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Cross-Border Payment: eTranzact CEO Urges Digital Identity Integration
By Grace Alegba
The Managing Director/CEO of eTranzact International Plc, Niyi Toluwalope, has urged stronger integration of digital identity into cross-border payments to boost financial inclusion and digital trade.
This was contained in a statement issued on Friday in Lagos by Adeyemi Opene, Head of Corporate Communications at eTranzact.
Toluwalope made the call during a panel session at the National Identity Management Commission (NIMC) National Day of Identity 2025 in Abuja.
He spoke on the theme: “Digital Trade and Financial Inclusion, Focusing On Leveraging Identity For Cross-Border Interoperability.”
Toluwalope described cross-border payments as slow, expensive, and opaque, particularly for Africans, stressing the urgent need for transformation.
Citing World Bank data, he noted that the global remittance cost remains 6.5 per cent, with Sub-Saharan Africa highest at 8.37 per cent.
He added that this is far above the UN target of three per cent by 2030.
Toluwalope lamented that 50 million Nigerian adults remain financially excluded, despite growing digital identity coverage.
“Over 123.5 million Nigerians have NINs compared with 66 million with BVNs, leaving 57 million identifiable citizens excluded from digital payments,” he said.
He argued that enabling remittances through NINs and agent networks could reduce costs while onboarding millions into the financial system.
Toluwalope underscored the role of fintechs in linking identity and payment systems, citing innovations such as stablecoins, API integrations, and AI-driven KYC.
He showcased eTranzact’s partnership with the Military Pensions Board, which created Nigeria’s first large-scale electronic identity verification system for veterans.
According to him, the solution verified 67,000 pensioners with 99 per cent success, cutting verification time to five minutes.
Looking ahead, he outlined opportunities in diaspora banking, MSME trade, and welfare disbursements powered by identity-linked payment systems.
Toluwalope called for deeper collaboration between fintechs, regulators, and institutions like NIMC.
“The future of inclusive finance lies in partnerships that make digital identity central to cost-efficient cross-border payments,” he added.
(NAN).
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