Interswitch Champions Data-Driven Innovation For Africa’s Payment Ecosystem

Interswitch, one of Africa’s leading integrated payments and digital commerce companies, consistently drives data-driven innovation to transform Africa’s payment landscape and foster sustainable growth across the continent.

This commitment was underscored by Akeem Lawal, Managing Director of Payment Processing and Switching (Interswitch Purepay), during his keynote address at the RegTech Africa Conference which held last weekend at the Oriental Hotel in Lagos, Nigeria.

Interswitch participated as a sponsor of the two-day event which drew key stakeholders from across the financial services and regulatory technology industries amongst others. In his address titled “Harnessing Partnerships for Africa’s Prosperity: Bridging the Data Gap,” Lawal emphasised the importance of leveraging Africa’s data resources to unlock economic potential and deliver world-class financial products to customers.

With Africa’s population surpassing 1.4 billion and a rapidly increasing internet and mobile penetration rate, he reiterated that the continent holds immense potential for economic growth through data utilisation.

Lawal called for the harmonisation of data regulations and policies across African nations, akin to the European Union’s General Data Protection Regulation (GDPR).

He argued that a unified regulatory framework would enable Africa to fully harness its vast data resources, bridging the data gap and driving economic prosperity.

“Africa’s future prosperity hinges on our ability to harness the power of data,” Lawal stated.

“At Interswitch, we have created value by bridging the data gap and powering financial inclusion to the last mile via our Quickteller platform. Quickteller serves as a vital conduit, connecting lenders and borrowers and facilitating access to financial services for all. Moreover, our fraud prevention products, such as ‘Interswitch Security-as-a-Service,’ ensure secure transactions and safeguard customer data and funds.”

Lawal also highlighted the need for businesses in Africa to prioritise investments in data infrastructure, including the development of data centers, to establish digital sovereignty.

He advocated for more private-public collaborations to ensure data collection and product development are tailored to meet the specific needs of African customers while protecting them from digital payment fraud.

During the awards ceremony which took place at the end of the two-day conference, Interswitch was awarded the Outstanding Contribution to Payment Innovation Award (Technology Leadership Category) in recognition of the company’s extensive efforts in boosting the payment industry in Nigeria and beyond.

Interswitch remains dedicated to advancing Africa’s payment ecosystem through innovative, data-driven solutions.

By fostering financial inclusion and ensuring safe and secure transactions, Interswitch is helping to shape the continent’s digital future and pave the way for widespread prosperity.

Events like the RegTech Africa Conference provide Interswitch and other industry leaders with a platform to engage with other key stakeholders, share invaluable insights, and derive strategies to drive the growth of the payment ecosystem.