By Modupe Gbadeyanka
One of Africa’s leading integrated payments and digital commerce companies, Interswitch, has reinforced its commitment to advancing financial inclusion and innovation.
The firm sponsored the 2024 International Financial Inclusion Conference (IFIC) put together by the Central Bank of Nigeria (CBN) in collaboration with The World Bank, the Bankers’ Committee, and the Financial Inclusion Steering Committee.
From November 12 to 13, 2024, stakeholders in the financial sector converged on Landmark Event Centre, Lagos to deliberate on the theme, Inclusive Growth: Harnessing Inclusion for Economic Development.
During a plenary session titled New Frontiers in Innovation: Accelerating Digital Financial Services for Financial Inclusion and Development, the Managing Director for Payment Processing and Switching at Interswitch Purepay, Mr Akeem Lawal, underscored the transformative potential of public-private partnerships, emphasising that financial inclusion is essential to driving Nigeria’s economic prosperity.
He noted, however, that challenges such as limited access, inadequate infrastructure, identity barriers, and low literacy levels continue to hinder progress.
Addressing these issues, he stressed, requires innovative solutions bolstered by robust public-private collaborations.
Mr Lawal also shared valuable insights into how these partnerships can accelerate the adoption of digital financial services and enhance the Nigerian payment system, “For Interswitch, public-private partnerships have been instrumental in addressing industry challenges.”
“Years ago, we partnered with the Federal Inland Revenue Service (FIRS) to digitise tax collection, resolving significant revenue collection issues. More recently, we collaborated with the Lagos State Government to tackle critical healthcare challenges through the LAGSHIP initiative.
“These partnerships exemplify our dedication to leveraging innovation and collaboration to deliver sustainable solutions that drive financial inclusion and economic growth. We are committed to applying this model to future initiatives,” said Mr Lawal.
He added, “Public-private collaborations are essential to sustainable development. At Interswitch, we remain committed to leveraging technology to deliver secure, accessible, and affordable financial services that empower individuals and businesses across Africa.”
The plenary session further explored global best practices, success stories and actionable strategies to expand digital financial services, highlighting solutions to improve access for underserved populations.
The International Financial Inclusion Conference served as a critical platform for stakeholders to come together and align with a shared vision of fostering a more inclusive financial ecosystem.
Consequently, Interswitch showcased its unwavering commitment to driving financial empowerment and economic growth through innovation and technology.