By Chinenye Anuforo
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 recently, 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.