Technology
Digital Payment Options Can’t Succeed Without Trust—Lawal
By Modupe Gbadeyanka
One of the things that have had a huge effect on the way human life is technology. It is one tool human has used to make life easier.
From the comfort of one’s home or office, items can be bought on the internet and payments made without having to go to a bank to withdraw cash for the is one of the purchase.
But despite this convenience technology offers, there are some persons who still do things the traditional way and they cannot be blamed.
In this interview, the Divisional CEO of Payments Processing at Interswitch, Mr Akeem Lawal, said stakeholders in the financial technology (fintech) industry must work tirelessly to build trust so as to make the digital payment options to be successful. Excerpts;
The SME sector in Africa is huge. In Nigeria alone, we have over 41 million micro, small and medium enterprises (MSMEs). How important would you say this sector is to the growth and development of the African economy?
The SME sector is a potential game-changer for economic growth, especially in Nigeria. This is why it is important for stakeholders in that sector to provide simple solutions that enhance their ability to generate economic activities that will boost the community and national economy.
At Interswitch, we are committed to providing simple and scalable payment solutions for small and big businesses alike. The Quickteller Business platform is a testament to our commitment to make payments one less thing to worry about for our business users and their customers.
There seems to be a lot of activities within the payment, e-commerce and fintech sectors in recent years, with many new entrants as well as FDIs. What would be your fair assessment of the sectors? What should we expect, going forward?
When accessing the various sectors, we know that the Nigerian economy has been a beneficiary of foreign direct investment inflows since the 1970s. However, there is a need to diversify the Nigerian economy and reduce our dependence on oil. There is no doubt that a thriving industrial sector is pivotal to mass employment, improved skills and better wages, which will lead to a reduction in poverty.
Nigeria’s ICT sector has grown from less than one per cent of GDP in 2001 to almost 10 per cent of GDP today. The country is currently Africa’s biggest technology market and accounts for 23 per cent of internet users in Africa with 122 million people online in December 2018.
Nigeria has surpassed other countries in sub-Saharan Africa to emerge as a premier tech investment destination with 55 active tech hubs raising a total of $94.9 million, while South Africa raised $60.0 million with 59 active start-ups. The growth of the tech sector offers new possibilities for Nigeria’s growing labour force, in terms of employment and entrepreneurship.
Now, these sectors I have mentioned have found gaps to fill and are offering creative solutions to individuals and companies.
However, despite the fact that there are so many new players in these sectors, there is still so much more to be done.
Take e-commerce, for instance, you will be surprised that a good number of people are still not comfortable buying things online – putting in their card details and trusting that what they ordered is what they will get.
The same goes for other digital payment options like PoS. A lot of people would rather spend hours on ATM queues or travel long distances to get to a bank instead of walking up to a nearby money agent to withdraw or deposit money.
This means that stakeholders need to do more to gain the trust of customers. Everyone wants convenience but people also want to trust that convenience.
You can’t blame someone that has had series of failed/declined transactions at a PoS terminal and is referred back to his/her bank, then spends days and even weeks going back and forth with the bank, to be confident enough to want to make use of that channel again.
In the coming years, there will definitely be more growth in these various sectors, especially fintech. There will still be immense additions to mobile consumptions as two-thirds of the global population are mobile subscribers. There will be more adoption of new technology to grow businesses and create jobs. This adoption will provide data and big data is also quite important for decision making and creating smarter innovations.
I also foresee that more organisations will begin to use Artificial Intelligence (AI) to increase efficiency and enhance productivity.
Recently, Interswitch introduced Quickteller Business, which is an upgrade of Interswitch Webpay. Why was the upgrade necessary?
The upgrade was necessary because the enhanced Quickteller Business platform broadens payment management capabilities for businesses and merchants of all sizes, allowing them to access a wide range of integrated payment offerings, ranging from disbursements to value financing.
Also, upgrading to the Quickteller Business platform enables small businesses, including social media entrepreneurs, to take their businesses online to become completely digital without having to go through the hassles of developing digital capabilities themselves.
With the ease of the Quickteller Business, users can focus on creating economic activities for themselves and their communities. One of the values added for using the Quickteller Business platform is that users are exposed to over five million consumers already using Quickteller for a variety of retail payments in countries such as Nigeria, Kenya, and the Gambia.
What are the add-ons and additional features that came with this upgrade?
We have a lot of add-ons and features, such as:
Storefronts – Quickteller Business allows business owners to create customized branded online store, display product images and videos and gives an incredible mobile experience for customers across all devices.
e-Billing and Invoicing – Quickteller Business enables businesses to automatically generate invoices, accept payments via the payment link embedded in the invoice. The invoice also helps the businesses track their sales.
