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.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
Read full article
Continue on Nairametrics
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
FAAN Implements Cashless Policy to Curb Revenue Leakages
Keyamo Confirms FAAN's Commitment to Cashless Policy
FAAN's Cashless Toll Policy Causes Traffic Chaos at Airports
Chaos Erupts at Airports as FAAN Launches Cashless Policy
FAAN's Cashless System Causes Traffic Chaos at Lagos Airport
FAAN Launches Go-Cashless Card Pick-Up Points Nationwide
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
