Interswitch Advocates Collaboration for Innovation and Resilience

Akeem Lawal, Managing Director, Payment Processing and Switching (Interswitch Purepay), has underscored the importance of collaboration among financial industry stakeholders to navigate the complexities of the modern market and reshape the financial ecosystem.

This call for collaboration was made during a panel discussion at the recently organised Committee of E-Business Industry Heads (CeBIH) event at Eko Hotel, Victoria Island, Lagos. The panel session, titled "Fostering a Culture of Innovation Through Collaboration," emphasized the critical need for synergy in the rapidly evolving financial landscape. Lawal highlighted that collaboration is not only essential for staying competitive but is also a catalyst for driving innovation and promoting a culture of continuous improvement.

"In the evolving payment landscape, collaboration is not just a choice but a strategic imperative. By cultivating a culture of innovation through collaborative efforts, we can reshape the financial ecosystem, drive positive change and ensure a resilient future for the industry," said Lawal.

Susan Fasipe, Head of Retail Payment at Interswitch, further emphasized these points during her presentation on payment modernization and consolidation at the event. She shed light on key payment modernization trends, outlining the evolving nature of consumer expectations and technological advancements driving the need for continuous innovation.

"Embracing modernization ensures that we are equipped to meet the evolving needs of businesses and consumers. Therefore, we designed the Enterprise Payment Platform product to address prevailing issues within the ecosystem, enhance business development, and provide seamless payment solutions to customers across the African continent," stated Fasipe.

Also speaking at the 2-day conference, Paul Ohakim, Vice President, Issuing & Acquiring Management, Verve said Verve is committed to deepening financial inclusion and improving the experience of cardholders across various touchpoints. He revealed that Verve recently launched the Verve Ultra Card to provide flexible access to credit facilities for Nigerians.

He noted that the Verve Ultra Card will avail cardholders convenient repayment plans, contactless payment and a 45-day interest-free period among other benefits. He urged customers without the Verve Ultra Card to cash in on the card’s benefits by requesting one at their respective banks. 

Worthy of note, and in recognition of his innovative contributions to the Nigerian fintech environment, the Founder/GMD Interswitch Group, Mitchell Elegbe was conferred with the 2023 Payment Industry Lifetime Achievement Award by CeBIH at the just-concluded conference.

Interswitch Group featured as a Premium partner of CeBIH 2023, underscoring the tech giant’s focus on supporting the ecosystem. Conferences like CeBIH provide Interswitch and other stakeholders with opportunities to network and share actionable insight that drive the growth of the payment ecosystem. These collaborative efforts, as advocated by Interswitch, position the industry to proactively address changing market demands and ensure the ongoing relevance of financial services.