By Micheal Eboh

Global electronic payment firm, Visa, has emphasised the need for continuous innovation in Nigeria’s electronic banking and payment systems, so as to position the country on equal pedestal with other countries in the global economy and enable businesses and individuals enjoy the benefits of a robust payment system.

According to Ade Ashaye, Country Director for Visa Sub-Saharan Africa, the need for innovation becomes necessary when viewed against the backdrop of a fundamental shift in the global distribution of economic growth, which will see markets like Nigeria account for increasing proportions of global consumption.

Ashaye, who was speaking at the just concluded Visa’s annual Payments Forum 2011, entitled ‘Reshaping the Payments Landscape,’ explained that Nigeria has made significant inroads into bringing the unbanked population into the financial system, many of whom now participate in the global financial system using Visa products and other electronic payment platform that enable them to carry out transactions anywhere in the world using the local currency.

He said, “Working with Nigerian banks, Visa provides a platform, coupled with the right tools and services to ensure a sound financial landscape. We recognise the need for innovation in areas such as mobile banking, to drive financial inclusion and enable Nigerian cardholders and businesses to compete on an equal footing in the global marketplace,”

He noted that the forum, which featured representatives from major Nigerian banks, saw the participants gaining insight into the way the payments landscape is changing, how electronic payments continue to be a major driver of global economic growth and opportunity, and the increased need for financial inclusion in developing markets.

A prominent figure at the forum, he explained further, was Gordon Brown, Former British Prime Minister, who provided an in depth perspective on international policy and the global recovery as it relates to the banking industry.

Brown’s focus was on the impacts of the developing global economy and the critical need for financial inclusion in emerging markets as consumption by the fast growing middle class flourishes.

According to Brown, the uptake of payment tools such as Visa cards, have allowed ordinary people to become involved in areas like e-commerce.

He also stressed the need for further investment into Africa to develop infrastructure and systems for its burgeoning middle class, as this is vital to the role that Africa will play in the future global economy.

Nigerian banks that attended the forum included Ecobank, Intercontinental Bank, First Bank, Fidelity and Diamond Banks as well as processing company ValuCard.