Interswitch Advocates Inclusive Payment Systems for Africa’s Economic Transformation at CeBIH 2024

Interswitch, a leading player in Africa’s digital commerce and payments landscape, has reiterated its commitment to fostering inclusive payment systems as a catalyst for economic growth across the continent. This was the core message of Mitchell Elegbe, Founder and Group Managing Director of Interswitch, during his keynote address at the 2024 Committee of e-Business Industry Heads (CeBIH) Conference held at the Eko Convention Centre, Victoria Island, Lagos.

Elegbe’s keynote, titled “The Impact of Globalization and the Gig Economy on Inclusive Payment Systems in Nigeria,” underscored the role of collaborative efforts among businesses, governments, and fintech companies in achieving Nigeria’s full economic potential. He highlighted how seamless and adaptable payment systems can drive financial inclusion, creating economic opportunities for all sectors of society.

“The role of inclusive payment systems in Nigeria’s economic growth cannot be overstated,” Elegbe stated. “A collaborative approach involving businesses, workers, fintech companies, and the government will ensure that financial services are accessible to everyone, regardless of their location. This will create a financial ecosystem that supports growth, innovation, and inclusion across all sectors.”

The conference also featured a panel session titled “The Future of Cards,” where Vincent Ogbunude, Managing Director of Interswitch Paytoken (Verve), addressed the evolving nature of card payment systems. He noted the industry’s shift towards innovative solutions like tokenisation and biometrics, which are poised to redefine how consumers engage with payment platforms.

“The future of card schemes is evolving beyond the plastic we know today,” Ogbunude said. “At Verve, we are committed to delivering seamless and world-class solutions that ensure our infrastructure and security protocols adapt to these changes.”

Another key highlight was a presentation by Olubunmi Aina, Vice President, Sales and Account Management, Interswitch. Aina showcased the global acceptance of Verve cards on platforms like YouTube, Netflix, Google, and AliExpress. She also spotlighted Interswitch’s involvement in sectors such as transportation and healthcare, citing the Lagos SHIP initiative with the Lagos State Government as a prime example of innovative collaboration.

Interswitch, Nigeria’s first unicorn, continues to lead transformative initiatives, driving user-centric solutions that enhance everyday experiences. The company’s sponsorship of CeBIH 2024 underscores its dedication to building robust and inclusive payment ecosystems.

By championing strategic partnerships, advocating for progressive policies, and embracing cutting-edge technology, Interswitch remains committed to its vision of a prosperous Africa powered by seamless and inclusive commerce.