Featuring experts in the business world, the panel session was moderated by Adaoha Njemanze, with Akintunde Marinho, CEO, Utopia Media Group; Debola Ajayi, COO, Circo; Ireayomide Oladunjoye, MD & CEO, Endeavor Nigeria; Joshua Chibueze, Co-Founder/CMO, Piggytech; Olasubomi Hassan, Executive Director of Operations; Oluwatoyin Inumidun Bakare, Executive Director, SAS Textiles Limited; and Dr. Oyinlola ‘Yetty’ Ogunnubi, CEO, The YD Company, as the panellists at the BusinessDay Top 100 Fastest Growing SMEs.

Dr. Oyinlola ‘Yetty’ Ogunnubi, CEO, The YD Company, with over 19 years of experience, emphasized the significance of strategy and partnerships in achieving sustainable growth. “For us, it’s more about strategy and partnerships. We work with lots of SMEs and look for partnerships that could make their dreams come to reality,” she explained.

Akintunde Marinho, CEO, Utopia Media Group, stressed the importance of human capital as the most critical resource. He highlighted the dedication required from individuals within the company, stating, “Human beings make the company not to fail. There are people that do not sleep to ensure a company doesn’t fail.”

Emphasizing the importance of understanding the Nigerian business context, Debola Ajayi, COO, Circo, said “Nigeria is one of the most unique places to do business. In dealing with human capital, understanding the context of your environment is very important for the success of a business”.

Oluwatoyin Inumidun Bakare, Executive Director, SAS Textile Limited, added insights into the significance of skilled manpower and financial management. “The most critical resource is skilled manpower. Your people must be passionate, and you must have excellent customer service. Also, financial management is crucial. Every receipt that you don’t record is not a transaction.”

The BusinessDay Top 100 Fastest Growing SMEs panel discussed the necessity of creativity, innovation, and thinking outside the box to succeed in Nigeria. “You will have to learn to be creative, innovative, and think out of the box. You have to have such an excellent spirit. Because you have to do that thing that will make you have such a unique value proposition,” shared Dr. Oyinlola ‘Yetty’ Ogunnubi.

“We learn to adapt. We’ve learned not to compromise and learn to maintain that excellent spirit and make sure we are adding value that they will not forget,” added Debola Ajayi, COO, Circo.

The panellists further highlighted the role of technology in optimizing business processes, explaining that technology helps optimize businesses, ensuring that customers feel the impact. ‘Technology just helps you optimize processes and improve delivery speed.’

“When you think about technology, it’s about looking at each functional area of your business and finding out how can I use technology to further control and better deploy the resources I’m using in this area of my business,” added Akintunde.

Addressing the challenge of ever-evolving regulations, the panellists, emphasized the importance of staying informed. “The first answer is to stay informed. Adequate knowledge of the regulatory framework in your business sector is important. Also, you cannot afford to be cheap about dealing with regulatory frameworks; it requires specialized knowledge”.

On retaining top talent in a competitive labor market, Debola Ajayi shared a unique approach. “I see them as valuable team members. So essentially, they don’t work full-time. But now we’ve retained them as part-time, once a week delivering this, and we’re good to go.”

“How you treat them is how they will go the extra mile. That expressive change is very, very important for us as an organization,” emphasized Dr. Oyinlola ‘Yetty’ Ogunnubi.

“Culture is very important. You have to have a culture as an organization. Quarterly engagements, treating staff as family, and doing something to make them feel like family, not just work, are crucial,” highlighted Oluwatoyin Inumidun Bakare, Executive Director, SAS Textile Limited.

The Panellists at the BusinessDay Top 100 Fastest Growing SMEs acknowledged that challenges differ across sectors, reiterating the need for adequate knowledge of the regulatory framework, while pointing out physical challenges related to Forex and tax in their industry.

“In this modern age of technology, realize that you can do your business over borders. Diversify into other portfolios, focus on personal development, and upgrade yourself constantly,” advised Ajayi.

