CBN, Interswitch Harp on Collaborative Innovation at TechConnect 2.0

Emma Okonji

Interswitch Group, Africa’s integrated digital payment and e-commerce company, and the Central Bank of Nigeria (CBN), have stressed the need for collaborative innovation that would further drive the Nigerian payment industry ecosystem.

They made the assertion at a two-day technology event organised by Interswitch, tagged ‘Collaborating for Industry Growth and Profitability,’ where industry players gathered to discuss 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, reached the resolve that designing innovative financial products which speak to the needs of customers would spur growth and economic prosperity.

The experts also noted that players in the financial space needed to synergise to explore avenues for mutual growth that would in turn create a robust payment ecosystem.

During 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 ustomer 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; Biometrics on POS and Value Financing.

The products are tailored to provide seamless payment solution to banks, fintechs, micro-finance banks, other financial institutions and their customers. They are designed to help 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, among others.

Speaking during the panel session, Managing Director, Interswitch Purepay, Akeem Lawal,, said players in the payment industry must collaborate to provide opportunities to co-create solutions that make digital payment safer and further drive profitability.