Interswitch: 5G Will Enhance Rollout of Payment Solutions in Nigeria
Emma Okonji
Following last week’s launch of 5G technology in Nigeria by MTN Nigeria Plc, Interswitch, a technology-driven company focused on the digitisation of payments in Nigeria and other African countries, has said the launch of 5G in Nigeria will speed up the rollout of more digital payment solutions across the country.
Managing Director, Payment Processing and Switching at Interswitch, Mr. Akeem Lawal, said this in Lagos, during a press briefing to announce the 20th anniversary of Interswitch and the launch of its anniversary logo. Lawal who expressed excitement over the launch of 5G in Nigeria, said it would allow digital payment solution providers like Interswitch to speed up the rollout of more payment solutions, using emerging technologies like Artificial Intelligence (AI), Internet of Things (IoTs), Robotics, among others.
Addressing the issue of financial fraud across various platforms, the Founder and Group CEO of Interswitch, Mr. Mitchell Elegbe, said when Interswitch designed and launched its open infrastructure 20 years ago to address payment challenges and access to cash, he knew that the platform would also open avenues for financial fraud because fraudsters would always take advantage of good platforms to attack in order to steal money. He however said Interswict had always been ahead of hackers, by providing adequate protection for customers’ savings, using emerging technologies.
Managing Director, Digital Infrastructure and Managed Services at Interswitch, Jonah Adams, said Interswitch had always invested in research of new security solutions to protect customers, banks, organisations and individuals. “We have partnered with the best security solution company in the United Kingdom (UK) to develop the best-in-class security platform that will serve banks, merchants and individuals, which will be launched soon,” Adams said.
Speaking about the anniversary logo tagged, “#NeverStop Brand Campaign,” Elegbe said the new brand campaign would project its positioning as a pioneering and integral enabler that has not only actively supported the growth and development of fintech and payments across Africa over the last 20 years, but also to amplify the brand’s progressive outlook as a frontier-driving company, which keeps pushing boundaries and facilitating the creation of new ecosystems that help businesses and individuals scale and thrive, in line with its purpose of inspiring Africa to greatness through innovation, value-creation and excellence.
According to Elegbe, the runway for growth remains significant as over 50 per cent of Nigeria is still unbanked or underbanked and 85 per cent of transactions in sub-Saharan African still occur in cash.
He said: “Today, technology is at the forefront of society and will continue to play a significant role in how we work and live. Nigeria is fast becoming the tech-capital of Africa, with one of the fastest growing tech markets in the world. Interswitch has always been focused on the bigger picture, with the understanding that ‘going it alone’ is not the answer, and that we do better by working together.”
Executive Vice-President for Group Marketing and Communications at Interswitch, Cherry Eromosele said: “Anniversaries not only give the chance to celebrate how far we have come in our journey but also provide the opportunity to stop, reflect and launch out again with fresh passion, a renewed zeal and a clearer vision. This is what underpins the philosophy that has given rise to #NeverStop. As we look ahead, we see enormous potential for future growth and the furthering of our vision.”
