The Federal Airports Authority of Nigeria (FAAN), on Monday, commenced a cashless payment system at its airports, marking a significant step towards modernizing the country’s aviation sector.
The initiative, dubbed “Operation Go Cashless,” aims to enhance operational efficiency, reduce congestion and delays, and improve revenue collection and accountability.
Mrs. Olubunmi Kuku, Managing Director/Chief Executive of FAAN, said, “Today, we are not just launching a new payment system; we are fundamentally reshaping the experience at our airports and reinforcing our unwavering commitment to accountability, transparency, and excellence.”
The cashless system is meant to be deployed across all FAAN-operated airports, starting with the Murtala Muhammed International Airport in Lagos and the Nnamdi Azikiwe International Airport in Abuja.
The Director, Commercial and Business Development, Ms. Adebola Agunbiade, noted that the “Go-Cashless” vision is built on four key pillars: enhancing operational efficiency, reducing congestion and delays, improving revenue collection and accountability, and aligning FAAN with global best practices.
She added that the system would eliminate human involvement in cash collection, thereby removing opportunities for revenue leakage and ensuring that every Naira is accounted for.
The cashless system is expected to increase revenue collection by 50% at the pilot stage, rising to 75% as more points are integrated, with the goal of tripling revenue within the first year of full implementation.
The additional funds will be strategically reinvested into further infrastructural development across FAAN-operated airports.
Agunbiade emphasised that the policy promotes financial inclusion, extending services to those with limited access to traditional banking.
The FAAN Go Cashless Card will be available at all airport access gates in Lagos and Abuja, and users can activate and fund it immediately.
FAAN boss, Mrs. Kuku, expressed gratitude to the President, Senator Bola Ahmed Tinubu, for his interest in the growth of the aviation sector and the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, for encouraging innovations and supporting FAAN immensely.
The launch of the cashless payment system is a significant milestone in FAAN’s journey to transform Nigeria’s aviation sector, and stakeholders are optimistic about its potential to enhance the overall airport experience and drive revenue growth.
