Interswitch, one of Africa's leading integrated payments and digital
commerce companies, has emphasised the importance of advancing inclusive
payment systems that seamlessly connect businesses, the workforce, and
government to drive the Africa’s economic transformation. This was highlighted
by Mitchell Elegbe, Founder and Group Managing Director, Interswitch, during
his keynote address at the 2024 Committee of e-Business Industry Heads (CeBIH)
Conference, held recently at the Eko Convention Centre, Victoria Island, Lagos.
In his address, titled "The Impact of Globalization and the
Gig Economy on Inclusive Payment Systems in Nigeria," Elegbe noted
that while fintech companies have made significant progress in enhancing
financial inclusion, Nigeria’s full economic potential can only be unlocked
when all stakeholders, including businesses, government, and fintech
innovators, work together.
He further emphasised the need to leverage their collective strengths
to meet the evolving needs of Nigeria's diverse and growing population through
seamless, accessible, adaptable, and inclusive payment solutions. He said that
such systems would drive widespread economic benefits.
“The role of inclusive payment systems in Nigeria’s economic growth
cannot be overstated. A collaborative approach involving businesses, workers,
fintech companies, and the government will ensure that financial services are
accessible to everyone, regardless of their location. This will create a
financial ecosystem that supports growth, innovation, and inclusion across all
sectors,” Elegbe stated.
The conference featured a dynamic panel session titled “The Future
of Cards,” where Vincent Ogbunude, Managing Director, Interswitch Paytoken (Verve), discussed the evolution of card payment systems. He stressed the
need for innovation to stay ahead of market trends, particularly in areas such
as tokenisation and biometrics.
According to Ogbunude: “The future of card schemes is evolving
beyond the plastic we know today, moving towards tokenisation, biometrics, and
other innovative payment methods. At Verve, we are committed to delivering
seamless and world-class solutions that ensure our infrastructure and security
protocols continue to adapt to these changes.”
The event also highlighted a presentation by Olubunmi Aina, Vice
President, Sales and Account Management, Interswitch, showcasing Verve cards’
global acceptance across platforms like YouTube, Netflix, Google, and
AliExpress. Aina also spotlighted Interswitch’s expansion into key sectors,
including transportation and healthcare, citing the Lagos SHIP initiative with
the Lagos State Government as a testament to the company’s innovative approach.
As Nigeria’s first unicorn, Interswitch continues to lead
transformative changes across industries, creating user-centric solutions that
enhance everyday experiences. The company’s sponsorship of CeBIH 2024
underscores its dedication to promoting robust payment ecosystems that empower
individuals and businesses alike.
By forging strategic partnerships, advocating progressive policies,
and championing technological advancement, Interswitch is steadfast in its
vision of a prosperous Africa driven
by the seamless exchange of value and commerce.
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