Interswitch Retail Summit charts path to profitable, digital-driven retail

Interswitch has brought Nigeria’s retail industry into sharp focus, as it convened top stakeholders to tackle rising costs, payment challenges, and the urgent need for innovation across the sector.

At its recent Retail Summit held in Lagos, the digital payments company gathered business leaders, analysts, and retail operators to discuss how technology and collaboration can unlock growth in an increasingly complex market.

With the theme, “The Modern Retail Playbook: What Works, What’s Changing, What’s Next?”, the event went beyond theory, focusing on practical solutions to improve efficiency, boost profitability, and help businesses adapt to changing consumer demands.

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Retailers across Nigeria are currently dealing with tight profit margins, inconsistent payment systems, and a shift in how customers shop. From physical stores to online platforms, consumers now expect fast, secure, and seamless transactions. This shift, speakers noted, is forcing businesses to rethink their models.

Osasere Atohenghe, vice president of sales and account management at Interswitch, said the industry is at a turning point where collaboration is no longer optional.

“We are at a defining moment for the retail industry, where consumer expectations are evolving at an unprecedented pace. Today’s customers expect speed, reliability, security, and seamless experiences across every touchpoint, whether physical or digital. At Interswitch, we see this as an opportunity to bring stakeholders together to move beyond identifying challenges, towards sharing practical insights and collaborating on solutions that can drive real impact across the ecosystem,” Atohenghe said.

Chidi Okoro, faculty member, Lagos Business School and founder/executive business consultant, highlighted the critical role of innovation in shaping the future of retail, particularly at the intersection of physical and digital commerce.

“The retail ecosystem must evolve with purpose. We are seeing a clear convergence between digital and physical retail channels, and businesses must intentionally design models that reflect this reality. It is about enabling seamless customer access, making better use of data, and strengthening inventory intelligence. Importantly, innovation does not happen in isolation, it requires sustained investment in systems, resources, and capability,” he noted.

Reflecting on the broader implications for the industry, Olawale Akanbi, group head, growth marketing, Interswitch, emphasised that the true value of the forum lies in how insights shared are translated into tangible business outcomes across the retail ecosystem.

He said: “What we have seen today goes beyond conversation, it reflects a shared commitment to moving the retail industry forward. The real impact will be measured by what happens next: how businesses refine their strategies, adopt new technologies, and build partnerships that drive growth. At Interswitch, we remain committed to supporting this journey by enabling solutions that improve efficiency, enhance customer experiences, and unlock new opportunities.”

From a market intelligence perspective, David Emeh, head of business development, West Africa, NIQ, highlighted the need for increased investment across the retail value chain to drive improved business outcomes.
“Greater investment is required across the retail value chain, from payment processing and collections to inventory systems, customer data infrastructure, and retail financing. Retailers need access to structured data that supports deeper customer insights, improves decision-making, and ultimately drives efficiency and profitability,” he said.

The summit also explored how integrated payment solutions can reduce checkout friction, simplify reconciliation processes, and improve revenue retention, key drivers of resilience and competitiveness in today’s retail environment. Participants engaged in interactive sessions where real business challenges were discussed, with industry experts offering practical, actionable solutions tailored to the realities of the Nigerian market.

Another key focus was the role of integrated payment systems in improving business performance. Experts explained that efficient payment solutions can reduce delays at checkout, simplify financial reconciliation, and help businesses retain more revenue.

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To demonstrate this, Interswitch showcased its technology solutions, including tools for digital promotions and seamless integration with retail checkout systems. These innovations are designed to help businesses operate more efficiently while improving customer satisfaction.

The summit also created space for direct engagement between retailers and solution providers. Through interactive sessions, participants discussed real business challenges and explored practical ways to address them within the Nigerian context.

As Nigeria’s retail sector continues to evolve, industry leaders agree that success will depend on the ability to adapt quickly, invest wisely, and collaborate effectively.

With platforms like the Interswitch Retail Summit, stakeholders are not only identifying challenges but also building the partnerships and strategies needed to drive sustainable growth in the years ahead.