Split Settlements – With Split Settlement, businesses can instruct Quickteller Business on how transactions should be settled into predefined bank accounts.
Developers (Sandbox) – Quickteller Business enables developers to try out the features of their apps on the platform before they are activated for real transactions.
Multiple Integration Plans – Quickteller Business is customizable and offers multiple integration plans for web and mobile SDKs. Explore Pop Up, Page Redirect and Inline for web developers as well as iOS and Android for Mobile integration options.
Detailed Transaction Reporting – Quickteller Business helps businesses have access to detailed reports of their transactions across all collection channels – Web, POS, QR, USSD.
Dispute Management – With Quickteller Business, businesses of all types and sizes can manage their transaction disputes and chargebacks.
Refunds – Where required, businesses can seamlessly initiate partial or full refunds from the transaction details page.
Quickteller Business was designed with SMEs in mind. What are the benefits they stand to enjoy by signing on to the platform?
There are lots of benefits for SMEs, although the benefits are also now extended to both SMEs and large corporate business.
First, they enjoy getting paid online without a website; from creating a payment link that is useful and unique for both single purchases and recurring payments. The link can be shared with their customers via WhatsApp, Instagram, email or SMS.
Secondly, it is compatible with all card types – Verve, Visa, Mastercard; all payment channels, QR, USSD and for integrating payments, it is compatible with WordPress, Web and Mobile SDKs.
Third, they will enjoy fast-tracked outstanding payment with digital invoices. They can generate invoices on the go and get paid from any account via any channel. The invoicing feature has a payment link embedded to help receive payment seamlessly using our multi-payment methods and they can easily track from the portal once payment has been made.
What separates Quickteller Business from the pack?
The Quickteller Business platform is intuitive, robust and secure. Quickteller Business is an innovation and improvement of an already effective platform making it a more tested platform. The platform is built using world-standard fraud management solutions that help mitigate fraudulent transactions.
The Quickteller Business platform exposes its users to a ready market of over 5 million potential customers. The platform gives its users total control over its business, collection and every other thing in between.
What categories of business can sign on to Quickteller Business and how affordable is it for small businesses?
All types of businesses can sign up to the Quickteller Business platform – small businesses, large corporates and individuals. From the platform, businesses and individuals can receive payments from anyone, anywhere and everywhere.
Interestingly, these offers come at no cost. Yes, everything on the Quickteller Business platform is free and if you register your business between now and April 2021, you will also enjoy zero transaction fees.
Technology
Interswitch Supports Push for Vibrant Digital Ecosystem in Africa
By Aduragbemi Omiyale
One of Africa’s leading integrated payments and digital commerce companies, Interswitch, has expressed its commitment to promoting a vibrant digital ecosystem on the continent.
The Nigerian fintech firm reaffirmed this by supporting the recently concluded Google Developer Groups (GDG) DevFest Ibadan, Oyo State.
The flagship conference, which held at the Aweni Arena in Ibadan, brought together developers, tech enthusiasts, and industry leaders for a dynamic day of knowledge sharing, networking, and exploration of cutting-edge technologies, including artificial intelligence, machine learning, cloud computing, and mobile app development.
Now in its fifth edition, DevFest Ibadan has grown in scale and impact over the years, attracting thousands of attendees from across Oyo State and beyond.
Participants enjoyed a variety of engaging activities, including thought-provoking talks, hands-on workshops, and hackathons designed to inspire innovation and foster collaboration.
Interswitch said it threw its full weight behind this programme because of its unwavering commitment to advancing Nigeria’s technology landscape and nurturing the next generation of innovators.
“At Interswitch, we recognise the pivotal role developers and tech communities play in driving innovation across the continent.
“Sponsoring GDG DevFest Ibadan 2024 aligns perfectly with our mission to equip these communities with the tools, platforms, and opportunities they need to innovate, collaborate, and succeed.
“We are committed to promoting a vibrant ecosystem that accelerates Africa’s digital transformation while nurturing the next wave of innovators shaping the future of fintech in Nigeria and beyond,” the Divisional Head for Growth Marketing (Merchants and Ecosystems) at Interswitch, Mr Olawale Akanbi, said.
In her presentation, a Developer Ecosystem Executive at Interswitch, Ms Elizabeth Okaome, highlighted the company’s robust suite of Application Programming Interfaces (APIs) and their use cases, supported with live demos.
Cutting across payments integration, transfers, bill payments and airtime recharge, identity verification or lending services, Interswitch APIs equip developers with tools to enable secure and seamless online and offline payment acceptance).
Another highlight at the event was the introduction of the Quickteller Business Referral Programme, also known as the ‘5 for 5’ Initiative, which offers developers or any referrer an opportunity to earn 5% commission on Interswitch’s share of every transaction charge, for five whole years, while enabling businesses to thrive.
