… to triple revenue in one year
The Federal Airports Authority of Nigeria (FAAN) has said that it targets a revenue boost of 75 per cent in its Cashless Policy, dubbed “Operation Go-Cashless,” in partnership with Paystack.
This initiative launched on Monday aims to modernise Nigeria’s airports by introducing state-of-the-art cashless payment systems at revenue points.
Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, delivering her speech at the launch ceremony declared, “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”.
Represented by the Director Public Affairs and Consumer Protection, Kuku emphasised that the move is a direct response to demands for modern, efficient, and world-class service, and a cornerstone of FAAN’s strategy for enhanced accountability and sustainable revenue growth.
She congratulated the Director, Commercial and Business Development at FAAN, Ms. Adebola Agunbiade, and her team for bringing the project to life, and encouraged stakeholders to join hands with FAAN in this transformative journey. “This is a new dawn for FAAN. A dawn defined by technology, driven by efficiency, and dedicated to serving you, the Nigerian people, better”, she concluded.
In her own speech, Agunbiade, explained 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 explained that the cashless system will eliminate human involvement in cash collection, removing opportunities for revenue leakage and ensuring that every Naira is accounted for. “Each motorist and customer will use their own contactless card for payment, with NFC card readers seamlessly connected to Paystack’s payment infrastructure”.
The benefits of the initiative according to her are transformative, with projected increases in revenue collection and improved services for airport users. “For FAAN, we project a 50 per cent increase in revenue collection at this pilot stage, rising to 75 per cent as we integrate more points, with the goal of tripling revenue within the first year of full implementation”, Agunbiade stated.
The additional funds she said will be strategically reinvested into further infrastructural development across airports. She noted that Airport users will enjoy greater convenience, faster transactions, and reduced risk of theft, while businesses will benefit from low transaction costs and reliable internet services.
Agunbiade also expressed gratitude to Kuku and the entire FAAN team for their dedication. “As we embark on this transformative journey, I call on all stakeholders, partners, and every airport user to join hands with us. Your cooperation is essential for the sustainable success of this laudable initiative”, she said.
The full implementation of the cashless policy across all FAAN-operated airports is targeted for the first quarter of 2026, with plans to expand to other areas, including casual flights, VIP lounges, car parks, and car hire operations.
Meanwhile, the pilot phase has kicked off at the Lagos and Abuja airports.
Modalities to tackle challenges of poor network issues in operating the new cashless system, according to Paystack has already been factored in to ensure seamless transactions.