By Laraba MUREY
A digital payments company, Interswitch Group, has stressed the significant impact of digital transformation in enhancing financial inclusion across the country.
The company’s Vice President of North Sales, Mr Thomas Eze, said by leveraging mobile technology, digital wallets, and cross-industry collaborations, financial institutions can now reach customers in remote areas, offering them basic banking services, micro-loans, and credit facilities.
Eze stated that this broadened access plays a vital role in fostering economic empowerment in underserved communities, highlighted Nigeria’s significant advancements in digital transactions particularly within the financial industry.
He spoke at the Interswitch, Techconnect 4.0 Conference on Thursday in Abuja, with the theme: “Unlocking Growth Opportunities Through Technology and Innovation.”
“Digital transformation also allows financial institutions to develop customized offerings that respond directly to the needs of their clients.
“Through the insights gained from analyzing customer data, institutions can create tailored products; this strengthens customer engagement and builds loyalty.
“In today’s competitive market, customers expect seamless, intuitive interaction across digital platforms,” he said.
Eze further emphasized the importance of leveraging digital transformation, data, and Artificial Intelligence to enhance customer experiences while ensuring security in transactions.
He noted that the conference aims to promote financial inclusion and growth through technology to foster collaboration between fintech and traditional financial institutions while emphasizing digital transformation to expand services to underserved populations in Nigeria.
According to him, the shift from traditional banking methods to digital transactions has reshaped how Nigerians manage their money.
“Gone are the days of visiting banks, filling out forms, and waiting in line. Today, we can effortlessly send money across borders, check balances, and apply for loans with just a few taps on our phones.
“Adapting to these advancements is crucial for companies because staying ahead is no longer optional it’s essential.
“Data is the foundation of digital transformation. Through AI and data analytics, institutions can personalize customer experiences and bolster security measures. Blockchain technology introduces greater transparency and security to traditional financial systems, making transactions faster and more cost-effective, especially for cross-border payments,” he said.
He also pointed out the benefits of automation, saying, “Automation streamlines operations and reduces errors, especially during customer onboarding, improving overall customer experience.”
Also speaking, the Business Development Manager for Mobile Services at Interswitch, Mr Ola Wale, introduced a feature product, “Switch Secure,” describing it as a two-part authentication system designed to enhance financial security.
“Switch Secure provides an added layer of authentication. Ensuring that administrative staff and customers conducting high-volume transactions are protected from unauthorized access,” Wale said.
He added that this system integrates with existing banking platforms to offer secure, reliable transactions, safeguarding users in the increasingly digital financial landscape.
On his part, the Divisional Head of Digital Marketing at Interswitch, Mr Fabio Abiola, echoed the importance of leveraging digital transformation, especially in an era where customer expectations are rapidly evolving.
Abiola said “Today, we are in an age where customers demand immediacy and convenience. They expect seamless, personalized experiences that meet their needs around the clock,”
“If we, as businesses, fail to leverage the technology available to us, they will simply look to the next provider who can.”
He highlighted the crucial role of partnerships and collaborations in driving innovative solutions without bearing the full cost.
“Working with fintech and tech companies allows traditional financial institutions to adopt cutting-edge solutions efficiently.
“This not only optimizes operations but also positions businesses to meet emerging demands faster. Embracing such transformative partnerships is essential if we are to stay competitive and resilient in today’s market,” he said.
