Jan. 25, 2022


Andrew Uaboi

Nigeria

Andrew Uaboi

Nigeria Country Manager, Visa Inc.

Visa is eager to bring in new emerging technologies into the market given that the payments space in Nigeria is one of the most dynamic in the world.

BIO

Andrew Uaboi is currently the Nigeria Country Manager at Visa West Africa. His experience spans over 17 years, working in various fields spanning oil and gas, telecommunications, and banking. His career started at Strong Tower Support Services Ltd in 2003, where he worked in sales and marketing. He joined Vmobile (now Airtel Nigeria) in 2004 and later moved on to Diamond Bank PLC. He served in different capacities at the bank, with his last role being product manager, consumer lending before joining Visa in 2015.


Is e-commerce the new main area of focus for Visa operations and revenue wise?

Yes, and this is not just for Visa. Even for small businesses and other players, it is becoming increasingly clear that e-commerce provides a platform through which you can bring your goods and services to a wider audience and consumer base. It also provides a platform for commerce to happen in a secure and digital manner. Consequently, it provides increased income for small businesses and players in that space and a platform through which businesses can carry out their daily activities.

How do your partnerships position Visa to thrive in the new economic realities?

Visa has always thrived on partnerships. We have a number of them globally, and in our region we are building the capability to forge even more. Part of our strategy is to drive digital transformation working with clients such as Paga, Carbon, Paystack, Sparkle, and a number of others. We also work with the government and other partners to equip the ecosystem with the tools, knowledge, and expertise to drive not just ours but their digital agenda.

What trends have you observed over the last year in the payments space in Nigeria?

The payments space in Nigeria is one of the most dynamic in the world because we are rapidly evolving, and many investments are coming into the region as a result of that. Nigeria has evolved rapidly from manual cash processing a few years ago to seamless and convenient real-time electronic payment solutions driven by innovation and technology as well as partners that are nimble, fast, and creative. Today, consumers and merchants typically have a full suite of payment options to choose from, so they are spoiled for choice. Many of the solutions offer them safety and convenience when making and receiving payments, which is also driving the adoption of digital payments. Mobile phones have become increasingly important not just for mobile money but also e-commerce. Cross-border transactions have increased, and we are proud of the role we have played in driving that across Africa. Some of the tools that we have provided to support this include solutions such as virtual cards and payment gateways such as CyberSource.

What is the update of Nigeria's journey toward becoming a cashless society?

Year on year, there has been a double-digit increase in the adoption of digital payments. However, this means we also need to continue to strengthen the cybersecurity aspect of it to give people the confidence to continue to experiment and adopt these technologies. One of the ways we are looking to do this is by launching contactless payments within Nigeria. We already started this in Ghana and are waiting on regulatory approvals to kick this off in Nigeria. That will essentially accelerate commerce at point-of-sale locations, where a consumer can easily tap on a device and make a payment versus slotting it to a device, entering the PIN, and waiting for authorization. Such solutions will continue to boost the digitalization of commerce in the minds of consumers, and that will ultimately drive the cashless agenda, which is not only what the government is advocating for but is also at the core of what we do at Visa.

Can Nigeria's payments market leapfrog into the more emerging technologies being adopted in more developed countries?

Most definitely. Our collaborations in other markets are also fueling a great deal of the disruption and growth that we expect to see in the coming years. We partner with fintechs, telcos, and MNOs all around Africa. There is a great deal of room to drive the growth like we expect. Telcos have almost instant access to millions of subscribers. With a collaborative effort, we expect that to provide the platform and basis with which to be able to connect with these people in the coming
years.

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