A fintech expert, Mr Sola Fanawopo, has called for policy integration to address emerging concerns within Nigeria’s federal payment architecture.
Fanawopo made the call in a statement in Lagos.
He advised the Federal Ministry of Finance and the Office of the Accountant-General of the Federation to issue a unified directive clarifying the relationship between the Revenue Optimisation and Assurance Project (RevOP) and existing payment platforms.
“RevOP should function as an analytical layer to enhance transparency and oversight across established payment systems, rather than replacing them,” he said.
Fanawopo, also a communications entrepreneur, said integrating new oversight tools with the Treasury Single Account (TSA) framework would help sustain efficiency and avoid delays in revenue collection.
“Integrating new oversight mechanisms with the TSA will help preserve system efficiency and reduce delays in revenue flows,” the expert said.
He noted that payment systems play a critical role in economic management, particularly in ensuring visibility, compliance and accountability.
“Payment systems today are not just transactional platforms; they are central to visibility, compliance and fiscal coordination,” Fanawopo added.
According to him, the nation’s TSA architecture remains a key milestone in public financial management, providing a centralised platform for government revenue collection.
Fanawopo said the TSA ecosystem, supported by indigenous technology such as the Remita platform, had evolved over time to support coordination among the Central Bank of Nigeria (CBN), deposit money banks and taxpayers.
He cautioned that policy ambiguity could affect system efficiency and reconciliation processes, with implications for revenue administration.
“Any ambiguity in policy direction risks weakening reconciliation processes and could affect revenue administration,” he said.
Fanawopo added that strengthening existing frameworks through coordinated reforms would enhance system stability and public confidence.
“Strengthening existing frameworks through coordinated reforms will improve stability and boost public confidence in the system,” he said.
Fanawopo also highlighted the potential for Nigeria to leverage its financial management systems as a model for other African countries seeking to improve revenue collection.
According to him, supporting local technology solutions could promote innovation, strengthen capacity and create opportunities for foreign exchange earnings.
“Backing local technology solutions will not only deepen capacity but also create opportunities for foreign exchange generation,” Fanawopo said.
He stressed the need for a coordinated policy approach to ensure continued efficiency, scalability and competitiveness in the country’s digital financial ecosystem.
“A coordinated policy approach is essential to sustain efficiency, scalability and global competitiveness in Nigeria’s digital financial ecosystem,” Fanawopo said.
