eTranzact CEO advocates for affordable cross-border payments through digital identity
L-R : Mr Usoro Anthony Usoro , ED MoMo PSB, Dr Jimson Olufuye, Principal Consultant, Kontemporary Konsulting Ltd, Dr Ebehijie Momoh, MD/ CEO AfriGopay Financial Services, Engr. Abisoye Coker-Odusote, DG National Identity Management Commission (NIMC); Adedoyin Odunfa, MD/ CEO Digital Jewels Ltd, Mr Niyi Toluwalope, MD/ CEO eTranzact International Plc and Mr AbdulHakeem Ajijola, Chairman Consultancy Support Services at the 2025 National Day of Identity held in Abuja
The Managing Director/CEO of eTranzact International Plc, Mr. Niyi Toluwalope, has called for deeper integration of digital identity into cross-border payment systems to accelerate financial inclusion and digital trade.
He said this during a panel session at the recently held IMC National Day of Identity 2025 in Abuja.
Speaking on the panel session themed “Digital Trade and Financial Inclusion” with a focus on “Leveraging Identity for Cross-Border Interoperability”, Mr. Toluwalope emphasized the urgent need to transform cross-border payments, which he described as slow, expensive, and opaque, especially for Africans.
Quoting World Bank data, he noted that the global average cost of remittances remains high at 6.5%, with Sub-Saharan Africa being the most expensive region at 8.37%, far above the UN’s 3% target by 2030. Meanwhile, around 50 million Nigerian adults remain financially excluded, a gap that could be bridged by leveraging National Identification Numbers (NINs) as payment credentials.
“Today, over 123.5 million Nigerians have NINs, compared to 66 million with Bank Verification Numbers (BVNs). That leaves 57 million identifiable Nigerians locked out of digital payments,” he said. “If we can enable remittances through NINs and agent networks, we will not only reduce costs but also introduce more Nigerians to the financial system.”
Mr. Toluwalope highlighted the critical role of fintechs in bridging identity and payment systems. He pointed to innovations such as stablecoins, API integrations, and AI-driven KYC as tools fintechs are using to bypass costly legacy systems and simplify compliance.
A standout case presented was eTranzact’s partnership with the Military Pensions Board, which led to the creation of Nigeria’s first large-scale electronic identity verification system for veterans, including those in the diaspora. The solution has verified over 67,000 pensioners with a 99% success rate, reducing verification time to just five minutes.
Looking ahead, he outlined opportunities for diaspora banking, MSME export/import facilitation, and social welfare disbursements, all powered by identity-linked payment systems.
Mr. Toluwalope called for continued collaboration between fintechs, regulators, and institutions like NIMC, stating that “the future of inclusive finance lies in public-private partnerships that make digital identity central to cost-efficient cross-border payments.”
