The Chief Executive Officer of Unified Payment Services Limited, Dr Agada Apochi, has urged industry players to innovate payment solutions that cater to the needs of young people.
The disclosure was made in a statement on Wednesday following his keynote presentation at the annual Committee of e-Business Industry Heads conference, which was themed “Payment System Vision 2030: Navigating Contemporary Issues in Driving Future Growth.”
Apochi emphasised that the payment ecosystem must evolve to align with the digital habits of younger generations, who now represent a significant portion of Nigeria’s population.
“We must offer solutions that resonate with the lifestyle and needs of digital natives,” he said, pointing out that the industry’s current offerings would not attract young people in the long term without embracing innovation.
He further stressed that market players must better understand the demographics they serve, as this is crucial in defining the future of payments in Nigeria.
“To serve the digital natives, we must connect with them where they are. Due to the digital habits that they have cultivated, it follows that we should create solutions that are delivered digitally,” Dr Apochi added.
With approximately 62 per cent of Nigeria’s population under the age of 24, Dr Apochi argued that the industry must recognize this demographic when developing future payment solutions.
He noted that this generation, often referred to as digital natives, is gradually replacing the older “digital aliens” who dominated the market in the past.
He urged industry stakeholders to optimize technologies to meet the expectations and behaviors of the younger population.
While acknowledging that card payments would remain a part of the payment landscape in Nigeria, Dr Apochi called for broader innovations beyond traditional plastic cards.
“We need to think beyond cards. Our solutions must adapt to the evolving landscape where payments are no longer limited to physical devices,” he said.
Apochi revealed that Unified Payments is already leading the way in this direction.
The company has developed solutions where telephone numbers and mobile handsets replace traditional POS devices as an alternative payment method.
He also shared that the company’s rebranding from ValuCard to Unified Payments in 2012 was a strategic move to prepare for a future beyond cards or plastics.
The CEO highlighted that with the increasing use of digital identification, such as the Bank Verification Number and National Identification Number, digital payment solutions are now more accessible and feasible than ever before.
