The Central Bank of Nigeria (CBN) in collaboration with Interswitch Group and other stakeholders in the finance industry held a two-day event tagged ‘Collaborating for Industry Growth and Profitability’ with sole purpose of how to strengthen the digital payment ecosystem and position Nigeria as a force to reckon with on the global payment landscape.
The industry leaders, drawn from banks, fintechs, micro-finance banks, telcos and other financial institutions resolve that designing innovative financial products which speak to the needs of customers will spur growth and economic prosperity.
They also observed that players in the financial space need to synergise to explore avenues for mutual growth which will in turn create a robust payment ecosystem.
In the course of the two-day event, Interswitch officially unveiled eight new products designed to address prevailing issues within the payment ecosystem, enhance business development and boost customer experience.
The 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 tailored to provide seamless payment solution to banks, fintechs, micro-finance banks, other financial institutions and their customers. Essentially, these products will help to improve the digital payment solutions that financial institutions offer to their customers.
Critical pain points the products will be solving include protecting customers against digital payment fraud, effective value financing tools for lenders, seamless integration to payment channels, enhanced customer experience etc.
Akeem Lawal, Managing Director, Interswitch Purepay, while speaking during the panel session, said players in the payment industry must collaborate to provide opportunities to co-create solutions that make digital payment safer and further drive profitability.
