The Managing Director of Payment Processing and Switching at Interswitch, Akeem Lawal, has identified rigid borders and the lack of a unified currency as significant obstacles to the growth of digital technology and businesses across Africa.
Speaking at the Interswitch Techconnect 4.0 event in Lagos, Lawal explained that these challenges hinder seamless business operations and economic integration on the continent.
“Today, if you want to do business across Africa, it is difficult. You have to deal with currency issues, payment system infrastructure, and the lack of digital literacy,” he said.
However, Lawal expressed optimism, stating that technological advancements could address these issues within the next two to three years.
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He also highlighted fraud as a global challenge impacting the digital ecosystem, adding that Interswitch has implemented strategies to mitigate its effects.
“Fraud is not peculiar to Nigeria alone. At Interswitch, we tackle this through three key pillars: education, onboarding solutions, and adopting advanced fraud detection technology. These efforts are aimed at protecting both our customers and their clients,” he noted.
Lawal emphasized the importance of collaboration and innovation to overcome these barriers, stating that the Interswitch Techconnect series serves as a platform to gather feedback and improve services for businesses.
The event reinforced Interswitch’s commitment to empowering businesses through technology-driven solutions to enable their growth across the continent.
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