, payment is done.
This movement of money from you as a customer to the merchant happens through near-field communication (NFC) technology, a function you may have seen on your phone, never utilised and probably been curious as to what it does.
A Tappit article further explains that instead of swiping or inserting your bank card into a reader and typing a PIN, you simply ‘tap-and-go’ or ‘wave and pay’. To make a payment, you place your bank card or contactless-enabled mobile phone near the reader.
These technologies, in addition to other existing cashless payment methods like the regular bank transfers, card payments, can help drive Nigeria’s cashless economy further.
Telecom
UK Bans TikTok, Instagram, Facebook for Under-16s in Landmark Crackdown

British Prime Minister Sir Keir Starmer has announced plans to ban children under the age of 16 from accessing major social media platforms, describing the move as necessary to protect young people from online harm.

The proposed restrictions will apply to platforms including TikTok, Instagram, Facebook, Snapchat, YouTube and X.
Messaging services such as WhatsApp and Signal will not be affected by the measures.
In a recorded video message released on Monday, Starmer said the government was taking decisive action in response to growing concerns about the impact of social media on children’s wellbeing.
“It’s a big step for our country. Social media is making our children unhappy and unsafe, and as a parent, as much as a Prime Minister, I just can’t let that go on anymore,” he said.
The announcement follows a national consultation conducted between March and May, which received more than 116,000 responses on children’s use of technology.
According to the findings, more than 83 per cent of parents believed the risks associated with social media outweighed its benefits, while 90 per cent supported setting 16 as the minimum age for accessing social media platforms.
The British government said legislation would be introduced before Christmas, with the protections expected to come into force next spring.
Under the proposed framework, children under 16 will also be prevented from using livestreaming features and from communicating with strangers on affected platforms.
Starmer acknowledged that implementing age restrictions would be challenging but said the government had carefully reviewed available evidence and lessons from other countries before deciding to proceed.
“It’s not an easy thing to do. We haven’t rushed into it. We’ve looked carefully at the evidence and will continue adapting our approach as technology changes,” he said.
The Prime Minister also signalled a willingness to confront major technology firms that may oppose the policy.
“We will take them on, and we will win, because the need for action could not be any clearer,” he added.
The move comes amid increasing global efforts to regulate children’s access to social media.
Last year, Australia became the first country to enact legislation restricting access to major social media platforms for children under 16.
However, Australian authorities have reported enforcement challenges, with a recent study indicating that many children continued to maintain accounts despite the restrictions.
Alongside the proposed ban, the British government announced a £132.5 million “Every Child Can” programme aimed at expanding access to sports, arts and nature-based activities in schools and local communities as alternatives to excessive screen time.
The initiative follows recent calls by the government for technology companies, including Apple and Google, to strengthen safeguards preventing children from taking, sharing or viewing nude images online.
The government said the measures were designed to combat online exploitation, reduce children’s exposure to harmful content and improve online safety.
Meanwhile, social media companies in the United States continue to face legal challenges alleging that their platforms contributed to mental health problems among young users and failed to adequately protect children from online predators.
Supporters of stricter age-verification requirements argue that they are necessary to shield children from harmful online content, while critics have raised concerns over privacy, data protection and freedom of expression.
Telecom
TikTok Is Changing Football Fandom in Nigeria — New Data Proves It

TikTok says football remains one of the strongest passions among its users in Nigeria, with 59 per cent of users on the platform following the sport.

