- Victor Daniyan said Nigeria’s payment system is rapidly shifting from cash to digital, with SoftPOS helping businesses accept payments via smartphones.
- Recent cash shortages accelerated the adoption of contactless and digital payments, highlighting the risks of a cash-dependent economy.
- Today’s fintech growth is driven by high smartphone use, digital literacy, supportive regulation, and a young, tech-savvy population.
Victor Daniyan, Founder and CEO of Nearpays and Yourrider, is making waves in Africa’s fintech and clean energy landscape. As a Forbes 30 Under 30 nominee and Certified Management Consultant, he focuses on practical, people-centered innovation. Nearpays is transforming payments with contactless and AI-enabled Soft POS solutions, while Yourrider supports the growth of EV swap and charging infrastructure. Inspired by the Japanese philosophy of Kaizen, Victor prioritizes continuous improvement and solutions that genuinely benefit African businesses. In this interview, Daniyan shares how fintech, digital payments, and clean energy are driving inclusive growth in Nigeria.
Nigeria has seen many shifts in how people pay; where does Nearpays SoftPOS fit in that history?
Nigeria’s payment landscape has evolved significantly, from traditional cash-based transactions to the rise of mobile money and digital payments. Nearpay’s SoftPOS is a natural progression in this journey, offering businesses a seamless, mobile-first solution to accept payments. We’re building on the momentum of Nigeria’s growing digital economy, making it easier for merchants to go cashless and tap into the vast potential of e-commerce and digital transactions. SoftPOS is about democratizing access to payment technology, putting the power in the hands of businesses, big and small.
How did recent cash shortages influence the urgency around contactless payments?
The recent cash shortages in Nigeria highlighted the vulnerability of our cash-heavy economy and underscored the need for alternative payment methods. As cash became scarce, businesses and consumers were forced to explore digital options, accelerating the shift towards contactless payments. This experience has been a catalyst for change, driving home the importance of having robust, accessible, and reliable digital payment infrastructure.
At Nearpay, we’ve seen a surge in interest and adoption of our contactless payment solutions, particularly our SoftPOS technology, as merchants and consumers alike seek to reduce their reliance on cash. The cash shortages have, in a way, fast-tracked our mission to drive financial inclusion and digital payments in Nigeria. As the country navigates these challenges, we’re committed to providing innovative solutions that meet the evolving needs of businesses and individuals, making contactless payments a norm in Nigeria’s payment landscape.
What makes this moment different from earlier fintech waves in Africa?
I believe this moment is different from earlier fintech waves in Africa because we’re seeing a convergence of factors that are creating a perfect storm for adoption. Widespread smartphone penetration, increasing digital literacy, and a young population eager to embrace tech-driven solutions are driving demand. Regulatory support and infrastructure development are also catching up, enabling seamless transactions and interoperability. Unlike earlier waves, today’s fintech solutions are more tailored to local needs, leveraging data and innovation to solve real problems – from payments to savings and credit access. We’re not just building products; we’re building ecosystems that empower Africans to participate fully in the digital economy.
How has public behaviour towards digital payments evolved over the years?
We seen a significant shift in public behavior towards digital payments in Nigeria. The country has moved from 91% cash transactions in 2019 to 55% in 2023, with projections indicating a further decline to 42% by 2027. Government initiatives like the Central Bank of Nigeria’s cashless economy policy and the eNaira launch have played a crucial role in promoting digital payments. Fintech innovation and growing smartphone adoption have also made digital payments more accessible.
Nigerians are embracing digital payments, with mobile money accounts reaching 2.1 billion globally, and a significant share in sub-Saharan Africa. Digital payments have become the preferred method for transactions, with web payments dominating transaction volume (52.8% in H1 2024). POS transactions have surged, with values reaching $191 billion in 2023, projected to hit $215 billion by 2027.
Looking ahead, digital payments have improved financial access, especially for the unbanked population. However, modernizing regulations to promote interoperability and investing in infrastructure like mobile network coverage and digital IDs are crucial for growth
What lessons from past infrastructure gaps shaped how Nearpays was built?
