The way people access, use, and manage money is changing. Across the world, technology is reshaping financial services, from how payments are made to how credit is accessed. This change is not just happening in large financial hubs like London. It is also taking root in African countries such as Nigeria, where mobile-first solutions are driving inclusion and innovation.
In 2023, the total number of payments in the UK rose by 5 percent to 48.1 billion, with contactless payments making up 38 percent of all transactions and one-third of adults using mobile contactless at least once a month. Cash transactions at POS locations declined from 34 percent in 2017 to 12 percent in 2023, marking a 22 percentage point decrease over six years.
Changes in consumer behaviour, especially during the pandemic, pushed banks to raise contactless limits and invest more in digital platforms. Today, fewer people visit branches. They tap, scan, and even use voice to make payments.
Fintech companies are leading this shift. Monzo and Revolut, for example, have built large customer bases by focusing on ease of use. Their success challenges traditional banks to adapt quickly. Customers now expect real-time services, simple interfaces, and quick resolutions.
Nigeria is seeing similar changes. The country’s large youth population and widespread mobile usage are key drivers. Platforms like MTN MoMo and Airtel Money allow people to send and receive money through their phones, even without internet access. This is important in rural areas where bank branches are limited. The rise of mobile money and USSD banking has brought millions into the formal financial system.
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At Airvend Payment Service Ltd, known for its innovative 174# USSD code service. This service enables users to perform a wide range of transactions – including mobile airtime recharges, bill payments, and fund transfers – without needing internet access, making it highly accessible even in low-connectivity or rural areas. Licensed by the Central Bank of Nigeria, Airvend’s platform supports seamless payments across multiple networks and billers, including electricity and Pay TV providers. The 174# code has become a vital tool for millions, empowering users to manage their finances quickly and securely via simple USSD commands, thereby advancing financial inclusion in Nigeria’s underserved communities.
Fintechs in Nigeria are working with telecom operators to reach more users. These partnerships make financial tools accessible to people who previously relied on cash or informal systems. Services include bill payments, small loans, and savings accounts, all through a mobile device. MTN MoMo saw a 60.29 percent increase in customer deposits in early 2025.
Open banking is another development. It gives people more control over their data and how it is used. In the UK, third-party providers now offer financial products tailored to real spending habits. This moves away from using old credit scores and opens access to people who were previously excluded. In Nigeria, banks and fintechs are exploring similar models, though adoption is still growing.
Security is a major concern. In 2023, the UK lost £1.17 billion to payment fraud, not £1.7 billion. As digital transactions grow, so do risks. Regulators have introduced stronger identity checks, requiring banks to verify customers through more than one method. Nigerian banks are also investing in tools like biometrics and blockchain to improve safety.
The digital shift brings benefits to businesses. A small shop in Manchester or Lagos can now accept global payments through platforms like Stripe or Paystack. These tools reduce the cost of doing business and make it easier to serve customers at home and abroad.
Yet not everyone is keeping up. In both countries, some groups face challenges. Older people may struggle with new technologies. To support them, banks are offering voice-assisted services and simpler app designs.
Cryptocurrencies and central bank digital currencies (CBDCs) are gaining attention. The Bank of England is studying the digital pound. Nigeria has launched the eNaira, which was introduced on October 25, 2021, but adoption has been slow.
Environmental concerns also play a role. Digital transactions use less paper and energy than traditional systems. However, some technologies, like crypto mining, raise questions about sustainability.
Looking ahead, artificial intelligence and automation will shape financial services even further. Chatbots will answer routine questions, and predictive tools will offer financial advice. These innovations can help people make better decisions, but human oversight remains important, especially for complex issues.
In conclusion, digital transformation is changing the financial landscape. From London to Lagos, people are gaining more control over their finances through mobile phones, apps, and digital platforms. The shift is not only about speed and convenience. It is about access, security, and control. As the sector evolves, the focus must remain on meeting real human needs. Institutions that understand this will remain relevant, while those that fail to adapt will be left behind.
Precious Ekezie is the MD of Airvend Payment Services Limited, a leading FinTech company providing innovative payment solutions through products like Airvend, Airpay, *174# USSD, and Airgate. With an MBA in AI from Nexford University and a background in tech entrepreneurship, he has led strategic partnerships, secured CBN licences, and driven digital transformation across the company.
