Nigeria’s cash transactions plunged from 91% in 2019 to 55% in 2023, with forecasts pointing to 42% by 2027. Victor Daniyan attributes this to smartphone growth, digital literacy and Central Bank of Nigeria policies like the cashless economy drive and eNaira launch.

Daniyan’s Nearpays turns smartphones into AI-enabled SoftPOS terminals for contactless payments. The platform targets merchants of all sizes, easing the transition from cash-heavy dealings. Recent cash shortages exposed economic vulnerabilities, spurring demand for such tools. Businesses rushed to digital options, boosting Nearpays adoption, Daniyan said.

“The cash shortages fast-tracked our mission to drive financial inclusion,” Daniyan stated. POS transaction values hit $191 billion in 2023 and could reach $215 billion by 2027. Web payments claimed 52.8% of volume in the first half of 2024. Mobile money accounts worldwide topped 2.1 billion, with sub-Saharan Africa holding a large share.

This fintech surge differs from past waves. Daniyan points to smartphone penetration, regulatory support and solutions tailored to local needs—like payments, savings and credit. Nearpays learned from infrastructure gaps by building scalable tech that works on basic phones, reaching rural entrepreneurs and urban shops alike.

Yourrider Energies tackles clean mobility. The company deploys EV battery swapping and smart charging stations, tapping Nigeria’s solar potential to cut fossil fuel reliance. It addresses range anxiety and sparse infrastructure, Daniyan explained. Partnerships in 2024 with energy providers and automakers slash costs and speed market entry.

“We’re creating an ecosystem for widespread EV adoption,” he said. These ties pool expertise to make electric transport affordable and inclusive. Yourrider embodies Africa’s pivot to sustainable energy, prioritizing local resources and tech.

Daniyan draws on Japan’s Kaizen philosophy for continuous improvement. As a certified management consultant, he stresses people-centered innovation. Nearpays balances new tech with trusted systems through interoperability and partnerships with established players. Security, transparency and support build user confidence.

Government cashless policies and fintech growth serve the unbanked. Yet Daniyan calls for updated regulations on interoperability, plus investments in mobile networks and digital IDs. Nearpays and Yourrider aim to empower businesses in Nigeria’s digital economy, supporting inclusive growth across payments and green transport.