LAUTECH Professor, Oladejo, advocates stronger digital infrastructure, policy reforms for cashless economy
pannigeriannews
3 min read
By Sunday Adepoju
A Professor of Accounting at Ladoke Akintola University of Technology (LAUTECH), Ogbomoso, Morufu Oladehinde Oladejo, has called for increased government investment in digital infrastructure and stronger regulatory frameworks to enhance Nigeria’s transition to a cashless economy.
Delivering the institution’s 72nd Inaugural Lecture recently, Prof. Oladejo emphasised that addressing barriers to digital payment systems requires coordinated efforts among government, financial institutions, and technology providers.
In the lecture titled “Dynamics of Accounting and Payment System (DAPS): The Hopes, the Fears and Aspirations”, Prof. Oladejo recommended that the government prioritise the development of robust digital infrastructure, particularly by improving internet connectivity and power supply, to support the growth of electronic payment systems across the country.
He noted that reducing transaction costs and providing incentives for businesses, especially small and medium-scale enterprises, would significantly boost the adoption of digital payment technologies.
He also urged authorities to mandate Ministries, Departments, and Agencies (MDAs) to adopt digital platforms such as the e-Naira for financial transactions.
According to him, integrating such platforms into pension and insurance systems would help build public trust and accelerate usage.
He further called on the Central Bank of Nigeria (CBN) to collaborate with commercial banks in encouraging merchants to accept digital currency, while also partnering with fintech firms to introduce incentives such as discounts and cashback offers for users.
Oladejo stressed the need for comprehensive policies to ensure the security and reliability of digital payment systems on regilations.
He highlighted the importance of addressing concerns around fraud and data breaches, as well as establishing proper oversight of non-bank financial service providers.
The professor also advocated continuous public sensitisation and inclusion of underserved communities to deepen financial inclusion.
He added that expanding the practical use of digital currency in areas such as youth empowerment programmes, student loans, and social interventions would improve familiarity and acceptance among citizens.
For financial institutions and technology providers, Oladejo recommended greater collaboration to design cost-effective and user-friendly payment solutions.
He also emphasised the need for regular training and capacity building for staff to keep pace with evolving digital technologies.
He urged the general public to embrace digital payments as a global standard, noting that reliance on cash transactions could hinder financial integration and economic growth.
The don also highlighted practical pathways for overcoming existing challenges in Nigeria’s digital payment ecosystem and advancing a more inclusive and efficient financial system.
Speaking, the Vice Chancellor of the University, Prof. Rasaq Olatunde ROM Kalilu, commended Prof. Oladejo for his brilliance and tasked the Federal Government to key into the recommendations of the lecturer.
“I commend Prof. Morufu Olad honde Oladejo. He has certainly made contribuions in the field of accounting. He has made unique contributions. I call on the Federal Government to key into the issues raised and the recommendations made.”
The lecture was attended by Principal Officers, Provosts, Deans, Directors, Heads of Departments, staff of LAUTECH and beyond, students, guests, families and friends of the lecturer, among others.
About The Author
