In line with its commitment to deepen
and stimulate the growth of digital payment in Nigeria and beyond, Africa’s leading integrated digital payment
and e-commerce company, Interswitch Group, held a two-day event tagged ‘Collaborating
for Industry Growth and Profitability’ where industry players gathered
to discuss how to strengthen the digital payment ecosystem and position Nigeria
as a force to reckon with on the global payment landscape.
The industry leaders, drawn from banks,
fintechs, micro-finance banks, telcos and other financial institutions reached
the resolve that designing innovative financial products which speak to the
needs of customers will spur growth and economic prosperity.
The experts also noted that players in the
financial space need to synergize to explore avenues for mutual growth which
will in turn create a robust payment ecosystem.
During the course of the two-day event,
Interswitch officially unveiled eight new products designed to address
prevailing issues within the payment ecosystem, enhance business development
and boost ustomer experience.
The products include Fintech-in-a-box; Fraud
Solution-as-a-Service (FSAAS); Banking-as-a-Service; Payment-as-a- Service;
Interswitch Security-as-a-Service; Mobile Banking-as -a-Service and Biometrics
on POS and Value financing.
These products are tailored to provide
seamless payment solution to banks, fintechs, micro-finance banks, other financial
institutions and their customers. Essentially, these products will help to
improve the digital payment solutions that financial institutions offer to
their customers.
Critical pain points the products will be
solving include protecting customers against digital payment fraud, effective
value financing tools for lenders, seamless integration to payment channels,
enhanced customer experience etc.
Speaking during the panel session, Akeem
Lawal, Managing Director, Interswitch Purepay, said players in the payment
industry must collaborate to provide opportunities to co-create solutions that
make digital payment safer and further drive profitability.
He said “Interswitch is committed to
partnering with stakeholders to continuously drive financial inclusion through
its innovative products and solutions. These products reaffirm the company’s
continued drive to improving Nigeria’s digital payments landscape through
innovation and the development of first-rate solutions and infrastructure that
address pressing needs in the payments ecosystem”.
Lawal further said Interswitch will continue to
enter partnerships that will not only simplify payments, but also drive
prosperity across the continent.
Jimoh Musa, Director, Payment System
Management Department, CBN, said CBN’s responsibility as a regulator is to
create an enabling environment where all the entrants can thrive and compete
healthily.
“We understudy all the interoperable
operations of each technology company, and all the participants generally. And
from time to time, we bring all these entities together to dialogue to enable
us to decide what the best industry practice is in relation to Nigeria’s
payment ecosystem.”
The panelists noted that partnerships will
allow players increase revenue and grow faster, avail them opportunities to
leverage one another’s infrastructure, drive financial inclusion and build a
robust ecosystem.
The panelists also urged players to
collaborate more to provide quality service for the end users to enhance growth
and more opportunities.
The two-day event ended on a high note with
Alternate Sound and Okey Bakassi treating guests to an electrifying performance
at the close-out cocktail party held at Eko Hotel and Suites, Victoria Island, Lagos.
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