Interswitch to Boost Cross-border Transactions with Digital Solutions

Emma Okonji

Interswitch, Africa’s integrated payments and digital commerce company, has emphasised the need for more innovative solutions to effectively address issues hindering the growth of intra-continental trade.

Managing Director, Payment Processing, Switching (Interswitch Purepay), Mr. Akeem Lawal, stated this during a panel session at the recently concluded 2023 Zenith Bank International Trade Seminar, which held at the Civic Centre, Victoria Island, Lagos.

Lawal noted that the prevailing issues limiting cross-border payments could be solved through advanced digital payment platforms that enable seamless intra-continental transactions.

He acknowledged the prevailing issues affecting cross-border payments, positing that existing infrastructure can be improved to create opportunities for businesses within Nigeria to transact with businesses beyond the borders of the country.

According to him, businesses can achieve greater strides by embracing digitization, adding that the opportunity cuts across private businesses, government parastatals and financial institutions.

“Digitisation is critical for designing platforms for Small and Medium Enterprises (SMEs) in the export business to enable them complete transactions successfully with little to no constraints,” Lawal said.

The seminar themed, “Nigerian Non-Oil Export Industry: The Present, The Future,” also identified the impact of Nigeria’s service industry, with a focus on the creative and technology sectors and their impact to the country’s development.

Speaking on the critical significance of these sectors, Lawal emphasised the need for fortified public- private partnerships to drive growth in Nigeria’s service industry, which has consistently played a substantial role in the country’s overall Gross Domestic Product (GDP). He noted that Nigeria was a high exporter of technological expertise and that a significant investment in technology-focused companies would augment the sector’s contribution to the economy.

In his welcome address, Group Managing Director/CEO, Zenith Bank Plc, Dr Ebenezer Onyeagwu, underscored the need for Nigeria to recognise its huge potential as a continental powerhouse, shifting its focus from oil products to non-oil commodities to derive value for the economy.