Collaboration, Key to Driving Growth in Nigeria’s Financial Industry

To accelerate growth and deepen financial inclusion in Nigeria, it is imperative for players in the financial service industry including banks, telcos and fintechs to collaborate to provide innovative solutions and unique offerings to customers. Akeem Lawal, Managing Director, Interswitch Purepay made this known during the Nigerian Fintech Forum held recently at the Civic Center, Victoria Island, Lagos.

In his keynote address tagged “Building Partnership for Growth, Exploring the Intersection of Banks, Telcos and Fintech Companies” Lawal explained that the Nigeria financial industry has evolved tremendously over the years with customers transitioning from banking halls transactions to adopting digital payment services.

He noted that despite the growth of the financial sector, customers are yearning for more innovative and seamless payment solutions hence, players in the financial industry must work with one another to design cutting-edge solutions that speak to the needs of customers and further strengthen the financial industry.

He said “As headline platinum sponsor, we are delighted to be sponsoring the Nigeria Fintech Forum because we believe that a platform like this will provide the opportunity for critical stakeholders in the financial industry to engage and proffer solutions that will consequently drive the growth of the financial Industry”

He further said, “At Interswitch, we will continue to design tailor-made solutions that speak to the need of every customer. Therefore, it is important for players in the financial industry, including the banks, telcos and fintechs to leverage collaboration to provide innovative and seamless solutions to customers. This is the only way we can meet the 95% financial inclusion target by 2024”.

Speaking during the panel session tagged “Regulating Nigeria’s Fintech Industry, Building Investors Confidence Without Stifling Growth”, Tyoyila Aga, Group Head, Financial Services Business at Interswitch, said it was important that players in the industry collaborate with regulators, keep abreast of new regulations and help strengthen compliance levels to grow the financial industry.

He said “At Interswitch, our approach to regulators is to work in harmonious ways with them and that is what we have been doing for two decades. This has helped us to understand regulations better and we urge other players to do same to grow the industry.”

The Nigeria Fintech Forum was attended by thought leaders and high-profile personalities across several sectors, including banks, telcos and fintechs.