Akeem Lawal, Managing Director for Payment Processing and Switching at Interswitch Purepay, has projected that blockchain technology will be the next big disruptor in Africa’s payment landscape, ahead of artificial intelligence (AI).

Speaking during a panel session at TechCabal Moonshot 2025, Lawal said blockchain will “change the face of payment innovation,” arguing that while AI currently dominates conversations in tech, blockchain holds the deeper potential to reshape how transactions are executed and trusted across the continent.

Lawal explained that blockchain’s decentralised structure offers unparalleled transparency, security, and efficiency for financial systems. “People might think it’s AI, but blockchain is next in line,” he noted, highlighting that blockchain’s immutable ledger can prevent fraud, ensure trust, and reduce dependence on centralised intermediaries in financial transactions.

This, he said, is critical for strengthening Africa’s digital infrastructure and deepening financial inclusion.
The Interswitch executive has long advocated for technology-driven financial reform.

At previous forums, Lawal emphasised the need for collaboration among fintechs, regulators, and traditional banks to drive inclusion and expand digital payments. In 2023, he revealed that digital transactions in Nigeria grew by 86% within six months, attributing the rise to innovation and increased consumer trust in digital platforms. His latest position reinforces his belief that blockchain can consolidate these gains by enhancing interoperability and reducing cross-border payment frictions.

Beyond blockchain, Lawal has been vocal about the importance of data harmonisation in Africa’s financial ecosystem. At the RegTech Africa Conference, he urged policymakers to adopt unified data protection frameworks similar to the EU’s GDPR, arguing that secure and consistent data policies are the bedrock of scalable fintech growth. He also emphasised that without proper regulation and infrastructure, innovations like blockchain could struggle to reach their full potential on the continent.

Under Lawal’s leadership, Interswitch Purepay has continued to roll out technologies that enhance payment security and reliability, including tokenisation services and biometric authentication. These initiatives, he said, demonstrate Interswitch’s commitment to anticipating future disruptions while ensuring that Africa’s financial systems remain safe and inclusive. He believes blockchain represents the next logical step — one that can anchor a new generation of secure, transparent, and borderless payment solutions.

Lawal’s remarks come at a time when African economies are investing heavily in digital transformation. His assertion that blockchain, not AI, will lead the next phase of innovation challenges popular tech narratives but aligns with emerging global trends in decentralised finance. As Africa strengthens its digital foundations, Lawal’s insights point to a future where blockchain becomes not just a tool for innovation but a cornerstone of the continent’s economic resilience.