Interswitch says cross-border payment restriction issues can be solved through advanced digital payment platforms that enable seamless cross-continental transactions.
The company says more innovative solutions are needed to effectively address the problems that are hindering the growth of intra-continental trade.
Speaking during a panel discussion at Zenith Bank’s recently concluded 2023 International Trade Conference, Interswitch Purepay’s Executive Director of Payment Processing and Conversion (Interswitch Purepay), Akeem Lawal, acknowledged the current problems with restrictions on cross-border payments.
He noted that existing infrastructure could be improved to create opportunities for businesses in Nigeria to transact with companies outside the country’s borders.
“Companies can make greater progress by adopting digitalisation,” he said. This opportunity involves private companies, public agencies and financial institutions.
“Digitalization is key to designing a platform for SMEs in the export sector, allowing them to conduct transactions with little or no strings attached.”
Lawal also spoke about the importance of the technology and innovation sectors, emphasizing the need for stronger public-private partnerships to promote the growth of the service sector in Nigeria.
He noted that the country is a major exporter of technology expertise and that a significant investment in technology-driven companies would increase the industry’s contribution to the economy.
