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Interswitch strives to tackle bottlenecks in Nigeria’s fintech ecosystem

Interswitch, Africa’s payments and digital commerce company has stressed the need to adopt global practices and trends to fast-track Nigeria’s fintech and digital transformation journey.

The company disclosed this at the Interswitch Techconnect 3:0 event held recently in Lagos.

Akeem Lawal, managing director, Payment Processing and Switching, Interswitch Purepay, said Nigeria need to explore global trends in digital payment technology, stating the importance of partnership to increase the country’s chances of a successful digital transformation.

Read also: Interswitch says mobile payments key to financial inclusion

“TechConnect 3.0 exhibits Interswitch’s unwavering commitment to leading the charge in the advancement of the payment ecosystem. Interswitch has been at the frontiers of innovation in Africa, particularly in the financial sector and is utilizing cutting-edge technological solutions that can facilitate contactless payment transactions.

“Today, Interswitch’s digital innovation cuts across peer-to-peer lending, bots, biometrics, mobile banking, blockchain, artificial intelligence, and decentralized finance (DeFi), among others to help address scaling challenges and empower individuals and communities to break free from the clutches of poverty.”

He added that partnership and strong ties are the cornerstones of transformation in today’s rapidly dynamic digital world.

The event themed ‘Adapting, Scaling, and Advancing with Fintech’, brought together eggheads across the fintech sector, banks, and other financial institutions, showcasing a platform where industry players shared data-driven strategies, empirical expositions, projected trends, and forecasts to industry challenges.

Chijioke Eze, business development manager, Financial Services Business, Interswitch said that organisations must equip their staff with risk-based strategies for tackling fraud to avoid falling prey.

Read also: Google eyes Nigeria payment market with Interswitch gateway partnership

He explained the types of fraud financial institutions must be familiar with, including identity and processing fraud, chargebacks, and cyberattacks.

Meanwhile, awards were presented to First Bank, UBA, Access Bank, Zenith Bank, Premium Trust Bank, Opay, Moniepoint and Accion MFB, among others in acknowledgement of their contributions to the sector.

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