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Tag: digital payment

  • ‘Digital payment will boost businesses’

    ‘Digital payment will boost businesses’

    Digital payment systems will unlock opportunities for businesses, financial institutions as well as empowering individuals.

    Managing Director, Payment Processing & Switching, Interswitch Purepay, Akeem Lawal said digital payment systems were crucial to expanding access to underserved populations by enabling broader participation in the economy

    Speaking during the Interswitch TechnoConnect 4.0 in Lagos, Lawal said the vision was to power a seamless, connected payment ecosystem across Africa, turning challenges in the payments landscape into opportunities for economic growth and shared prosperity.

    Interswitch, one of Africa’s leading integrated digital payments and commerce companies concluded the fourth edition of its groundbreaking TechConnect series, marking the culmination of an impactful journey across five major Nigerian cities including Enugu, Asaba, Abuja, Ibadan, and Lagos.

    Lawal said the grand finale exemplified the company’s commitment to shaping the future of financial services in Africa. The series has served as a powerful platform for advancing high-level discussions on technology, innovation, and financial inclusion, fostering collaboration across the financial services ecosystem.

    According to him, the event was a fitting climax to a series that brought together industry leaders, policy makers, fintech innovators, and microfinance practitioners, who gathered to explore the vital role of technology in driving financial inclusion and economic growth across Africa.

    He said throughout the series, Interswitch had reinforced its mission to build digital solutions that provided equal access to financial services for individuals, businesses, and institutions.

    He said the Lagos finale featured a dynamic fireside chat themed “Regulating New Technologies: Strategies for Innovation and Compliance, Harmonising Regulatory Frameworks and Risk-Based Approaches”.

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    He emphasised the critical role of collaboration between regulators and industry players in navigating the rapidly evolving technology landscape. He also highlighted the importance of designing regulatory frameworks that balanced innovation with compliance to create a sustainable fintech ecosystem.

    Two thought-provoking panel sessions enriched the discussions at the event, offering diverse perspectives on critical industry topics. The first session, themed “Navigating the Future of Financial Services: Integrating Compliance, Technology, and Collaboration to Combat Fraud and Drive Growth,” focused on leveraging compliance, technology, and collaborative efforts to address fraud challenges while unlocking new growth opportunities.

    The second session, themed “Building Financial Resilience: The Intersection of Commercial & Microfinance Banks, Fintechs, & OFIs in Fostering Growth within the Financial Services Sector,” explored strategies for fostering resilience and growth through synergy between financial institutions and fintechs.

    A special highlight of the event was the presentation of awards by Interswitch to Zenith Bank, Access Bank, First Bank, UBA, and Fidelity Bank in recognition of their exceptional performance and significant contributions to the financial ecosystem. Moniepoint, Opay, Paystack, VFD Microfinance Bank, Lapo Microfinance Bank, and several others were also honoured for their impactful roles in advancing the sector.

    According to Lawal, the TechConnect series traversed Nigeria’s key financial hubs, showcasing the transformative power of technology and digital payments in promoting financial inclusion adding at each stop, participants engaged in hands-on demonstrations of cutting-edge digital solutions, gaining practical insights into the tools and strategies redefining the financial services landscape.

    He said the series underscored Interswitch’s strategic vision of financial transformation, providing a platform for stakeholders to address challenges and opportunities in the sector. The events, according to Lawal successfully reflected regional priorities while reinforcing the company’s overarching commitment to innovation and resilience across Nigeria.

     “As the TechConnect 4.0 series concludes, it has not only left a lasting impact on Nigeria’s financial landscape but also set a clear direction for future initiatives aimed at integrating technology and financial services across Africa. Interswitch remains unwavering in its commitment to fostering partnerships, supporting innovation, and promoting financial inclusion to empower communities and drive economic growth.

    Looking ahead, Interswitch continues to lead the charge in shaping the future of Africa’s financial ecosystem by delivering solutions that unlock potential, empower underserved populations, and create sustainable growth across the continent,” Lawal stated.

  • ‘Let’s raise investment in digital payment technologies’

    ‘Let’s raise investment in digital payment technologies’

    Niyi Toluwalope, chief executive officer of eTranzact Plc, a payment services provider, has emphasised importance of investing in infrastructure and technologies to simplify access to digital payments.

    Speaking at a forum, Toluwalope noted that such investments would bring more people into the digital payment space, and spur business growth. 

    He said financial inclusion creates opportunities. Nigeria, with its huge population, has much to offer through financial inclusion. With over 200 million Nigerians and 140 million mobile phone users, there is potential for financial inclusion.

    Of 140 million, about 60 to 65 million are banked, leaving another 65 to 70 million in informal sector. Bringing these individuals into financial services can create a billion-dollar business.  “One of the great things is financial inclusion—how to get citizens in to enable them make payments, save, access insurance, credit, and othes that can drive entrepreneurship, support SMEs, and boost economy,” Toluwalope noted. 

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    He noted the transformations in digital payments, saying eTranzact facilitates seamless electronic transactions, and one of the key drivers is investment in technology that allows these operations seamless. Building trust and confidence in the ecosystem is crucial for encouraging those excluded to become included and participate in financial transactions. 

    Investing in technology that simplifies access and infrastructure for digital payments will lead to business growth.  Toluwalope believes while these technological features may involve less cash, some cash will be involved.

    “Even in advanced countries, cash is still used to some degree depending on the demographic. This is critical for Nigeria because reports show money in the informal sector is as significant as that in the formal sector but not captured in formal trading.” 

    Commenting on eTranzact’s performance, Toluwalope said: “For us, the numbers are impressive. We started our transformation in 2019, revamping our strategy to focus on switching infrastructure, merchant marketplace, merchant activity, and then direct-to-consumer services, which include our financial inclusion business and our digital bank.