CBN advocates collaboration to grow the payments ecosystem


By Adedapo Adesanya

The Central Bank of Nigeria (CBN) is working to strengthen the digital payments ecosystem and firmly position Nigeria on the global payments landscape with more collaboration.

This is in line with its commitment to deepen and drive the growth of digital payment in Nigeria and beyond.

It was the crux of a two-day event marked Collaborate for industry growth and profitability hosted by integrated digital payments and e-commerce company, Interswitch Group, where industry players gathered to discuss how to strengthen the ecosystem.

Industry leaders from banks, fintechs, microfinance banks, telcos and other financial institutions have resolved that designing innovative financial products that meet customer needs will drive growth and economic prosperity.

Experts also noted that players in the financial space need to synergize to explore avenues for mutual growth, which will in turn create a robust payment ecosystem.

Speaking at the event, Mr. Jimoh Musa, Director, Payment System Management Department, CBN, said the lender’s responsibility as a regulator is to create an enabling environment where all participants can thrive and compete healthily.

“We study all the interoperable operations of each technology company and all participants in general. And from time to time, we bring all these entities together for dialogue to enable us to decide what is the best industry practice in relation to Nigeria’s payment ecosystem.

During the two-day event, Interswitch officially unveiled eight new products designed to address current issues within the payments ecosystem, improve business development and improve customer experience.

Products include Fintech in a box; Fraud Solution as a Service (FSAAS); Banking as a service; payment as a service; Interswitch Security-as-a-Service; Mobile Banking-as-a-Service and Biometrics on POS and Value financing.

These products are designed to provide seamless payment solutions to banks, fintechs, micro-finance banks, other financial institutions and their customers. Essentially, these products will help improve the digital payment solutions that financial institutions offer their customers.

The pain points that the products will solve include protecting customers against digital payment fraud, efficient financing tools for lenders, seamless integration with payment channels, improved customer experience, and more.

Speaking at the roundtable, Mr. Akeem Lawal, Managing Director of Interswitch Purepay, said that players in the payments industry must collaborate to provide opportunities to co-create solutions that make digital payment safer and further boost profitability.

He said, “Interswitch is committed to partnering with stakeholders to continuously drive financial inclusion through its innovative products and solutions. These products reaffirm the company’s continued commitment to improving the digital payments landscape in Nigeria through innovation and the development of best-in-class solutions and infrastructure that meet the pressing needs of the payments ecosystem.”

Mr. Lawal further stated that Interswitch will continue to enter into partnerships that will not only simplify payments but also drive prosperity across the continent.

Panelists noted that partnerships would allow players to increase revenue and grow faster, give them the opportunity to leverage each other’s infrastructure, drive financial inclusion, and build a strong ecosystem. , urging players to collaborate more to provide quality service to end users to enhance growth and more opportunities.


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