Experts have stressed the need for a comprehensive and integrated approach to Nigeria’s burgeoning digital economy, focusing particularly on the crucial sectors of taxation, banking, and finance.
This call to action was made at a panel session during the 2025 yearly conference of the Finance Correspondents Association of Nigeria in Lagos, where key stakeholders gathered to deliberate on the theme, “Bracing for the Digital Economy in Nigeria: Taxation, Banking & Finance.”
Dean of Lagos Business School, Prof Olayinka David West, highlighted the indispensable role that banking and finance play in shaping effective taxation policies.
He emphasised that taxation is a significant fiscal instrument that must be managed with a holistic strategy, ensuring that development efforts are both sustainable and supportive of long-term economic growth.
According to him, achieving sustainable development requires a coordinated approach that aligns taxation policies with the broader financial and economic systems in Nigeria.
Representing the Nigeria Inter-Bank Settlement System (NIBSS), the Head, Strategy and Research, William Duku, stressed the organisation’s pivotal role in facilitating seamless and secure digital transactions across the country.
He outlined the remarkable innovations NIBSS has spearheaded, including substantial improvements in transaction speed and enhanced fraud protection measures.
Duku stressed that the organisation’s ultimate goal is to ensure that digital transactions within Nigeria remain not only fast but also safe and reliable, thereby fostering trust and efficiency in the digital financial ecosystem.
Addressing the growing concerns around security in the digital economy, a representative of the Director of Claims Resolution at the Nigeria Deposit Insurance Corporation (NDIC), Kazeem Sule Olawale, pointed out that as industries expand, the challenges of security and consumer protection intensify.
The NDIC’s role, he explained, goes beyond mere oversight to actively educating the public and promptly addressing consumer complaints across various digital platforms.
This proactive engagement aims to reinforce consumer confidence and safeguard the interests of Nigerians participating in the digital financial system.
From the private sector perspective, the Public Relations Manager for Moniepoint, Bamigho Awala, shed light on how his company utilises advanced technology, including artificial intelligence, to monitor transaction patterns.
He said: “By analysing financial inflows and tracing behavioural trends, Moniepoint can detect and prevent money laundering and erroneous transfers. This sophisticated approach underscores the importance of leveraging technology to maintain financial integrity and compliance within Nigeria’s rapidly evolving digital economy.”
Additionally, Deputy Controller of the Nigerian Customs Service, Christopher Paniam, reiterated the agency’s commitment to collaboration with all stakeholders involved in trade.
Highlighting successful partnerships with sectors such as insurance, he emphasised that the customs service remains open and willing to work with various entities to enhance trade facilitation and support the growth of the digital economy.
Together, these insights from experts and industry leaders illustrate the multifaceted efforts required to prepare Nigeria’s taxation, banking, and financial sectors for the demands of a digital economy.
