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The deployment of more biometric technologies by banks and other financial institutions will reduce the incidence of e-fraud, Managing Director, Payment Processing & Switching (Interswitch Purepay), Akeem Lawal has said.
Speaking during a media parley in Lagos at the weekend, he said that biometric technology reduces human interaction in the payment space and protects customers’ transactions.
He said the Interswitch’s objective is to train more Africans to create innovative solutions to tackle the various plagues on the continent.
He said Interswitch is using the ‘catch-them-young’ approach through its Switch-a-Future initiative that birthed the InterswitchSPAK National Science Competition aimed at driving interest in STEM (Science, Technology, Engineering, and Mathematics) among young Africans, who are poised to bring about change to the continent.
The payments company highlighted the role its various platforms such as Verve, Quickteller, Quickteller Paypoint, Interswitch Payment Gateway and API Marketplace, among others, play across ecosystems, including health, payment, lending, transportation, and e-commerce.
The payments provider gave clearer perspectives on the platforms’ individual functionalities and future projections, while also inviting questions from the guests.
Group Chief Marketing and Communications Officer, Interswitch Limited, Cherry Eromosele, described Interswitch as a strategic enabler of the African fintech ecosystem, recognising its crucial responsibility in sustaining businesses through its payments infrastructure leveraged by players across sectors of the economy.
She added: “In support of our mission to inspire Africa to greatness, Interswitch Group has continued to push the boundaries of innovation to deliver payment solutions that enable commerce across Africa.
“In keeping with this goal, we have taken the role of an enabler in the Nigerian Fintech ecosystem, a duty we have accepted with a deep sense of responsibility, fully realising that several of our platforms form the framework on which many players in the ecosystem have built their offerings.
“While we remain focused on this goal, we cannot underestimate the key role you (the media) play as our partners, actively supporting and helping to frame our narratives in the minds of our customers and the public.”
During the session, Group Head, Growth Marketing, Merchants and Ecosystems, Interswitch, Olawale Akanbi, noted that his organisation’s major goal is to improve the narrative of the infrastructural demerits of living in Africa, using solutions developed in Africa to address local challenges.
Other top executives in Interswitch Group, including Vincent Ogbunude, managing director, Payment Tokens (Verve); Muyiwa Asagba, managing director, Digital Commerce & Merchant Acquiring (Interswitch Paymate); and Titilola Shogaolu, managing director, Interswitch Financial Inclusion Services (Inclusion), restated the company’s resolve to stimulate prosperity not only in Nigeria, but also across the continent.
The Interswitch executives reaffirmed the firm’s its commitment to pushing the boundaries of payment across the continent, with faster and safer payments.