Abolaji Adebayo 
Industry experts have advocated competition among technology builders in creating various applications that would solve the different issues in the digital payment systems. According to them, competition will drive innovation, creativity, and technological advancement of payments in Africa. They equally said there was need for collaboration between the tech builders and entrepreneurs, noting that it would address the gaps in payment systems across Africa.
Currently, many African countries face challenges such as limited access to banking services, high transaction fees, and inefficient cross-border payments. Speaking on this, the Global VP of Developer Relations for TBD, Angie Jones, said tech developers needed to come together to develop payment applications to ease digital payment systems in Africa.
He noted that the ecosystem was faced with challenges that need urgent and serious solutions which e said could ve provided by tech developers. Meanwhile, Block’s TBD, has announced hackathon grants to address the issues in payment systems across Africa. This was done in collaboration with the Africa Bitcoin Conference. According to Jones, the hackathon is an exciting competition designed to drive innovation, creativity, and technological advancement of payments in Africa using the tbDEX open-source protocol.
He stated that the TBD hackathon initiative was aimed at unleashing the potential of African developers and innovators. “The competition will bring together the best builders and entrepreneurs to address issues in payment systems across Africa. Currently, many African countries face challenges such as limited access to banking services, high transaction fees, and inefficient cross-border payments. TBD’s opensource trust protocol, tbDEX, aims to address these problems by connecting users to wallet providers and financial institutions of their choice, surfacing competitive exchange rates and fees.
“Developers across Africa will be tasked with developing a payment application that leverages the power of tbDEX. Join this hackathon and develop a wallet application integrated with tbDEX. They will be provided with a sandbox of example PFIs (Participating Financial Institutions) to test their application’s functionality. Participants will work in teams of up to two people and are expected to build their projects using the tbDEX SDK. “We encourage developers, entrepreneurs, and innovators from all over Africa to participate.
“Whether you are a seasoned professional or a passionate newcomer, the TBD Hackathon is the perfect platform to build the next generation of financial tools for the continent,” he said. Meanwhile, the Nigeria Communication Commission (NCC) had noted that strengthening digital infrastructure for efficient and innovative payment systems in Nigeria is a long-term endeavour that requires collaboration, investment, and adaptability. “By addressing these strategies comprehensively and proactively, Nigeria can build a robust and inclusive digital payment ecosystem that benefits its citizens and drives economic growth,” the commission’s Deputy Director, Engr. Anthony Ikemefuna, had said at a forum in Lagos.
He stressed the need to improve collaborative efforts between the NCC and financial regulators such as the CBN, to enable proper coordination of policies and regulations related to digital payments and telecommunications. According to him, this will ensure that the regulatory environment is conducive for innovation and growth. He further stressed the need to encourage partnerships among financial institutions, telecom operators, and fintech companies to develop and deliver innovative digital payment solutions.
