One of Africa’s top integrated payments and digital commerce firms, Interswitch, has underlined how crucial it is to develop inclusive payment systems that smoothly link enterprises, employees, and the government in order to propel Africa’s economic transformation.
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In his keynote speech at the 2024 Committee of e-Business Industry Heads (CeBIH) Conference, which was recently held at the Eko Convention Centre, Victoria Island, Lagos, Mitchell Elegbe, the founder and group managing director of Interswitch, emphasised this.
In his speech, “The Impact of Globalisation and the Gig Economy on Inclusive Payment Systems in Nigeria,” Elegbe pointed out that although fintech firms have made great strides in expanding financial inclusion, collaboration amongst businesses, the government, and fintech innovators is necessary to realise Nigeria’s full economic potential. He also underlined the necessity of utilising their combined skills to provide inclusive, flexible, accessible, and seamless payment solutions that will satisfy the changing demands of Nigeria’s diverse and expanding populace.
Such systems, he claimed, would lead to broad economic advantages. It is impossible to overestimate the contribution inclusive payment systems have made to Nigeria’s economic expansion. Everyone, regardless of geography, will have access to financial services thanks to a cooperative strategy combining businesses, employees, fintech startups, and the government.
Elegbe said, “This will establish a financial ecosystem that fosters innovation, growth, and inclusion in all sectors.” During a lively panel discussion at the conference called “The Future of Cards,” Vincent Ogbunude, Managing Director of Interswitch Paytoken (Verve), talked about how card payment methods have changed over time.
He emphasised that in order to keep ahead of market trends, innovation is essential, especially in fields like tokenisation and biometrics. The future of card schemes is changing away from the plastic we currently use and towards tokenisation, biometrics, and other cutting-edge payment techniques, claims Ogbunude. Our goal at Verve is to provide flawless, top-notch solutions that guarantee our security procedures and infrastructure keep up with these developments. Olubunmi Aina, Vice President, Sales and Account Management at Interswitch, gave a presentation at the event that highlighted Verve cards’ widespread use on websites including YouTube, Netflix, Google, and AliExpress.
Aina also highlighted Interswitch’s forays into important industries, such as healthcare and transport, pointing to the Lagos SHIP project with the Lagos State Government as evidence of the business’s creative thinking. Being the first unicorn in Nigeria, Interswitch keeps driving industry-wide transformations by developing user-centric products that improve daily life.
The company’s commitment to advancing strong payment ecosystems that empower both individuals and businesses is demonstrated by its sponsorship of CeBIH 2024. Interswitch remains committed to its vision of a vibrant Africa powered by the smooth interchange of value and trade by establishing strategic alliances, supporting progressive policies, and promoting technology growth.
