eTranzact CEO Calls for Payment System Collaboration

Niyi Toluwalope, the CEO of eTranzact International, a leading payment services provider in Africa, has emphasized the critical importance of collaboration to enhance the efficiency of the payment systems across the continent.

Speaking at the Committee of e-Business Industry Heads’ (CeBIH) 2024 annual conference in Lagos with the theme “Payment system 2030: Navigating contemporary issues in driving future growth.”

Collaboration can spur innovation and expansion, Toluwalope emphasised, particularly as the market landscape shifts toward a younger demographic.
He said, “So what we see in the future is the situation where things are no longer a silo, we have a lot of efficiencies based on interconnected systems people leverage on.
“Nobody is duplicating the roles; we are not reinventing the wheels. You can leverage what has been established already and build on that. I think that is the future; that is what we need to adopt, and that is how to grow.”

Toluwalope further said that although Nigeria has the largest population, it is less widely used by banks and payments than South Africa and Kenya.

He emphasised that creative FinTech solutions and active regulatory engagement are important growth drivers, noting that insufficient infrastructure and compliance concerns continue to be major obstacles.
“So digitising onboarding is one of the things we believe that’s helped payment and payment systems adoption over the last couple of years and we are expecting things to even be further simplified to make this better,” he said.

Commissioner for Wealth Creation and Employment, Lagos State, Akinyemi Ajigbotafe, speaking on the theme said: “The collaborative approach to wealth creation and financial inclusion is a subject which touches the very heart of our government’s commitment to reducing poverty and fostering economic growth.”

Manomsi Mallum/ Guardian