Interswitch Group, Africa’s leading integrated digital payment and e-commerce company, held a two-day event titled “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 be reckoned with on the global payment landscape. This was done in line with its commitment to deepen and stimulate the growth of digital payment in Nigeria and beyond.
Leaders in the sector, including those from banks, fintechs, microfinance banks, telecoms, and other financial institutions, came to the conclusion that creating new financial products that address consumer requirements will promote economic growth.
The experts pointed out that in order to investigate opportunities for mutual growth and subsequently build a strong payment ecosystem, participants in the financial sector must work together.
Interswitch formally announced eight new solutions during the course of the two-day event in an effort to address issues currently plaguing the payment ecosystem, advance corporate growth, and improve consumer experience.
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, Biometrics on POS, and Value Financing are some of the products offered.
These products are designed to offer banks, fintechs, micro-finance banks, other financial institutions, and their clients seamless payment solutions. In essence, these products will contribute to the enhancement of the digital payment options provided by financial institutions to their clients.
Customers’ protection from digital payment fraud, effective value finance tools for lenders, seamless integration with payment channels, improved customer experience, etc. are some of the major pain areas that the products will be addressing.
Akeem Lawal, Managing Director of Interswitch Purepay, said during the panel discussion that participants in the payment sector must work together to provide chances for co-creating solutions that increase the safety of digital payments and boost profitability.
He said:
“Interswitch is committed to partnering with stakeholders to continuously drive financial inclusion through its innovative products and solutions. 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 stated that partnerships will provide chances for participants to use one another’s infrastructure, accelerate growth and revenue, promote financial inclusion, and create a strong ecosystem.
In order to foster growth and expand prospects, the panelists urged participants to work together more to deliver high-quality services to customers.
With an electrifying performance by Alternate Sound and Okey Bakassi at the close-out cocktail party held at the Eko Hotel & Suites in Victoria Island, Lagos, the two-day event came to a successful conclusion.
