Web Manager
The Managing Director for Payment Processing and Switching at Interswitch, Akeem Lawal, has identified Africa’s rigid border systems, lack of unified currency, and limited digital literacy as significant barriers to the growth of digital technology and businesses across the continent.
Speaking at the Interswitch Techconnect 4.0 event in Lagos on Thursday, Lawal emphasized that these challenges make cross-border trade and digital business operations cumbersome.
Cross-Border and Currency Challenges
Lawal highlighted the complexities of conducting business across African borders, citing issues with currency exchange, fragmented payment infrastructure, and inadequate digital literacy as obstacles to seamless operations.
“Today, if you want to do business across Africa, it is difficult. You have to deal with currency issues, payment system infrastructure, and lack of digital literacy,” he said, expressing optimism that advancements in technology could resolve many of these challenges within the next two to three years.
Tackling Fraud in the Digital Space
Fraud remains a global issue, according to Lawal, and the digital ecosystem in Nigeria and Africa is not immune. However, he pointed to Interswitch’s multipronged approach to mitigating fraud:
- Education: Through initiatives like the Techconnect series, Interswitch educates customers on safeguarding their platforms and users against fraud.
- Customer Onboarding: Implementing robust Know Your Customer (KYC) compliance measures to identify and exclude high-risk customers.
- Technology Adoption: Leveraging technology to detect, prevent, and resolve fraud-related issues.
“The first step is education—helping customers protect themselves. Then, in onboarding, identifying risky customers ensures they don’t get into the system. Technology is also critical in tackling fraud effectively,” Lawal noted.
Continuous Feedback and Improvement
Lawal emphasized the importance of feedback in refining Interswitch’s operations. “The Interswitch Techconnect series has relied on feedback mechanisms to improve our services, ensuring we deliver better and more efficient solutions to our customers,” he said.
Looking Forward
Lawal expressed confidence in technology’s role in addressing Africa’s digital and cross-border challenges, reaffirming Interswitch’s commitment to driving innovation and fostering growth in the digital ecosystem.
