Interswitch calls for innovative local currency payment solutions at Nigerian Fintech Week

Admin I Tuesday, October 15, 2024

 

LAGOS- Interswitch Group, one of Africa’s leading integrated payments and digital commerce companies, has reiterated the need to develop local currency payment solutions to drive inclusive growth and enhance cross-border trade across Africa.

Speaking at the recently concluded Nigerian Fintech Week, held at the Landmark Event Center, Victoria Island, Lagos, where Interswitch was a sponsor, Akeem Lawal, Managing Director, Payment Processing and Switching (Interswitch Purepay), emphasised the importance of building robust infrastructure that enable African businesses to transact seamlessly across the continent.

During his keynote speech titled “Leveraging Commerce to Accelerate Inclusive Growth – The Role of African Fintech Innovation,” Lawal addressed the challenges posed by current payment systems that rely on non-African intermediaries for intra-African transactions.

He called for solutions that enable businesses to transact in local currencies, removing the dependence on foreign currencies and external intermediaries for settlements.

He noted that Africa must cultivate an ecosystem of developers, integrators, liquidity providers, and financial institutions to strengthen cross-border commerce and trade across the continent.

“At Interswitch, we are committed to creating solutions that matter to Africans and inspire the continent to greatness. We believe that seamless cross-border trade can be unlocked when financial institutions collaborate to address the unique needs of African businesses,” Lawal said.

Speaking during the panel session titled “Global AI Regulation: The Role of Africa and the Global South,” Oremeyi Akah, Chief Customer Experience Officer at Interswitch, emphasised that regulatory compliance remains a top priority for the company.

She noted that Interswitch is committed to developing AI-driven products within clearly defined regulatory frameworks.

Akah also highlighted the need for financial institutions to incorporate African perspectives into AI development.

She further called on fintechs and regulators to collaborate in co-creating solutions that empower users and build trust in data protection and privacy.

In another panel session titled “Leveraging Biometrics Technology for Enhanced KYC and Fraud Prevention in Africa,” Chijioke Eze, Head of Banking Technologies at Interswitch, stated that the rise of digital payments has exposed businesses to increased fraud and cyberattacks.

He stressed the importance of organisations being proactive and investing in advanced fraud prevention technologies to protect customers from the rising threat of digital payment fraud.

As one of the major sponsors of the Nigerian Fintech Week, Interswitch played a pivotal role in bringing together key thought leaders from sectors such as banking, fintech, and telecommunications.

The event further underscored Interswitch’s leadership in shaping the future of payments and technology across Africa.