CBN Advocates Collaboration To Grow Payments Ecosystem

The Central Bank of Nigeria (CBN) has called for collaboration to grow payments ecosystem in a bid to deepen and stimulate the growth of digital payment in Nigeria.

This was stated at the recently-concluded Interswitch Group two-day event tagged ‘Collaborating for Industry Growth and Profitability’. The 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 will spur growth and economic prosperity.

The experts also noted that players in the financial space need to synergise to explore avenues for mutual growth which will 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 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.

Director, Payment System Management Department, CBN, Jimoh Musa, said the apex bank’s responsibility as a regulator is to create an enabling environment where all the entrants can thrive and compete healthily.

“We understudy all the interoperable operations of each technology company, and all the participants generally. And from time to time, we bring all these entities together to dialogue to enable us to decide what the best industry practice is in relation to Nigeria’s payment ecosystem,” he said.

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.

He said: “Interswitch is committed to partnering with stakeholders to continuously drive financial inclusion through its innovative products and solutions. These products reaffirm the company’s continued drive to improving Nigeria’s digital payments landscape through innovation and the development of first-rate solutions and infrastructure that address pressing needs in the payments ecosystem.”

Lawal further said Interswitch will continue to enter partnerships that will not only simplify payments, but also drive prosperity across the continent.

The panelists noted that partnerships will allow players increase revenue and grow faster, avail them opportunities to leverage one another’s infrastructure, drive financial inclusion and build a robust ecosystem.

The panelists also urged players to collaborate more to provide quality service for the end users to enhance growth and more opportunities.