Collaboration Key to Growing Nigerian Financial Sector


To accelerate growth and deepen financial inclusion in Nigeria, it is imperative that players in the financial services industry, including banks, telecom operators and fintechs, collaborate to deliver innovative solutions and unique offerings to customers. Akeem Lawal, Managing Director of Interswitch Purepay made this known during the Nigerian Fintech Forum held recently at the Civic Center, Victoria Island, Lagos.

In his opening speech labeled “Building a partnership for growth, exploring the intersection of banks, Telecom and Fintech companiesLawal explained that the Nigerian financial sector has evolved tremendously over the years with customers shifting from transaction banking to adopting digital payment services.

He noted that despite the growth of the financial sector, customers yearn for more innovative and transparent payment solutions. Therefore, financial industry players need to work with each other to design cutting-edge solutions that meet customer needs and further strengthen the financial industry.

He said, “As a Principal Platinum Sponsor, we are delighted to sponsor the Nigeria Fintech Forum as we believe that a platform like this will provide an opportunity for critical players in the financial industry to engage and deliver solutions that will boost hence the growth of the financial sector.”.

He added : “At Interswitch, we will continue to design tailored solutions that meet the needs of each customer. Therefore, it is important that players in the financial sector, including banks, telecom operators and fintechs, leverage collaboration to deliver innovative and seamless solutions to customers. This is the only way to reach the 95% financial inclusion target by 2024”.

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Speaking at the panel discussion tagged “Regulating Nigeria’s Fintech Industry, Building Investor Confidence Without Stifling Growth“, Tyoyila Aga, Group Head, Financial Services Business at Interswitch, said it was important for industry players to work with regulators, stay abreast of new regulations and help boost compliance levels to grow the financial sector.

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He said, “At Interswitch, our approach to regulators is to work harmoniously with them and we have been doing so for two decades. It has helped us better understand the regulations and we urge other players to do the same to grow the industry..”

The Nigeria Fintech Forum has brought together thought leaders and high-profile figures across several industries including banks, telecom companies and fintechs.


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