Partnership between financial institutions key to supporting growth in Nigeria – Chinwe

Chinwe Uzoho is the Regional Managing Director of Network International for West and Central Africa. In this interview, Chinwe who has over 30 years of experience in banking and had worked as group head for retail banking at Access Bank Plc speaks on digital payments. She said technology has the power to level the playing field for businesses, and it is vital that financial inclusion is promoted through payments and financial products. Excerpts

What payment products and solutions do African entrepreneurs need to reach their potential?
Africa is a hotbed of innovation and growth, and West Africa is at the heart of this – with exciting businesses and industries going from strength to strength. This growth needs to be matched with reliable payments infrastructure which can be plugged into existing business models. We provide payment services in more than 40 African countries, and the ability to scale with a clients’ requirements is of the utmost importance in each market. Network International works with businesses of all sizes, from sole traders to multinationals operating across borders, and we understand that entrepreneurs need a reliable payments partner whatever their size. Technology has the power to level the playing field for businesses, and its vital that financial inclusion is promoted through payments and financial products, allowing the immense amount of entrepreneurial and business talent in West Africa to achieve its true potential.

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How can existing financial institutions unlock opportunities through partnerships with payment platforms?
Partnerships between service providers and financial institutions are key to supporting growth and success in any market, but are particularly relevant in Nigeria and West Africa. Local markets are seeing huge growth and innovation which is delivering success both locally and internationally. As the leading payment solutions provider in Africa and the Middle East, we know the true potential of strategic partnerships – leveraging the expertise of banks and using technology to deliver their products and services to huge audiences. We work closely with governments and other stakeholders to build and develop these communities, and provide them with opportunities to improve their livelihoods and business opportunities. We are already partnered with banks including Orabank, ALEXBANK, TymeBank, First Bank Group, Access Bank Group, Kuda and many more, and are committed to increasing opportunities for individuals, banks and businesses through a collaborative approach.

How is Network International expanding its presence across Africa?
We have been operating in Africa for over 20 years across 40 countries and holding offices in the major markets of Egypt, Nigeria, Ghana and South Africa. We’re targeting continued growth, and are ambitious about growing our community processing over 979 million issuer transactions on 16+ million cards for over 200 financial institutions. Our goal is to enable financial inclusion to fulfil social development goals through our proven, diversified business model. We processed more than $42.8bn in payments in 2021, and have seen 33% growth in revenue year on year for Q1 of 2022. Key to this growth is the understanding that Africa is not one market, but many distinct ones. Our experienced team and local partners help deliver success in each of these markets, bringing unmatched expertise to our global technology offering.