In Nigeria and the broader African continent, the digital payment sector is experiencing swift evolution, fuelled by the growing need for transaction methods that are efficient, secure, and easily accessible.
Both consumers and businesses are increasingly adopting these solutions, driving substantial growth in the sector and creating vast opportunities across Africa. One key factor attracting businesses is the continent’s rapid embrace of digital payments, which, according to Google, ranks among the fastest globally.
Africa also leads in mobile penetration growth, with 44 percent of the population owning a mobile device in 2018, and unique mobile subscribers expected to reach 634 million by 2025.
By 2019, Google reported that mobile payments in Africa had already become a $456 billion market, with 469 million user accounts.
In sub-Saharan Africa, over 60 percent of adults now hold mobile money accounts, revealing vast growth potential in nations considered ‘mobile money sleeping giants’ like Nigeria, Ethiopia, and Egypt.
In July, Nigerians conducted transactions totalling N89.5 trillion through electronic channels, according to the Nigeria Inter-Bank Settlement Systems (NIBSS). This marks an impressive 89 percent rise compared to the N47.4 trillion recorded in the same month last year.
Driving this transformation is the Central Bank of Nigeria’s National Financial Inclusion Strategy (NFIS), which targets a 95 percent financial inclusion rate by 2024. Initiatives such as the CBN’s cashless policy are accelerating the adoption of digital payments, revolutionising Nigeria’s financial ecosystem, and influencing broader regional trends.
Interswitch, one of Africa’s leading integrated digital payments and commerce companies, has disclosed plans to bring in new innovative payment solutions that will help tackle cross-border payment challenges and facilitate seamless digital payment.
The company revealed after the fourth edition of its groundbreaking TechConnect series that it is creating innovations driven by technology to put an end to these challenges in the coming years.
“The company revealed after the fourth edition of its groundbreaking TechConnect series that it is creating innovations driven by technology to put an end to these challenges in the coming years.”
The grand finale marked the culmination of an impactful journey across Enugu, Asaba, Abuja, Ibadan, and Lagos, epitomising Interswitch’s commitment to shaping the future of financial services in Africa.
Delivering his keynote address, Akeem Lawal, Managing Director, Payment Processing & Switching (Interswitch Purepay), highlighted the transformative potential of digital payment solutions.
He said, “At Interswitch, we are deeply committed to financial inclusion, recognising that digital payment solutions are pivotal in expanding access to underserved populations. By enabling broader participation in the economy, we believe we can create a rising tide that lifts all boats, empowering individuals, businesses, and financial institutions alike.
“Our focus is simple yet profound: to power a seamless, connected payment ecosystem across Africa, turning challenges in the payments landscape into opportunities for economic growth and shared prosperity.”
The series served as a platform for advancing high-level discussions on technology, innovation, and financial inclusion, fostering collaboration across the financial services ecosystem.
The Lagos finale featured a dynamic fireside chat-themed “Regulating New Technologies: Strategies for Innovation and Compliance, Harmonising Regulatory Frameworks, and Risk-Based Approaches.”
The panellists emphasised the critical role of collaboration between regulators and industry players in navigating the rapidly evolving technology landscape. They also highlighted the importance of designing regulatory frameworks that balance innovation with compliance to create a sustainable fintech ecosystem.
Two other thought-provoking panel sessions enriched the discussions at the event, offering diverse perspectives on critical industry topics. The first session, themed “Navigating the Future of Financial Services: Integrating Compliance, Technology, and Collaboration to Combat Fraud and Drive Growth,” focused on leveraging compliance, technology, and collaborative efforts to address fraud challenges while unlocking new growth opportunities.
The second session, themed “Building Financial Resilience: The Intersection of Commercial & Microfinance Banks, Fintechs, & OFIs in Fostering Growth within the Financial Services Sector,” explored strategies for fostering resilience and growth through synergy between financial institutions and fintechs.
In addition, awards were presented by Interswitch to Zenith Bank, Access Bank, First Bank, UBA, and Fidelity Bank in recognition of their exceptional performance and significant contributions to the financial ecosystem.
Moniepoint, Opay, Paystack, VFD Microfinance Bank, Lapo Microfinance Bank, and several others were also honoured for their impactful roles in advancing the sector.
At the Abuja event, Jonah Adams, Managing Director, Digital Infrastructure and Managed Services (Interswitch Systegra), who was represented by Thomas Eze, Head Sales, North, Interswitch, said: “The digital revolution we’re witnessing in financial services goes far beyond convenience; it’s a transformative shift that opens up new pathways for growth and innovation. He added:
“From streamlining transactions to enhancing customer experience, this wave of digital advancement is redefining how we engage, connect, and serve.
“At Interswitch, we see digitalisation as a powerful enabler that not only drives efficiency but also expands our ability to reach previously underserved communities, fostering a more inclusive and connected financial ecosystem across Nigeria.
“Our commitment is to harness this digital shift through partnerships, cutting-edge solutions, and platforms like TechConnect, where industry leaders can come together to chart the future of financial services. By embracing emerging technologies with a focus on accessibility and resilience, we aim to shape a financial landscape that empowers communities, supports growth, and sets the foundation for future generations to thrive.”
According to the company, the TechConnect series traversed Nigeria’s key financial hubs, showcasing the transformative power of technology and digital payments in promoting financial inclusion.
“At each stop, participants engaged in hands-on demonstrations of cutting-edge digital solutions, gaining practical insights into the tools and strategies redefining the financial services landscape.”
The series further highlighted Interswitch’s strategic vision of financial transformation, providing a platform for stakeholders to address challenges and opportunities in the sector.
The events reflected regional priorities while reinforcing the company’s overarching commitment to innovation and resilience across Nigeria.
“As the TechConnect 4.0 series concludes, it has not only left a lasting impact on Nigeria’s financial landscape but also set a clear direction for future initiatives aimed at integrating technology and financial services across Africa,” the company said.
Interswitch remains unwavering in its commitment to fostering partnerships, supporting innovation, and promoting financial inclusion to empower communities and drive economic growth.
Looking ahead, Interswitch continues to lead the charge in shaping the future of Africa’s financial ecosystem by delivering solutions that unlock potential, empower underserved populations, and create sustainable growth across the continent.
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