FAAN Implements Cashless Payments to Boost Revenue

The Federal Airports Authority of Nigeria (FAAN), led by Managing Director Olubunmi Kuku, has declared a strict enforcement of cashless transactions at airports to curb revenue leakages. This policy will take effect in September 2025, coinciding with the rollout of a contactless payment system at major airports, including Murtala Muhammed International Airport (MMIA) and Nnamdi Azikiwe International Airport (NAIA).

The initiative supports the federal government's broader fiscal reform agenda aimed at strengthening financial accountability and boosting internal revenue. FAAN's revenue performance for 2024 is projected at N387.8 billion, with a target of N551.2 billion for 2025.

The authority has collected N344.6 billion as of December 31, representing 104.4% of its revenue performance. The cashless system, implemented in partnership with Paystack, will eliminate physical cash transactions, thereby reducing opportunities for revenue loss and enhancing passenger movement efficiency.