“Personal development is essential. Upgrade yourself, focus on your core competence, provide excellent customer service, and make a positive impact on your community,” added Oluwatoyin Inumidun Bakare.

The recent BusinessDay Top 100 Fastest Growing SMEs event, themed “Accelerating Growth for SMEs in an Era of Uncertainty,” shed light on the strategies employed by thriving businesses. 

Tayo Fagbule, Editor at BusinessDay, representing Frank Aigbogun, the Publisher, welcomed the participants with an emphasis on the significance of SMEs in Nigeria. He noted that they contribute to about 90% of the country’s businesses, but face a challenging environment characterised by global uncertainties, rapid changes, and peculiar local realities. Fagbule encouraged participants to view the event as an “Olympics for entrepreneurship,” celebrating the resilience and achievements of SMEs.

The opening remarks were followed by the keynote speech delivered by Omolara Adewumi, who was represented by Adewumi Oni, the Acting Director of Finance and Corporate Services at Lagos State Employment Trust Fund (LSETF). Oni highlighted the role of SMEs in the Nigerian economy, providing 90% of jobs. He applauded the efforts of the BusinessDay Top 100 in recognising and celebrating these businesses.

Oni touched on the challenges faced by SMEs, particularly the impact of global events on the Nigerian business space. He highlighted inflation, the removal of subsidies, and geopolitical tensions as factors contributing to the uncertainty. Oni then outlined the role of LSETF in supporting SMEs through access to finance, capacity development, and market access programs.

LSETF’s access to finance program, providing affordable loans at 9% per annum, was emphasized as a critical support mechanism for micro, nano, and medium-sized businesses. Oni explained the importance of credit history building through LSETF’s financing, enabling SMEs to later access larger funds from traditional financial institutions.

He also detailed LSETF’s employability program, focusing on skills development for youths between 18 and 40. The tech startup program, offering mentorship and workspace support, aimed to foster innovation in the tech-driven business landscape. Oni highlighted the need for public-private collaboration to accelerate the growth of SMEs, acknowledging the importance of government policies and initiatives.

While discussing the challenges faced by businesses due to global events like the Russia-Ukraine war and geopolitical tensions, Oni stressed the necessity of collaborative efforts between the public and private sectors. He shared insights into the Ease of Doing Business initiatives at both state and federal levels, aimed at creating an enabling environment for businesses to thrive.

Oni concluded his address by expressing gratitude to BusinessDay for organizing the event and congratulating the recognised SMEs. He highlighted the importance of reflecting on the lessons learned from successful SMEs and encouraged participants to use those insights to contribute to Nigeria’s continued prosperity.

The BusinessDay Top 100 Fastest Growing SMEs first panel session, moderated by Satira Osemudiamen, brought together a distinguished group of panellists, each offering insights into the topic: Access to Finance/Sourcing and Raising Finance for SMEs.

They included Adewumi Oni, Ag. Director, Finance & Corporate Services, LSETF; Afolabi Emmanuel, Community Lead B2B, Peppa; Esther Obiekwe, Group Head, SME Banking, Fidelity Bank; Gloria Omereonye, Area Business Executive, Lagos Island 3; Linda Onyesoh, CEO, Milani Cosmetics Nigeria; Nneka Okekearu, Director, EDC, Pan-Atlantic University; Yvonne Ofodile, Managing Director, Zetile Oil & Gas Limited and Yonodu Okeugo, Commercial Leader, VFD Microfinance Bank.

The discussion commenced with an acknowledgement of the economic hardships faced by SMEs in Nigeria. The panellists shared their perspectives on the challenges arising from economic uncertainties. Capturing the essence, the panellists noted: “Nigeria has had a series of economic heartbreaks from issues like the failure period for subsidy, law rate increments, and more, affecting small and medium businesses.”

Adewumi Oni emphasized the importance of preparation before seeking funding. He stressed the significance of a well-detailed business plan, stating, “First, for any SME seeking funding, you must understand the business. Have a business plan that clearly outlines your purpose, capital requirements, expected income streams, and projections.”

