Interswitch has said the issues limiting cross-border payments can be addressed through advanced digital payment platforms that enable seamless intra-continental transactions.
The firm stated that there was a need for more innovative solutions to effectively tackle issues hindering the growth of intra-continental trade.
Speaking during a panel session at the recently concluded 2023 Zenith Bank International Trade Seminar, the Managing Director of Payment Processing and Switching (Interswitch Purepay), Akeem Lawal, acknowledged the prevailing issues limiting cross-border payments.
He noted that the existing infrastructure could be improved to create opportunities for businesses within Nigeria to transact with businesses beyond the borders of the country.
He said, “Businesses can achieve greater strides by embracing digitisation. This opportunity cuts across private businesses, government parastatals, and financial institutions.
“Digitisation is critical for designing platforms for Small and Medium Enterprises in the export business, to enable them to complete transactions successfully with little to no constraints.”
Lawal also spoke on the significance of the creative and technology sectors, emphasising the need for fortified public-private partnerships to drive growth in Nigeria’s service industry.
He noted that the country was a high exporter of technological expertise and that a significant investment in technology-focused companies would augment the sector’s contribution to the economy.
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