Collaboration key to growth of 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 keynote address marked “Building a partnership for growth, exploring the intersection of banks, telecommunications companies and Fintech companies” Lawal explained that the Nigerian financial sector has evolved tremendously over the years with customers shifting from transaction banking to adopting digital payment services.

L/R; Anant Rao, Group Head, Consumer Credit, United Bank for Africa (UBA); Akeem Lawal, Managing Director, Interswitch Purepay and Ogazi Chikwendu, Group Head of Data and Analytics, Fidelity Bank at the Nigeria Fintech Forum powered by Interswitch Group and, held at the Civic Centre, on the Victoria Island, last Wednesday

He noted that despite the growth of the financial sector, customers are yearning 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 to propose solutions which will consequently stimulate 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 financial inclusion target of 95% by 2024”.

Speaking at the panel discussion titled “Regulating Nigeria’s Fintech Industry, Boosting Investor Confidence Without Stifling Growth,” Tyoyila Aga, Group Head, Financial Services at Interswitch, said it was important that Industry players collaborate with regulators, keep abreast of new regulations and help boost compliance levels to grow the financial sector.

He said: “At Interswitch, our approach to regulators is to work harmoniously with them and that’s what we’ve been doing for two decades. This 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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