Delving into the metrics considered by financial institutions when granting loans, Afolabi Emmanuel, Community Lead B2B, Peppa, highlighted the importance of understanding the structure of the business. “You want to ensure that businesses have a structure, separating personal expenses from business expenses. This includes having proper statements of account and a clear history,” he explained.

Esther Obiekwe, Group Head, SME Banking, Fidelity Bank, added that financial institutions consider the history of the business, especially in the nano and micro space where businesses may lack a credit history. She emphasized the need for due diligence to understand the business’s capacity.

The confusion surrounding different funding sources such as banks, angel investors, and crowdfunding was addressed by Yvonne Ofodile, Managing Director, Zetile Oil & Gas Limited. She stressed the importance of understanding the business’s stage and the type of financier being targeted: “You should be asking yourself, ‘What stage am I as an SME? What kind of financier am I trying to attract?'”

The panelists also explored the role of technology in helping SMEs access finance. Linda Onyesoh, CEO, Milani Cosmetics Nigeria, shared insights on how technology can simplify financial processes: “Using tools like PayPal, Google Sheets, and payroll software can streamline financial management. Even simple technology like Google Sheets can be highly effective.”

Yonodu Okeugo, Commercial Leader, VFD Microfinance Bank, emphasized the importance of technology education, stating that being tech-savvy is crucial for business success in the modern era. He cited examples of businesses using technology for invoicing, bookkeeping, and data analysis to enhance efficiency.

The role of accountants in aiding SMEs, especially those with a limited understanding of technology, was highlighted by Nneka Okekearu, Director, EDC, Pan-Atlantic University. She suggested a phased approach, encouraging SMEs to start by recording financial details and gradually incorporating technology with professional guidance.

The conversation took an interesting turn when a participant raised a question about advising SMEs on leveraging technology for financial bookkeeping. The response pointed to the importance of education in business success.

Linda Onyesoh shared a personal story about her father, emphasizing the indispensability of education. She stressed the need to educate individuals in the market, helping them see the possibilities within their businesses. The importance of business education for women and SMEs was emphasised, with a focus on empowering them to understand and navigate the financial sector effectively.

Esther Obiekwe reiterated this sentiment, highlighting the value of a structured approach to business education. She discussed their initiative, a three-month MBA program for grant recipients, ensuring that SMEs have a clear understanding of financial management before accessing funds.

The discussion touched upon the role of government policies in supporting SMEs. The panellists acknowledged the efforts made by organisations like LSETF and emphasized the need for policies that ease the business environment. Gloria Omereonye, Area Business Executive, Lagos Island 3, stressed the importance of the ease of doing business at both the state and federal levels.

The panellists gave practical advice for SMEs scaling funding challenges in Nigeria’s uncertain economic climate. The linkage of education and funding is a facilitator for sustainable business growth, pointing to the need for SMEs to invest in knowledge and technology for long-term success.

His focus was not on his company’s achievements, but on Nigeria and its potential to become a significant player in the global digital economy.

Other keynote speakers at the Forum included Dr. Akinwunmi Adesina, President of the African Development Bank, and Osagie Okunbor, CEO of Shell Nigeria.

Mupita’s presentation was a call to action, a blueprint for building a digital economy that could propel Nigeria to become the world’s 5th largest economy.

He highlighted the vast untapped potential in the digital economy, with Nigeria’s Internet Gross Domestic Product (iGDP) currently at 6% and expected to double by 2050 to reach 145 billion USD.

He noted that Africa currently accounts for only ~1% of the global digital economy, a stark contrast to 68% in the United States, 22% in China, and 27% in Asia.

This gap, he suggested, represents a significant opportunity for growth.

Commending the new administration under President Bola Ahmed Tinubu, who has indicated his commitment to promote the growth of ICT and the digital economy for the shared prosperity of all Nigerians, Mupita called on the government and business leaders to promote policies that facilitate inclusive growth.

