By Babajide Komolafe
PAYMENT systems experts have identified partnerships and utilisation of data analytics as key factors that would sustain triple digit growth record under the Payment System Vision (PSV) 2020.
They made this submission while speaking at the 2019 retreat of the Committee of E-Business Industry Heads (CeBIH) held recently in Abeokuta, Ogun State.
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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.
Tokunbo Talabi, Secretary to the Ogun State government, 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.
“Data plays a major role today, and moving forward, as we deliberate on the next frontiers of payment, we will know that data will play a major role.
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).
While highlighting the global trend in collaboration between banks and Fintechs, Asiru said: “Another reason why global financial institutions do this kind of deals is because they don’t have the data about a particular geography”.
This, he stressed, also applies between banks and telcos in Nigeria, saying, “There is plenty of space for everyone, because the legislation today does not permit them (PSB) to give credit. But what the telcos know a bit more that the banks, is that they know the customers more than the banks do.
“Banks should work with the PSBs. Let them share their data. Let the banks take on some of the risks. Lend and share some of the interest that comes out of the loan”.
On his part, Ekechi Nwokah, CEO of Migo Technology Services, cited the Migo platform as an example of the collaboration needed to enhance further growth in the payment space.
“We are interested in partnering with everyone to drive the business of credit and lending”, he said.
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Migo, he explained, works with a variety of partners, from switches, payment gateways like Interswitch, mobile money operators like Cellulant, telcos like 9Mobile and banks like Fidelity Bank. Migo, he said aggregates data across all its partner institutions to assess risk.”
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