The Managing Director/Chief Executive Officer of eTranzact International, Niyi Toluwalope, has called for collaboration to boost efficiency in the electronic payment sector.
Toluwalope made this call at the just concluded Annual Conference of the Committee of e-Business Industry Heads, with the theme, ‘Payment system 2030: Navigating contemporary issues in driving future growth’, which was held in Lagos.
Toluwalope underscored that collaboration can drive innovation and growth, especially as the consumer landscape evolves 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. For me, I think that is the future; That is what we need to adopt, and that is how to grow.”
Toluwalope further stressed that Nigeria leads in population but ranks lower in bank and payment penetration compared to South Africa and Kenya. He emphasised that key factors driving growth include active regulatory engagement and innovative FinTech solutions, citing that inadequate infrastructure and compliance issues remain critical hurdles.
“It’s regulatory compliance, you cannot regulate compliance requirements, you cannot avoid it, but at the same time, it must be seamless, quick, and fast. 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 asserted.
During the event, eTranzact made a presentation on its products such as Switchit which offers modularity that accelerates financial service adoption through standalone modules, funds transfer, bulk payment and bill payment, as well as direct payment.
It presented the eTranzact CorporatePay which allows organisations to automatically handle payment of salaries and payment to third parties with the various levels of authorisations, and approvals incorporated into the payment process.
The Credo which the company presented at the event is an innovative multi-channel platform that empowers businesses of all sizes to conduct business and accept payments seamlessly across various touch points.
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.”
