Interswitch seeks to deepen options in Nigeria’s payments space

Interswitch, a leading payments processing company in Nigeria, is making strides in the digital payment space with its new offering, Quickteller Business, aimed at supporting small and medium-sized enterprises (SMEs). Akeem Lawal, Divisional CEO for Payments Processing at Interswitch, joined CNBC Africa to discuss the company's innovative solution and the growing opportunities in Nigeria's payments industry. Lawal highlighted the increasing adoption of digital technology by both individuals and companies, emphasizing the importance of enabling small businesses to thrive in a digital economy. Quickteller Business was developed in response to the challenges faced by SMEs during the COVID-19 pandemic, providing a platform for businesses of all sizes to transition online seamlessly. The solution eliminates the need for complex technology or infrastructure, allowing businesses to reach a wider audience and drive economic activity within their communities. Lawal acknowledged that while online solutions are becoming more prevalent, there is still a significant market segment that relies on USSD technology for transactions. Quickteller Business aims to bridge this gap by empowering small businesses to connect with a larger consumer base through Interswitch's established platform. By leveraging the company's consumer community, small merchants can expand their market reach without the burden of building their own technology capabilities. The FinTech landscape in Nigeria has been witnessing considerable growth, with InterSwitch and other digital banks attracting investments to fuel innovation. Lawal highlighted the industry's impressive compound annual growth rate of 104% since 2012, indicating a positive outlook for the payments sector. He underscored InterSwitch's commitment to driving industry development through strategic investments, particularly in FinTech solutions that cater to the unique needs of the Nigerian market. With a focus on cutting-edge technology and tailored solutions, Interswitch is poised to shape the future of payments in Nigeria and contribute to the country's digital transformation.