At Nearpays, we’ve learned from Nigeria’s past infrastructure gaps that solutions need to be inclusive and adaptable. That’s why we built our platform to be easily scalable and accessible, regardless of your social or economic status, background, or environment. We focused on creating products that work with existing infrastructure, like turning basic smartphones into POS terminals, so more Nigerians can participate in the digital economy. By designing for the margins, we’re ensuring our solutions reach and empower everyone – from rural entrepreneurs to urban businesses. It’s about building for the many, not just the few.
How does Yourrider Energies reflect Africa’s changing approach to energy and transport?
At YourRider Energies, we’re proud to be part of Africa’s transformative shift towards sustainable energy and transportation. I believe our innovative approach to electric vehicle deployment, battery swapping, and smart charging solutions reflects the continent’s growing focus on clean energy and mobility. With Nigeria’s vast potential for solar energy, we’re leveraging local resources to power our EV ecosystem, reducing dependence on fossil fuels and lowering carbon emissions. Our model addresses key challenges like range anxiety and charging infrastructure, making EVs more accessible to Africans. By combining cutting-edge tech with local insights, we’re driving a mobility revolution that prioritizes sustainability, affordability, and inclusivity – a true reflection of Africa’s changing energy and transport landscape.
What role do 2024 partnerships play in accelerating clean mobility adoption?
In 2024, our partnerships are crucial in accelerating clean mobility adoption. By collaborating with key stakeholders – from energy providers to automotive companies – we’re reducing costs, shortening time to market, and driving sales of electric vehicles and charging solutions. These strategic partnerships give us the leverage needed to scale efficiently, making clean mobility more accessible to Nigerians. Through shared expertise and resources, we’re tackling infrastructure gaps, improving affordability, and creating an ecosystem that supports widespread EV adoption.
How do you balance innovation with systems that people already trust?
At Nearpays, we recognize that trust is a fundamental aspect of the financial services landscape in Nigeria. While innovation is crucial to meeting the evolving needs of our customers, it’s equally important to acknowledge and respect the systems that people already trust. To strike this balance, we take a thoughtful and iterative approach to innovation. We leverage existing infrastructure and partner with established institutions to build on what’s already working, rather than trying to disrupt it. This allows us to introduce new solutions that are familiar, yet innovative, and ultimately, more trustworthy to our customers.
For instance, our platform is designed to be interoperable with existing payment systems, making it easy for customers to integrate with their current financial habits. We also prioritize transparency, security, and customer support, ensuring that our users feel confident and secure when using our services. By combining the best of traditional systems with cutting-edge technology, we’re able to create innovative solutions that meet the unique needs of Nigerians. Ultimately, our goal is to earn trust, not just innovate for innovation’s sake. We’re committed to creating a seamless and secure experience that makes digital payments the preferred choice for Nigerians, while respecting the systems that have served them well in the past.
In what ways do payments and energy define a nation’s development path?
We believe payments and energy are the twin engines driving a nation’s development. Efficient payment systems are the lifeblood of any economy, facilitating transactions, promoting financial inclusion, and fostering economic growth. In Nigeria, our efforts to modernize payments have opened up new opportunities for businesses and individuals alike. Digital payments can catalyze economic empowerment, especially in underserved communities.
Energy access and innovation are equally critical. At YourRider, we’re revolutionizing transportation with electric vehicles and smart energy solutions. Reliable energy infrastructure powers industries, drives innovation, and improves quality of life. In Nigeria, addressing energy gaps with renewables like solar can unlock economic potential. By integrating payments and energy solutions, we can accelerate development, create jobs, and build a sustainable future.
When history looks back, what shift do you hope your work represents?
When history looks back, I hope our work at Nearpays and YourRider represents a pivotal shift towards inclusive economic growth and sustainable development in Nigeria. Our mission has been to create products that make it easier for businesses to grow and thrive, regardless of their size or location. By leveraging technology to solve real problems, we’ve aimed to bridge gaps in financial access and energy infrastructure. At Nearpays, our payment solutions have empowered merchants, especially in rural areas, to transact seamlessly and build resilience. At YourRider, our focus on electric mobility and smart energy is driving a cleaner, more sustainable transport ecosystem.
Ultimately, I hope our work drives lasting impact through financial inclusion and sustainable practices. By making financial services more accessible and promoting clean energy solutions, we’re contributing to a Nigeria where businesses flourish, and opportunities abound for all. It’s about leaving a legacy of empowerment, innovation, and progress – one that future generations look back on as a turning point in the country’s journey towards prosperity.
