Banks push tokenised payments to cut fraud, enable tap-to-pay across Nigeria
Top executives from Verve International, GTBank, Wema Bank and ProvidusUnity Bank urged wider adoption of payment tokenisation at an Interswitch press briefing, calling it a major security upgrade for Nigeria's digital payments. Tokenisation replaces your 16-digit card number with a unique token useless to fraudsters—even if intercepted, it cannot be reverse-engineered to reveal actual card details. Interswitch's Akeem Lawal said the technology "takes away the ability of fraudsters to compromise your payment card" by linking tokens to your phone via encryption.
The shift matters as Nigerians move phone-first: Wema's Tunde Mabawonku noted younger consumers leave debit cards at home but never their phones. Tokenised payments cut transactions to two steps (fingerprint or face ID) versus five to six for transfers or PIN entry for cards. GTBank's Jimmy Banjoko said post-COVID contactless demand is accelerating, and tokenisation could become "the mainstream of payments" soon.
Adoption is already underway. Providus Bank pioneered tokenisation in sub-Saharan Africa before merging with Unity Bank in 2026; the combined 223-branch network now extends phone, ring and watch payments to more merchants. Verve is integrating with Apple and Google to position itself as "an African-first scheme of global importance." Beyond payments, Roqqu's CEO sees asset tokenisation unlocking $10 trillion in on-chain assets, starting with Nigerian stocks for global investors.
With major banks and the domestic card scheme aligned, tokenised tap-to-pay is arriving whether you're ready or not. Will you trust your phone to replace your wallet for daily transport, market runs and online shopping?