Technology
Nigerians to Know New Tariffs for Calls, Data, SMS Today
By Adedapo Adesanya
Nigerian will today, Friday, January 10, 2025, know what they will henceforth pay to make calls, send SMS, and browse the internet as telecommunication operators have received the approval of the Nigerian Communications Commission (NCC) to raise tariffs.
This will bring an end to the long-term tussle for a hike in tariffs, which telcos wanted to be at 100 per cent, but the Nigerian government rejected.
Industry sources have shared with the media that the new tariffs will be announced by the NCC on Friday.
on Wednesday, the Minister of Communications, Innovation, and Digital Economy, Mr Bosun Tijan, at a stakeholders’ meeting in Abuja, said the NCC would come up with modalities for tariff adjustment in the telecoms industry.
“We’ve look at a number of things in terms of how to ensure that can meaningfully contribute to the development of Nigeria.
“Some of those things include implementing the Executive Order around ensuring that we can protect infrastructure around telecoms, driving up significantly local content and importantly, ensuring the sustainability of the companies themselves that as we see inflation across the world that telecommunications companies, we don’t run them down but we allow them to continue to be sustainable so that they can contribute to our economy.
“You have seen over the past weeks that there has been agitation from some of these companies to increase tariffs, requesting for 100 per cent tariff increase. This is not something that as a government we will be able to subscribe to at the minute,” he stated.
Recently, the chief executive of MTN Nigeria, Mr Karl Toriola, said in an interview that although operators have put forward the 100 per cent suggestion, he doubts that the regulator, the Nigerian Communications Commission (NCC), would accept.
“Now, we’ve put forward requests of approximately 100 per cent and type increases to the regulators,” he said.
The operators have also said the sustainability of the telecommunications industry in Nigeria needs to be addressed, if not, it could negatively impact Nigeria’s economy.
Mr Toriola’s counterpart at Airtel, Mr Dinesh Balsingh, in an op-ed published by this newspaper said it was needed to acquiesce to the proposed tariff adjustments in order to ensure the long-term sustainability of the sector while unlocking significant benefits for Nigerian consumers.
“For over a decade, tariffs have remained static despite the dramatic increase in operating expenses, which have surged by over 300% in the last 18 to 24 months alone,” he wrote.
Technology
FG Rejects Proposed 100% Tariff Hike in Call, Data Services by Telcos
By Aduragbemi Omiyale
The prices of calls, data and others will not be increased by Mobile Network Operators (MNOs) in Nigeria by 100 per cent as being proposed, the federal government has assured citizens.
The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, after a meeting with the operators on Wednesday in Abuja, however, said Nigerians should expect to pay more for call and data services very soon to keep the operators afloat, especially due to rising cost of doing business in the country.
The telcos had asked the government for permission to increase tariffs by 100 per cent because the current rates were no longer sustainable.
The chief executives of two of the leading operators in Nigeria, MTN and Airtel, said they would want tariffs to be raised by 100 per cent to guarantee qualify service delivery.
Operators in the sector had warned that if the rates were not raised by the regulator, the Nigerian Communications Commission (NCC), they may begin to ration their services across the nation to remain in business.
“You have seen over the past weeks that some of these companies have been agitated to increase tariffs. They are requesting a 100 per cent tariff increase.
“But it will not be by 100 per cent; the NCC will soon come up with a clear directive on how we will go about it.
“We want to strike the balance as a government, to protect our people, but also protect and ensure that these companies can continue to invest significantly,” Mr Tijani said yesterday.
“As a country, over time, we have left these investments in the hands of the private sector. They typically invest where they can see returns in the short to medium term.
“We will not want this conversation to just be about tariff increase. What the world is talking about today is meaningful connectivity; people want to have access to quality service.
“A part of it that the consumers may not be aware of is the investment that needs to go into the infrastructure that is used to deliver these services,” he noted.
On his part, the Executive Vice-Chairman of the NCC, Mr Aminu Maida, said, “We have looked at all of these factors, and that is why, as the Minister said, it is not likely that we are going to approve a 100 per cent tariff increase.
“I know that Nigerians are agitated to hear the exact percentage approved. We are still going through some stakeholder engagements, but you will hear from us within a week or two.”
“We are moving away from the regime where you will have a main rate, then you will now have a bonus which is at a different rate.
“It makes it often complicated and difficult for Nigerians to actually understand what they are being charged for. There is this agitation that the MNOs are stealing our data,” he added.
-
Feature/OPED5 years ago
Davos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years ago
Estranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years ago
Sort Codes of GTBank Branches in Nigeria
-
Economy2 years ago
Subsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years ago
First Bank Announces Planned Downtime
-
Sports2 years ago
Highest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN