Mr. Niyi Toluwalope, the managing director/chief executive officer, eTranzact International, has emphasised urgent need for collaboration to boost inefficiency of epayment system.
He spoke during the 2024 Annual Conference of CeBIH (Committee of e-Business Industry Heads)’, with the theme, ‘Payment system 2030: Navigating contemporary issues in driving future growth’ in Lagos, recently.
Toluwalope underscored that collaboration can drive innovation and growth, especially as the consumer landscape evolves towards a younger demographic.
He said,
“So what we see in the future is the situation where things are no longer a silo, we have a lot of efficiencies based on interconnected systems people leverage on.
“Nobody is duplicating the roles; We are not reinventing the wheels. You can leverage what has been established already and build on that. For me, I think that is the future; That is what we need to adopt, and that is how to grow.”
Toluwalope further stressed that Nigeria leads in population but ranks lower in bank and payment penetration compared to South Africa and Kenya.
He emphasised that key factors driving growth include active regulatory engagement and innovative FinTech solutions, citing that inadequate infrastructure and compliance issues remain critical hurdles.
The MD added, “It’s a regulatory compliance, you cannot regulate compliance requirements, you cannot avoid it, but at the same time, it must be seamless, quick and fast.
“So digitising onboarding is one of the things we believe that’s helped payment and payment systems adoption over the last couple of years and we are expecting things to even be further simplified to make this better.”
During the event, eTranzact made a presentation on its products such as Switchit which offers modularity that accelerates financial service adoption through standalone modules, funds transfer, bulk payment and bill payment, as well as direct payment.
It presented the eTranzact CorporatePay (CPay) which allows organisations to automatically handle payment of salaries and payment to third parties with the various levels of authorizations, and approvals incorporated into the payment progress.
The Credo which the company presented at the event is an innovative multi-channel platform that empowers businesses of all sizes to conduct business and accept payments seamlessly across various touch points.
Akinyemi Ajigbotafe, the commissioner for Wealth Creation & Employment, Lagos State, speaking on the theme said,
“The collaborative approach to wealth creation and financial inclusion is a subject which touches the very heart of our government’s commitment to reducing poverty and fostering economic growth.”
Mrs Abidemi Asunmo, the vice chairman, CeBIH, appreciated the support of all its partners and stakeholders present at the conference.
