Visa’s Olufunmi Fagbulu: Digital shift is essential for West African merchants to thrive

As cash continues to dominate daily commerce across West Africa, merchants face significant limitations that hinder business growth, security, and access to formal financial services.

According to Olufunmi Fagbulu, Senior Director of Merchant Sales & Acquiring at Visa West Africa, the shift toward digital payments is no longer optional but essential for businesses seeking to thrive in the region.

“Cash slows trade, exposes businesses to theft and losses, limits record-keeping, and shuts many merchants out of formal financial systems,” Fagbulu stated. “For traders trying to grow beyond survival mode, cash is no longer enough.”

Fagbulu highlighted the fragmented nature of West Africa’s commerce, where informal markets coexist with modern retail. While mobile phone penetration is high, payment acceptance remains uneven. She noted that merchants are increasingly adopting digital solutions such as point-of-sale terminals, mobile wallets, QR codes, and e-commerce platforms to address these challenges.

“Digital payments move queues faster, reduce the risks of handling physical cash, and create transaction records that help merchants understand their businesses better,” she explained. “For many, this visibility is the first step toward accessing credit, managing inventory, and planning growth.”

In informal markets, agent networks and mobile-first payment models have proven particularly effective. Fagbulu also pointed to the growing impact of e-commerce and social commerce, which are enabling small merchants to expand their reach beyond physical locations. Additionally, improved in-person international card acceptance, supported by regulatory directives, is opening new opportunities in cross-border trade.

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However, challenges persist. Merchants continue to grapple with concerns around trust, disputes, delayed settlements, and high fees. Fagbulu acknowledged these barriers but expressed optimism about ongoing regulatory support and enhanced fraud monitoring, which are building greater confidence in digital systems.

“Global payment networks like Visa play a vital role by providing secure, interoperable infrastructure and collaborating with banks, fintechs, and regulators,” she said. “Our focus is on enabling local solutions to scale safely and across borders.”

Fagbulu emphasized that merchants are seeking practical solutions: faster settlements, predictable pricing, easy onboarding, and tools that support invoicing, record-keeping, and access to working capital.
Looking forward, she believes the future of commerce in West Africa will be defined by pragmatism — with contactless payments, QR codes, mobile solutions, and maturing cross-border rails driving the next phase of growth.

“Cashless commerce is not about eliminating cash,” Fagbulu concluded. “It is about giving merchants options that help them trade more efficiently, reach more customers, and build sustainable businesses.”