FAAN’s Go Cashless policy aims to triple revenue, phase out physical cash by 2026, and align Nigerian airports with international standards

FAAN, the Federal Airports Authority of Nigeria, has introduced a bold new Go Cashless policy aimed at transforming how payments are handled at the nation’s airports.

Also read: FAAN launches ‘Tap-to-Pay’ system with Paystack at Lagos, Abuja airports

The initiative is expected to triple revenue, boost transparency, and improve operational efficiency across all FAAN-operated facilities.

The launch took place on Monday, 29 September 2025, at Murtala Muhammed International Airport, Lagos, where FAAN’s Managing Director, Mrs Olubunmi Kuku, was represented by Henry Agbebiire, Director of Public Affairs and Consumer Protection.

“This Go Cashless policy represents a new chapter in our commitment to transparency, efficiency and global alignment,” said Agbebiire. “Every transaction will now be electronic, traceable and secure.”

Under the new policy, physical cash will be gradually eliminated from all FAAN revenue points—including access gates, car parks, protocol lounges, and VIP areas.

The transition will start with Lagos and Abuja airports before expanding nationwide.

FAAN says the Go Cashless policy is designed to eliminate the delays, risks, and leakages associated with cash handling, while also aligning Nigeria’s aviation system with international standards.

According to Joy Adebola Agunbiade, FAAN’s Director of Commercial and Business Development, all cash transactions will be completely phased out by the end of the first quarter of 2026.

New contactless payment cards, compatible with existing E-tags and POS systems, will be made available to users.

These cards can be topped up with as little as ₦1,000, have no expiry date, and support multiple ownership.

“We’re projecting a 50% revenue increase in the pilot phase, 75% as we scale up, and full tripling of revenue within the first year,” said Agunbiade. “These funds will be reinvested into airport infrastructure nationwide.”

Security is a key component of the new system. Fisayo Kolawole, Head of Commercial and Public Sector at Paystack, FAAN’s fintech partner, assured the public that all transactions would be end-to-end encrypted, with multi-layer authentication in place.

“As a Level One security provider, we’re proud to offer a solution that meets global standards and ensures both safety and accountability,” Kolawole said.

The FAAN’s Go Cashless policy is being positioned not just as a financial reform, but as a significant modernisation of Nigeria’s aviation ecosystem.