LAGOS/Nigeria: A financial technology expert and communications entrepreneur, Mr. Sola Fanawopo, has urged the Federal Government to adopt a coordinated policy framework capable of strengthening Nigeria’s digital payment ecosystem and eliminating uncertainty surrounding emerging revenue management platforms.
Fanawopo specifically called on the Federal Ministry of Finance and the Office of the Accountant-General of the Federation to issue a clear policy directive defining the operational relationship between the Revenue Optimisation and Assurance Project (RevOP) and existing federal payment systems under the Treasury Single Account (TSA) structure.
In a statement issued in Lagos, the fintech specialist stressed that new oversight initiatives should complement — rather than disrupt — already established payment infrastructure that supports government revenue collection and accountability mechanisms.
According to him, RevOP should function primarily as an analytical and monitoring framework designed to improve transparency, efficiency, and oversight across existing platforms without creating operational conflicts or duplication.
“RevOP should function as an analytical layer to enhance transparency and oversight across established payment systems, rather than replacing them,” he said.
Fanawopo noted that Nigeria’s TSA policy remains one of the country’s most significant public financial management reforms, providing a centralised structure for revenue collection, fiscal coordination, and accountability across government institutions.
He explained that the TSA ecosystem, powered in part by indigenous technology solutions such as the Remita platform, had evolved into a strategic financial architecture linking the Central Bank of Nigeria (CBN), deposit money banks, and taxpayers in a seamless revenue management process.
The fintech expert warned that unclear policy direction or overlapping mandates within the payment ecosystem could weaken reconciliation processes and slow down revenue administration.
“Any ambiguity in policy direction risks weakening reconciliation processes and could affect revenue administration,” he said.
He further maintained that integrating new monitoring mechanisms into the existing TSA structure would help preserve operational efficiency while reducing delays in government revenue flows.
“Integrating new oversight mechanisms with the TSA will help preserve system efficiency and reduce delays in revenue flows,” he added.
Fanawopo described digital payment systems as critical tools of modern economic governance, noting that beyond processing transactions, they now play a central role in transparency, compliance, fiscal coordination, and public sector accountability.
“Payment systems today are not just transactional platforms; they are central to visibility, compliance and fiscal coordination,” he stated.
He argued that strengthening existing financial frameworks through carefully coordinated reforms would improve institutional stability and reinforce public confidence in Nigeria’s financial management system.
“Strengthening existing frameworks through coordinated reforms will improve stability and boost public confidence in the system,” he said.
Fanawopo also urged the government to prioritise support for indigenous technology solutions, saying locally developed financial infrastructure could position Nigeria as a continental leader in digital public finance management.
According to him, strengthening homegrown technology platforms would not only deepen local expertise and innovation but also create new opportunities for foreign exchange earnings and regional expansion.
“Backing local technology solutions will not only deepen capacity but also create opportunities for foreign exchange generation,” Fanawopo said.
He emphasised that a unified and well-coordinated policy direction remains essential for sustaining efficiency, scalability, and global competitiveness within Nigeria’s rapidly evolving digital financial ecosystem.
“A coordinated policy approach is essential to sustain efficiency, scalability and global competitiveness in Nigeria’s digital financial ecosystem,” he added.
