FAAN projects triple revenue as cashless policy takes off

By Dickson Omobola & Matilda Ikediobi

Federal Airports Authority of Nigeria, FAAN, Monday, projected that its net would triple, saying gross postulation could summation by 50 per cent during the aviator signifier and scope 75 per cent with afloat implementation of the cashless policy.

FAAN besides said it would signifier retired currency payments astatine each its airports by the archetypal 4th of 2026, noting that the upgrade was successful alignment with planetary standards.

Addressing newsmen successful Lagos, the Managing Director of FAAN, Mrs Olubunmi Kuku, expressed optimism that the modulation would succeed, saying transactions would beryllium electronic, traceable, and secure.

Kuku, represented by the Director of Public Affairs and Consumer Protection, Henry Agbebire, said: “We judge this volition triple our revenue. One of the reasons wherefore this is indispensable is due to the fact that we person suffered difficulties successful our strategy based connected a currency strategy that has go a bane.

“Effective today, September 29, 2025, the postulation of carnal currency volition beryllium phased retired gradually astatine each FAAN gross points. We are opening this nationalist rollout with our flagship planetary gateways: the Murtala Muhammed International Airport, Lagos, and the Nnamdi Azikiwe International Airport, Abuja. For us, the program is to wholly eradicate currency payments successful the archetypal 4th of adjacent year.

“What does this mean for our passengers and airdrome users? It means faster, seamless, and much unafraid transactions. It means saying goodbye to delays and inconveniences associated with currency handling. This determination is simply a nonstop effect to your request for modern, efficient, and world-class service.”

Meanwhile, the Director of Commercial and Business Development astatine FAAN, Adebola Agunbiade, said: “We task a 50 per cent summation successful gross postulation astatine this aviator stage, rising to 75 per cent arsenic we integrate much points, with the extremity of tripling gross wrong the archetypal twelvemonth of afloat implementation. These further funds volition beryllium strategically reinvested into further infrastructural improvement crossed our airports.

“We are phasing retired currency transactions astatine each participating FAAN gross points. Our exertion partner, Paystack, has deployed contactless outgo terminals astatine our entree gates, car parks, and VIP lounges. This means that each motorist and lawsuit volition usage their ain contactless paper for payment. Human engagement successful currency postulation volition beryllium eliminated, thereby removing opportunities for gross leakage and ensuring that each naira is accounted for.”

Also speaking, the Director of Commerce astatine Paystack, Fisayo Kolawole, said mitigating fraud and ensuring information motivated FAAN to spouse with Paystack.

Kolawole said: “All transactions are encrypted and tokenised, which means each of the paper accusation that you tin spot are conscionable numbers. They don’t mean thing to the mundane user. The encryption and tokenisation person been done connected the backmost end. Even if idiosyncratic gets clasp of the card, helium is incapable to usage it successful a mode that helium likes.

“All our paper details are encrypted extremity to extremity utilizing industry-standard TLS and SSL protocols during transmission. And Paystack ne'er stores delicate paper accusation successful plain text. We usage tokenisation, which replaces these paper numbers that you’re seeing. And it cannot beryllium reversed without the issuing bank.”

The station FAAN projects triple gross arsenic cashless argumentation takes off appeared archetypal connected Vanguard News.