Akeem Lawal, Managing Director of Payment Processing and Switching at Interswitch, has highlighted Africa’s restrictive border systems as a major barrier to the continent’s digital and business development.
Lawal emphasised how the absence of a single currency and limited cross-border travel hinder corporate growth, especially in the digital industry, during his remarks at the Interswitch Techconnect 4.0 event in Lagos on Thursday.
“Conducting business across Africa is challenging,” he said. “Entrepreneurs face currency exchange issues, inadequate payment infrastructure, and low digital literacy levels. These factors hinder the seamless integration of digital solutions across the continent.”
However, Lawal expressed optimism about the future, emphasizing the transformative potential of technology. “At Interswitch, we believe technology can address many of these issues within the next two to three years,” he added.
Combating Fraud in the Digital Ecosystem
Lawal also addressed the global challenge of fraud, which poses significant risks to the digital technology ecosystem. He explained that Interswitch has implemented various strategies to mitigate fraud, including education, customer risk identification, and advanced technological adoption.
“Fraud isn’t unique to Nigeria; it’s a global problem,” he noted. “We’ve focused on three pillars to tackle this issue. The first is education—we use platforms like Techconnect to educate businesses on protecting themselves and their customers from fraud.
“Second, during customer onboarding, identifying and avoiding risky individuals or entities is critical. This aligns with the Central Bank of Nigeria’s Know Your Customer (KYC) compliance requirements. We help our clients meet these standards and offer tools to streamline their onboarding processes.”
Lawal also stressed the importance of technology in fraud detection and prevention, noting that adopting innovative solutions can significantly reduce fraud-related challenges in the digital space.
Leveraging Feedback for Improved Services
The Techconnect series, according to Lawal, serves as a feedback-driven initiative that enables Interswitch to refine its services. “Over the years, we’ve relied on feedback to enhance our operations and deliver better, more efficient services to our customers,” he concluded.
Despite the obstacles presented by inflexible border controls and fraud, Interswitch is nevertheless dedicated to spearheading Africa’s digital revolution.