He urged for a spectrum roadmap that ensures sufficient resources to meet the surging demand for mobile services.

He advocated for speedy access to mid-band spectrum, crucial for the future of low latency 5G, and access to sub-1 GHz spectrum to provide widespread rural mobile broadband services.

He also highlighted the digital skills gap in Nigeria and across the African continent, especially in advanced skills such as AI & cloud computing.

With an estimated 230 million “digital jobs” in Sub-Saharan Africa alone by 2030, Mupita emphasized the need for digital skills development to advance the digital economy.

“The potential is immense. The path is clear,” Mupita stated in concluding his presentation. “The future of Nigeria lies in its digital economy. And with strategic intent, collaborative effort, and a shared vision, that future is within reach.”

“In the face of global economic shifts and technological advancements, Nigeria stands at the precipice of a digital revolution. The country’s digital economy is poised to drive economic growth, create jobs, and foster innovation,” he added.

Mupita’s presentation was not just a corporate update; it was a rallying cry for Nigeria to seize the opportunities presented by the digital age. It was a call for collaboration between the government, the private sector, and the citizens to build a digital economy that is inclusive, sustainable, and powerful enough to propel Nigeria into the ranks of the world’s largest economies.

This vision for Nigeria’s digital future is not just a dream; it’s a feasible reality. With the right policies, strategic partnerships, and a commitment to digital inclusion, Nigeria can leverage its digital economy to drive sustainable growth and development. This is the future that Mupita sees for Nigeria, and it’s a future that is within our grasp.

The role of Nigeria’s business leaders in this transformation cannot be overstated. As key drivers of the economy, they have the power to shape the digital landscape of Nigeria. By investing in digital infrastructure, promoting digital literacy, and fostering a culture of innovation, they can help build a digital economy that is robust, inclusive, and sustainable.

In conclusion, Ralph Mupita’s presentation at the 2023 Businessday CEO forum was more than a corporate update; it was a vision of a brighter future for Nigeria. A future where digital technology drives economic growth, fosters innovation, and improves the lives of all Nigerians. It’s a future that we can all look forward to.

[Credit]

The session comprised experts in the field including Ayokunnumi Abraham, Head, SME Products & Segments, Union Bank; Mayowa Adeosun, Co-founder, Sycamore; Olufolake Ikumapayi, Head, SME Unit, LSETF; David Lanre Messan, Lead, FirstFounders; Oparinde Babatunde, Director, Special Projects, Yellow Card and Ekundayo Ayeni, CEO, Business Plus, USA.

The first focus pointed to the impact of the current economic environment on the overall lending appetite owing to the recurring changes, what lenders have done to restrategize and the steps or precautions these SMEs who have borrowed should take.

Responding to this, Ayokunnumi Abraham, Head, SME Products & Segments, Union Bank, said the current economic climate of Nigeria has not reduced lending appetite, but there has been a redistribution because some sectors of the economy are more impacted negatively than others. 

“Case in point is the issue of security,” he said. “What it has done is to move the need for resources from one area to another. So either reduced or decimated completely, people move and once they do, the need in the area increases.”

He pointed to a second opinion as inflation, which makes things really expensive compared to previous years. “What this does for the lender is that it creates opportunities to lend because now you need more money to buy the same quantity that you bought last year.”

“This also means that lenders have to relook how they do the lending because you have to stop lending to an area or sector and start lending more to another area or sector because of these impacts.

We need to first understand that a lot of the money given out by the lenders are not theirs and they have a responsibility to make sure that when the money goes out, it comes back to the owners. What I would say that lenders are looking at especially for MSMEs is that they have consistency and some level of predictability in cash flow.”

In the same vein, the issue of repayment by small businesses and how lenders respond to them was raised. How has this affected lenders’ ability to lend to these businesses?

Abraham said: “Back to the last point I made about predictability and consistency, the truth of the matter is that the work the small business owner has to do is a lot. What I mean by ‘the work’ is; outside of selling, most of them take up the role of the salesman, accountant, and others because they want to make themselves look good and attractive enough to attract funding. They can’t afford getting a freelancer to do the jobs, needless to say employing someone full time.

