Industry News and Headlines

The Evolution of Payment and the Flavour of the Decade

The article traces payment evolution and argues that account‑based payments have become Nigeria’s “flavour of the decade.” It shows how each historic method—from barter to paper money—addressed frictions, but cards introduced new complexities that were overcome by direct bank‑to‑bank transfers. The COVID‑19 pandemic and the rise of virtual‑account gateways accelerated adoption, making real‑time, low‑intermediary payments the default for consumers and enterprises. Today Nigeria has leap‑frogged the card‑centric stage, aligning with global trends like Faster Payments and Brazil’s PIX.