Nigeria's largest bank by assets, Access Bank, has launched a Tap to Phone solution, marking a significant milestone in the country's contactless payment landscape. This move is expected to expose the average Nigerian to contactless payments, a form of payment that has long been held back by infrastructure, customer awareness, and adoption issues.

The Tap to Phone solution utilizes software point-of-sale (softPOS) technology, allowing merchants to download an app and use their smartphones as POS terminals. With a Near Field Communication (NFC)-enabled card, customers can make payments by simply bringing their cards near the smartphone, eliminating the need to slot them in. This isn't Access Bank's first foray into contactless payments, as it previously launched QR code capture payment technology, although the bank hasn't disclosed transaction numbers or the performance of that technology.

Access Bank joins existing players like Kuda softPOS, which provides tap-to-phone functionalities in its business banking suite. Fintech rivals Moniepoint and PalmPay are also pushing contactless payments, with Moniepoint partnering with AfriGO to introduce cards and PalmPay teaming up with CashAfrica, a Nigerian contactless payments infrastructure provider, to launch payment terminals. This hyper-activity reflects a belief that contactless payments are the future of payments in Nigeria.

However, infrastructural blockers are still solvable, and a deeper psychological block around security remains. Users are concerned about maintaining control of their financial access if they lose their phones or cards. The Central Bank of Nigeria (CBN) has introduced daily cumulative limits capped at ₦50,000 ($33) to prevent heavy losses in cases of theft. Building security-first solutions is crucial, and authorization is key, as seen in countries where contactless payments are entrenched.

With the country's biggest bank throwing its hat into the race for contactless payment adoption, it's clear that contactless payments may be about to take off in Africa's biggest economy. As the market continues to heat up, it will be interesting to see how existing players adapt and new entrants emerge to capitalize on this growing trend.

In other news, Zipline, a US-based drone logistics company, is expanding its reach across Nigeria to meet the need for life-saving medical supplies in remote and underserved areas. The company has partnered with the Nigerian government, allowing it to use its drone infrastructure to deliver essential medical supplies, cutting delivery times from hours or even days to just 30 minutes.

Safaricom, Kenya's largest telco, is making a strong push for its new Ziidi Money Market Fund (MMF), but the move hasn't been without drama. While Ziidi has already racked up over one million sign-ups and KES 6 billion ($46 million) in funds, customers and industry insiders are raising questions about Mali, Safaricom's first MMF, which now appears to be on shaky ground.

The World Wide Web3, a cryptocurrency tracker, shows Bitcoin currently valued at $82,475, with a 4.08% decrease in the past day and a 14.26% decrease in the past month. Ether is valued at $2,068, with a 5.43% decrease in the past day and a 23.34% decrease in the past month.

Finally, several job openings have been announced, including positions at Moniepoint, Palmpay, Carbin Africa, and Revwit. For more job opportunities, visit TechCabal's job board.