Back to the question, Banks are there for business. They cannot stop lending because somebody is not paying. From a loan portfolio standpoint, what the bank does is – if a particular sector or area in a state is notorious for non-repayment or very late repayment of loans, they simply reduce, or where necessary, shut down lending to that area, but will continue to give to other areas.

The impact of non-payment or late repayment of your own loan can affect access to funding by your neighbor.

Added to the above question, capacity building for the business owners also plays a key role and that’s what most lenders look for; how much do the business owners know about the lending space or how to run a business?  

Mayowa Adeosun, Co-founder, Sycamore explained that in terms of capacity building in relation to repayment, businesses also want to make relationships with people they believe at the end of the day, and it can be a sustainable business relationship. “So we want to build capacity, we want to see that businesses are thriving because if they do, they can see us as their financier and we continue to do business, it’s a win-win situation.

But the thing is that it’s quite difficult to pinpoint good customers or borrowers and what lenders are doing now is that they are putting lots of money into building algorithms and systems that can detect patenting trends. Historically, these were done by individuals behind the desk. Now, technology has been built to identify those patents and reduce the amount of time it takes to qualify an individual.

So as a small business, what you’re trying to do is position yourself so you can gain the algorithm. Once you’re given the approval, you now need to build a relationship with your bank or lender. That way you can build capacity and eventually, once you build that relationship, you can gain lots of benefits.”

On her part, Olufolake Ikumapayi, Head, SME Unit, LSETF, enlightened that when these same business owners are approached and asked what their major challenge is, over 70% will tell you funding. But on closer inspection when you’re having interactions with them, you realize that even when they have the money, sometimes, it’s not enough because they don’t have the capacity or skillset to manage those funds.

“So capacity building is very critical to every business person. Knowledge is a continuous process, there are new things that keep evolving, there are better ways to become efficient in running your business. You’d always have to keep learning more to be able to deliver more; you can’t give what you don’t have.

By improving yourself and your skillset, you get to deliver more and your clients are more satisfied.”

Giving a similar opinion, David Lanre Messan, Lead, FirstFounders, said: “For me, I always say that first, there are various options to getting funding for SMEs and looking at just lending is not the only option to get your business going. But then, it’s also important to note that your customer is your first source of revenue; you should have exhausted that option before you start to think about lending or taking money from investors.

Oftentimes, SMEs come to me and say ‘I need some amount of money,’ and I ask ‘what is your monthly recurring revenue at the moment?’ Let us be guaranteed that you’re even making money as you’re going to lend because you want to either scale your product or consolidate upon your product market theme.

So, the readiness to get that lending, investment or finance is important and that’s where I think capacity building should focus more on in terms of preparing businesses to be investor ready. How are you doing with your numbers? How are you traditionally working with your customers? Let us see that you have made a first effort in terms of getting your business to a certain point and then the banker can know that the metrics to which you can get funding exists within your books, and then, we can now give you money.”

What are the tools that lenders leverage to aid digitizing these businesses and helping them formalize their business?

“One of the important tools for formalizing businesses is licensing their registration,” Oparinde Babatunde, Director, Special Projects, Yellow Card highlighted.

“Getting the right licenses for your business is very important in getting funding. Another thing is access to business development services; as said earlier, it’s not just enough that you can run the business; do you understand the finance part of the business? How’s your marketing going? Can you take that marketing online? Do you have access to simple tools like Canva to create digital content and put them online? These are very crucial for formalizing businesses.

Another thing is financial literacy which is something we do at Yellow Card – We move from city to city, educating people about financial education. 

It’s not just enough that you’re able to access funds, are you able to manage these funds adequately? Do you understand what projecting is? Do you understand your customer segment? Do you know your customers you’re targeting? 

If a lender or borrower knows that these businesses understand these basic terms, it gives them that confidence, they see them as credit worthy and are able to offer them credits.

