A fintech expert, Sola Fanawopo, has called for a unified policy directive to address emerging concerns within Nigeria’s federal payment architecture, warning that ambiguity could undermine efficiency and revenue administration.
Fanawopo made the call in a statement issued in Lagos, where he urged the Federal Ministry of Finance and the Office of the Accountant-General of the Federation to clarify the relationship between the Revenue Optimisation and Assurance Project (RevOP) and existing government payment platforms.
He explained that RevOP should serve as an analytical oversight layer to enhance transparency across established systems, rather than replace them.
“RevOP should function as an analytical layer to enhance transparency and oversight across established payment systems, rather than replacing them,” he said.
Fanawopo stressed that integrating new oversight tools with the Treasury Single Account framework would help preserve efficiency and minimise delays in revenue collection.
“Integrating new oversight mechanisms with the TSA will help preserve system efficiency and reduce delays in revenue flows,” he added.
He noted that modern payment systems play a pivotal role in economic management by ensuring visibility, compliance and accountability in public finance.
According to him, Nigeria’s TSA architecture remains a landmark reform, providing a centralised platform for government revenue collection and coordination among key institutions, including the Central Bank of Nigeria, deposit money banks and taxpayers.
The expert cautioned that unclear policy direction could weaken reconciliation processes and negatively impact revenue administration.
“Any ambiguity in policy direction risks weakening reconciliation processes and could affect revenue administration,” he warned.
Fanawopo further emphasised that strengthening existing frameworks through coordinated reforms would enhance system stability and boost public confidence.
He also highlighted the potential for Nigeria to leverage its financial management systems as a model for other African countries, noting that support for indigenous technology solutions—such as the Remita platform—could drive innovation, build local capacity and generate foreign exchange earnings.
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“Backing local technology solutions will not only deepen capacity but also create opportunities for foreign exchange generation,” he said.
Fanawopo concluded by stressing the need for a coordinated policy approach to sustain efficiency, scalability and global competitiveness in Nigeria’s digital financial ecosystem.
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