By Juliet Umeh

Industry leaders drawn from banks, financial technology, fintechs, micro-finance banks, telecommunications and other financial institutions recently resolved that there is a need to design innovative financial products which will speak to the needs of customers in order to spur growth and economic prosperity.

This was the thrust of a two-day Techconnect event, held in Lagos by the global integrated digital payment company, Interswitch Group.

In the event tagged: ‘Collaborating for Industry Growth and Profitability,’ 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 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.

Managing Director, Interswitch Purepay, Mr. Akeem Lawal, said during the panel session that 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 also added that Interswitch will continue to enter into partnerships that will not only simplify payments, but also drive prosperity across the continent.

Also, Director, Payment System Management Department, CBN, Mr. Jimoh Musa, said CBN’s responsibility as a regulator is to create an enabling environment where all the entrants can thrive and compete healthily.

Musa said: “We under study 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 to 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.

During the event, Interswitch officially unveiled eight new products designed to address prevailing issues within the payment ecosystem, enhance business development and boost customer 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.

According to the company, the products will help to improve the digital payment solutions that financial institutions offer to their customers. 

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