TikTok
The social media platform disclosed this in a report highlighting the growing influence of football communities and sports content across Sub-Saharan Africa.
According to TikTok, 28 per cent of its users in Nigeria actively participate in football, underscoring the sport’s significance as a cultural touchpoint and a driver of engagement on the platform.
The report noted that football-related hashtags such as #football, #soccer, #SuperEagles and #NaijaFootball have become active hubs for fan reactions, commentary, highlights and match-day conversations.
TikTok said it had evolved into a leading platform for sports entertainment and football culture, bringing together fans, athletes, clubs and content creators through its #SportsOnTikTok initiative.
It revealed that more than 6.5 million videos had been created under the #SportsOnTikTok hashtag, reflecting growing interest in sports content ranging from match reactions and tactical analysis to creator-led storytelling.
“Football communities across Africa are increasingly using TikTok to celebrate their teams, share reactions, debate key moments and connect with global football audiences in authentic and engaging ways,” the report stated.
The platform also highlighted strong engagement during the 2025 Africa Cup of Nations (AFCON), noting that more than 1.2 million posts were created globally under the #AFCON2025 hashtag.
According to TikTok, 28.6 per cent of those posts originated from Sub-Saharan Africa, reinforcing the platform’s role as a major destination for football fans following tournaments in real time.
The report further showed that sports content on TikTok continues to influence audiences beyond the platform.
It stated that 85 per cent of sports fans globally use TikTok as a second-screen experience while watching sporting events, while 42 per cent are more likely to tune into live matches after viewing sports content on the platform.
Additionally, 90 per cent of fans reportedly take at least one action outside the platform after watching sports-related content, while 72 per cent enjoy viewing fan edits, reaction videos and other fan-generated sports content.
TikTok also highlighted the increasing participation of women in sports conversations on the platform.
According to the report, 64 per cent of women globally choose TikTok as their preferred destination for sports content, accounting for 46 per cent of all sports-related views on the platform during the first half of 2025.
The company said the findings reflected a new era of digital sports engagement in which football and other sporting experiences extend beyond the pitch through fan participation, content creation and online communities.
It added that TikTok was becoming a key destination for the next generation of football fandom, transforming passive viewership into active participation through shared experiences and real-time interactions.
Telecom
Nigeria Innovation Summit 2026 Set to Convene West Africa’s Brightest Minds to Shape the Future of Innovation

InnovationHub Africa, Africa’s foremost driver of technology and innovation, is proud to announce the Nigeria Innovation Summit (NIS) 11.0, the 11th edition of West Africa’s biggest and most celebrated innovation gathering, scheduled for October 6, 2026, at the Shell Hall, Muson Centre, Lagos.

Nigeria Innovation Summit 2026
The Summit promises to be the most ambitious, high-impact edition yet, bringing together Nigeria’s most brilliant minds, innovators, startups, trailblazing entrepreneurs, global thought leaders, and policy architects under one electrifying roof.
Disclosing the event’s agenda, Mr. Tony Ajah, the Programme Director of the Summit says, “The theme for this year’s event is ‘Innovating in the Age of AI’.” The theme confronts one of the defining questions of our time: how can Nigeria and Africa harness the power of AI to drive transformative innovation, accelerate economic growth, and compete boldly on the global stage?”
“We are living through the most consequential technological shift of our generation. AI is happening right now, reshaping industries, redefining careers, and rewriting the rules of competition. As AI reshapes every sector from agriculture to fintech, from healthcare to education, we are creating the most critical space for Nigeria’s innovators to get ahead of the curve,” Mr. Ajah says.
“NIS 11.0 is our clarion call to every Nigerian innovator and institution to get in the room, understand the wave, and ride it. We must not be spectators in the AI revolution but architects of it. So, this year’s event will go beyond inspiration to deliver actionable insights and measurable impact, empowering stakeholders to build resilient and future-ready systems,” he added.
NIS has established itself as a premier platform for advancing technology, entrepreneurship, and sustainable development, and continues to foster cross-sector collaboration and inspire solutions to pressing socio-economic challenges. It brings in experts within the Nigerian innovation ecosystem and around the world to connect, share ideas, and collaborate.
This year’s event will feature insightful discussions, Nigeria Innovation Experience talks (NiX Talks), innovative showcases of emerging technologies and their applications, workshops, fireside chats, startup pitches, and exhibitions. The Summit will climax with the 2026 Nigeria Innovation Awards.
Beyond discussions, the Summit is designed to catalyze strategic partnerships, investment opportunities, and policy directions that support innovation-led growth. Through previous editions, NIS has attracted over 15,000 delegates, 240 speakers and panellists, 100 tertiary institutions and research centres, 40 government ministries, attendees from 36 states, over 170 sponsors and partners, 42 countries, and over 97 innovation award recipients.
Participation in this event is open to local and international businesses, innovators, startups, MSMEs, public and private institutions, embassies/high commissions, investors, the academic community, and all the stakeholders in the innovation ecosystem. The event will also be live-streamed to a wider audience across Nigeria and beyond. Attendance is free and open to all registered delegates.
NIS 11.0 offers great opportunities through sponsorship, partnership, and exhibitions of innovative products, ideas, and services. For more inquiries and participation, please visit: https://innovationsummit.ng/
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