We also preach generally–move your business online because that would give you more traction and access to more people beyond your locality/region. An idea in one place can be a business in another place; you need to expand your reach.”

Ikumapayi further noted that in this aspect, it’s as little as even getting a business name. Many NMSMEs (Nano, Micro, Small and Medium-sized businesses) avoid wanting to register their businesses and it’s understandable, because of tax, especially Lagos State Employment Trust Fund will go after them.

“But I would like to quickly assure you that the benefits outweigh the disadvantages of not getting your business registered. If you have your business registered, it’s easy for banks and other social organizations to consider you for a loan.

We do give out loans to businesses that are not registered, that’s our micro enterprise channel, but of course the amount you can get is limited –N50,000 to N250,000. On the other hand, if your business is registered, you can get up to N5 million.

Even asides that, would you want to work with a business that’s not registered? You don’t know where to track them or how to trace them. Everyone feels endeared to working with a business that’s formally registered; it shows some level of seriousness and commitment. From there, you can also access other forms of financing, investments, angel investors and the likes.

As it relates to digital literacy, we encourage people to move from the traditional way of doing business to operating online because your customers are not necessarily in your immediate locations, you can find customers everywhere. 

We take Lagos State residents on training across several digital skillset to increase their capacity to be able to grow their business beyond the shores where they are operating.

Abraham joined in to say that: “At Union Bank, we understand that financial literacy and business literacy are key. There’s a difference between knowing how to bake and running a bakery. You need financial and business literacy to run the business.”

In reference to Messan’s point that your first source of funding are the people who buy from you, Abraham stated that another source of funding are the people who sell to you because what you then get is money at zero cost to be able to run your business and generate some income. At least, test your business and run it for some time before you start to look to borrow.

Union Bank organizes programmes to deal with these issues. As a business owner, it’s important to constantly pursue business literacy, negotiation skills are key here.

One of the simplest and most difficult things to do is to pass all your funds or 95% of your sales through the bank. If you are able to achieve that discipline, what you have done is to make anybody who is looking to invest money in your type of business to have an authentic source to validate your claims about how good your business is and you have some level of structure around your business. You’d be surprised what that step will do for you in terms of accessing funding for your business.

Messan also explained that beyond registering your business legally, it’s important for you to understand your business model. You need to at least have a pitch deck or a product scope that allows you to understand the type of product you’re taking into the market and the specific audience you’re trying to reach.

In formalizing your business, you have to look at the legal structure of your business, the accounting structure of the business where you get to do things like financial modeling. 

Financial modeling helps you understand the revenue channels that the business would have because if you don’t think and research it, you might not be able to know where to lay a lot of emphasis in terms of your revenue channels.

If you’re an accountant for example, apart from providing accounting services, there are other services that you would provide to your target market that they would need and you would probably not think of if you do not document it and have a session with those customers.

People think to get funding you just need your financial statements, but now, people are asking for financial models, the breakdown of your projections, revenue channels and where you have the biggest strength. That aside, as a business person, in formalizing your business, you need to also need to understand your operating model, the sought of operation that guides your business. In your operations, there’s cost and in identifying that operational cost, it allows you to know how much you’d need to consolidate upon the value chain within your business structure.

You also have the social end of it. If I want to invest in your business, I want to see that you have a website, you’re on social media and you the CEO or the key drivers of that business also have a presence online that I can make reference to. For people to invest in you or even give you money, they look at what we call the five Ts– Total Addressable Market, Team, Technology/Product, Traction and Terms: what have you committed to the business? All of these form part of the formalization process for your business. 

At the end of the day, your banking structure, accounting structure, legal, operational, social positioning structures, financial positioning as a company are all there, giving the company an integrity of survival. 

Ekundayo Ayeni, CEO, Business Plus, USA

On simplifying processes for small businesses, Ekundayo Ayeni said there are things that should be included in your metrics, one is the ability to get mentorship, a person who is able to prepare you and give you direction. Secondly, you should seek a way to make decisions carrying others along and having accurate documentation.

