For more than a decade, the payments industry has been shaped by speed, scale, and technology. Mobile money, contactless cards, and digital wallets have expanded access to financial services, especially in regions where banking penetration was low. Yet as new platforms multiply and technological layers deepen, a familiar challenge has resurfaced: complexity for both consumers and businesses.
The payments ecosystem is vast. In 2023, global digital payments reached $9.5 trillion, according to Statista, with projections showing it will grow to $15.2 trillion by 2027. Africa, long seen as a mobile money leader, processed $912 billion in transactions in 2023 through mobile money services, as reported by GSMA. In Nigeria alone, the Nigeria Inter-Bank Settlement System (NIBSS) reported that electronic payments grew by 55 percent in 2023, with transaction values surpassing ₦600 trillion. These figures point to growth, but they also highlight the fragmentation that characterises the market. Consumers often juggle between bank apps, USSD codes, QR codes, and fintech wallets.
The global payments industry generated $2.4 trillion in revenue in 2023 and is expected to reach $3.1 trillion by 2028. This growth is driven by shifts in consumer behaviour, the decline of cash, and the rise of instant payments. But beneath these trends lies a deeper shift: users are demanding systems that work without friction.
The industry has focused heavily on technology adoption. Crypto payments, central bank digital currencies (CBDCs), and cross-border platforms all promise efficiency, yet they often come with steep learning curves. For a shopkeeper in Ibadan or a street vendor in Nairobi, the key concern is not how advanced the system is, but how easily money can be received, stored, and used. Simplicity, not complexity, is what determines adoption at scale.
In countries like India and Brazil, instant payments are replacing cash at a rapid pace. Brazil’s Pix system processed over 26 billion transactions in 2023 alone. India’s Unified Payments Interface (UPI) handled more than 74 billion transactions in the same year. These systems succeed not because they are complex, but because they are direct. They allow users to send money with a few taps, without needing to understand the infrastructure behind them.
Data supports this. A 2022 McKinsey report on global payments found that 71 percent of consumers prioritise convenience over brand loyalty when choosing a payment method. In the United Kingdom, the Financial Conduct Authority noted in 2023 that 46 percent of adults still rely on cash at least once a week, despite the availability of digital alternatives. In Nigeria, a World Bank survey in 2022 showed that 45 percent of adults without bank accounts cited “complexity of procedures” as a barrier to financial inclusion.
Businesses face similar pressures. Small enterprises, which make up over 90 percent of global businesses, often struggle with multiple banking portals, delayed approvals, and fragmented systems. Small and medium enterprises (SMEs) contribute about 48 percent of Nigeria’s GDP, according to SMEDAN. Yet many struggle with integrating multiple payment systems, reconciling daily sales across bank transfers, POS terminals, and wallets. The effort spent on managing different channels often reduces the benefits promised by digitalisation.
Sabeer Nelli, founder of Zil Money, experienced this while running a fuel company in Texas. A blocked account once halted his operations. That moment led him to build a platform that unified payments, cheques, ACH, wires, payroll, and virtual cards, under one login.
The call for simplicity is equally vital in cross-border trade. The African Continental Free Trade Area (AfCFTA) holds enormous promise for unlocking Africa’s economic potential, yet intra-African trade still accounts for less than 15 percent of total trade, compared to over 60 percent in Europe. One of the key barriers is the complexity of payments. Traders, especially SMEs, often face delays, high transaction costs, and currency conversion challenges when moving money across borders.
The launch of the Pan-African Payment and Settlement System (PAPSS) is an important step forward, signalling the continent’s commitment to breaking down these barriers. Its long-term success, however, will depend on ensuring that the system is not only technically robust but also simple and reliable for traders of all sizes. By keeping user experience at the center, regulators and innovators can work together to make cross-border payments a true enabler of Africa’s integration and growth.
Fintech often builds for scale. But scale without clarity leads to confusion. According to PYMNTS, ten payment executives now list “simplicity” as a key performance indicator. They measure success not by how many features they offer, but by how few steps it takes to complete a task. Cody Banks of Velera put it plainly: “Simple is the new loyalty.” When users find it easy to do what they need, they stay.
For policymakers and regulators, the lesson is clear. Financial inclusion targets will not be achieved by promoting systems that are technically advanced but hard to use. The Central Bank of Nigeria’s drive for cashless payments, for example, has made progress but continues to face resistance where connectivity is poor or procedures are cumbersome. Designing policies that prioritise user experience, literacy, and trust will yield stronger results.
As transaction volumes rise globally, the test for providers, regulators, and innovators will be whether they can reduce friction rather than add more steps. Growth will come from simplicity, because only simplicity can scale across diverse markets and demographics. The future of payments will belong to those who make it easiest to pay and be paid.
.Ekezie is the MD/CEO of Airvend Payment Services Limited, a Nigerian FinTech company delivering innovative payment and digital service solutions through platforms such as Airvend, Airpay, 174# USSD, and Airgate.
