Electronic payment providers must embrace increased partnerships and utilisation of data analytics to sustain the triple digit growth recorded under the Payment System Vision 2020 (PSV).
Payment experts made this submission while speaking at the 2019 retreat of the Committee of E-Business Industry Heads (CeBIH) held recently in Abeokuta, Ogun State.
Experts who spoke at the retreat, themed, ‘Payment 2020plus: The Next Frontiers of Payments’, include Dele Adeyinka, Chief Digital Officer, Polaris Bank, Niyi Ajao, Deputy Managing Director, Nigeria Interbank Settlement System, Nkech Nwoka, Chief Executive Officer, Migo Technology Services, Kevin Chen, Director International Business, Eastcompeace China; Mr Bola Asiru (Principal Mastercard Advisory Sub Sahara Africa), Wole Oyeniran Technology and Transformation Leader, Deloitte West Africa and Olayinka Oni, Chief Digital Officer, Sterling Bank.
Special guest at the retreat include Kevin Chen, Director International Business, Eastcompeace China, Tokunbo Talabi, Secretary to the Ogun State Government, and Lekan Olude, Senior Assistant to Ogun State Governor on Youth Empowerment. Tokunbo Talabi, Secretary to the Ogun State, in his goodwill message commended the huge progress recorded in the Nigerian payment landscape. He however noted concomitant rising risk of cyber fraud, and hence called for collaboration to tackle cyber fraud, stressing that this is critical to ensuring that the gains recorded in the payment space is not eroded.
Talabi also called for collaboration with government on key policies and initiatives to ensure payments is adopted in the lifestyles of the average Nigerian.
In a presentation titled: “Review of the Evolution of the Payments in Nigeria between 2000 and 2019, Dele Adeyinka noted that the industry achieved a Compound Annual Growth Rate (CAGR) of 120 percent in value of electronic payment transactions during the 19 years period, driven majorly by collaboration between the regulators and stakeholders in the payment.
He however called the attention of the gathering to the rising prominence of data in driving payments.
Also speaking on the rising prominence of data, Bola Asiru, Principal, Mastercard Advisory, Sub Saharan Africa, said: “Anything that we see that is facilitating payment in the digital space, behind it there is some level of data.”
Asiru, who spoke on, “Using Data & Analytics to unlock sustainable growth in payments”, advised banks and other stakeholders to follow the rising trend of partnerships between banks and Fintechs in the global payment space, and collaborate with the upcoming Payments Services Banks (PSB).