“Your problem is not money. Understand the process, get tutelage and exposure from experts.”

Ekanem concluded by saying the ability to digitize and formalize your business helps you to detach from the business, enabling you to become a person, while your business can exist on its own.

BusinessDay Media limited has announced the Lattice conference which the team described as unique because it focuses primarily on the change management issues that the telecom industry is grappling with.

The Lattice 2022 is set to provide insight about measures which stakeholders and players in the industry can take to thrive.

According to the organizers, it will focus on the telecommunication industry which is evolving and going through major transformation driven by changes in technology, customer behaviour, regulation and faced by growing competition.

The event, it is expected to identify ways in which decision-makers in the sector can position their organisations to thrive in the emerging business landscape.

Meanwhile, top Nigerian telecoms giants, ISPs, MNOs, CXOs, consultants, Regulators, Telecoms associations, OEMs, Cable solutions companies, IoT & Big data, embassies, Investors, business leaders and other critical stakeholders in the ecosystem of the telecommunications industry are expected to grace the conference and chart the course for the way forward in the Nigerian telecommunication space.

The theme of Lattice 2022 event is ‘On the verge: Prepping for Nigeria’s 2nd Telecom Revolution’.   

• June 30^th 2022
• Four Points by Sheraton, Victoria Island, Lagos.
• 10 a.m. 

Registration

You can find the registration link here. 

Sponsorship packages are available here.

Panel Topics:

• Presentation 2G to 5G: NCC and Telecoms Regulation in Nigeria (1992‑2022)
• Main Session Leaders in Conversation: Driving Nigeria’s digital economy
• Main Session Not so fast: The long road to 5G in Nigeria
• Main Session Yotta is the new bride: The emerging competitive dynamics of Africa’s data center landscape
• Breakout Playing hard to get: The state of customer Session engagement, and loyalty programs
• Breakout Show your Green ID: Telco infrastructure, Session networks and sustainability
• Breakout Collabo rules: The role of Hyperscale Cloud Solutions Providers, System Integrators, and Operations Technology (OT) in the edge computing ecosystem
• Breakout Q.E.D.: Optimal Solutions for the Last Session Mile Conundrum

Interswitch ‘s sponsorship of the conference stems from its focus on facilitating conversations around critical challenges facing digital payment in Africa, and aligning with platforms that proffer solutions and opportunities to tackle these challenges.

As a foremost player in Nigeria’s payment space, Interswitch continues to set the pace within the industry in solving payment issues by creating innovative products and features that provide a smooth, convenient, and easy experience.

The event is organised by BusinessDay Media Limited with stakeholders and experts across industries such as fintech, banking, law enforcement, among others, scheduled to be in audience.

Discussions will be centered on the evolution of payment technology, as speakers will reflect on existing payment trends and attendant fraud issues, while also deliberating on relevant solutions.

Commenting on the sponsorship, Akeem Lawal, Managing Director, Payment Processing & Switching (Interswitch Purepay), noted that the conference was a crucial one, as it encouraged collaboration among institutions in the public and private sector to fight the growing level of fraud in the digital payment space.

According to him “For the growth and development of the payments ecosystem, it is essential that conferences such as this are organised as a way of encouraging players to develop solutions that tackle current challenges. This informed Interswitch’s decision to actively support the conference being organized by BusinessDay Media.

“Over the years, we have witnessed an evolution within the payment space; from a cash-based system to the card-based payment system that has, itself, undergone various stages of evolution. Interswitch is excited about the future of payments as we continue to push the boundaries of technology to deliver cutting-edge solutions.” Representatives of regulatory bodies, anti-fraud agencies, the Central Bank of Nigeria (CBN), Nigeria Inter-Bank Settlement System Plc (NIBSS), fintech firms, Association of Licensed Mobile Payment Operators of Nigeria and the Economic and Financial Crimes Commission (EFCC), among others, are expected to be present at the conference.