Interswitch, one of Africa’s leading integrated payments and digital commerce companies, has emphasised the importance of advancing inclusive payment systems that seamlessly connect businesses, the workforce, and government to drive the Africa’s economic transformation. This was highlighted by Mitchell Elegbe, Founder and Group Managing Director, Interswitch, during his keynote address at the 2024 Committee of e-Business Industry Heads (CeBIH) Conference, held recently at the Eko Convention Centre, Victoria Island, Lagos.
In his address, titled “The Impact of Globalization and the Gig Economy on Inclusive Payment Systems in Nigeria,” Elegbe noted that while fintech companies have made significant progress in enhancing financial inclusion, Nigeria’s full economic potential can only be unlocked when all stakeholders, including businesses, government, and fintech innovators, work together.
He further emphasised the need to leverage their collective strengths to meet the evolving needs of Nigeria’s diverse and growing population through seamless, accessible, adaptable, and inclusive payment solutions. He said that such systems would drive widespread economic benefits.
“The role of inclusive payment systems in Nigeria’s economic growth cannot be overstated. A collaborative approach involving businesses, workers, fintech companies, and the government will ensure that financial services are accessible to everyone, regardless of their location. This will create a financial ecosystem that supports growth, innovation, and inclusion across all sectors,” Elegbe stated.
The conference featured a dynamic panel session titled “The Future of Cards,” where Vincent Ogbunude, Managing Director, Interswitch Paytoken (Verve), discussed the evolution of card payment systems. He stressed the need for innovation to stay ahead of market trends, particularly in areas such as tokenisation and biometrics.
According to Ogbunude: “The future of card schemes is evolving beyond the plastic we know today, moving towards tokenisation, biometrics, and other innovative payment methods. At Verve, we are committed to delivering seamless and world-class solutions that ensure our infrastructure and security protocols continue to adapt to these changes.”
The event also highlighted a presentation by Olubunmi Aina, Vice President, Sales and Account Management, Interswitch, showcasing Verve cards’ global acceptance across platforms like YouTube, Netflix, Google, and AliExpress. Aina also spotlighted Interswitch’s expansion into key sectors, including transportation and healthcare, citing the Lagos SHIP initiative with the Lagos State Government as a testament to the company’s innovative approach.
As Nigeria’s first unicorn, Interswitch continues to lead transformative changes across industries, creating user-centric solutions that enhance everyday experiences. The company’s sponsorship of CeBIH 2024 underscores its dedication to promoting robust payment ecosystems that empower individuals and businesses alike.
By forging strategic partnerships, advocating progressive policies, and championing technological advancement, Interswitch is steadfast in its vision of a prosperous Africa driven by the seamless exchange of value and commerce.
