Rigid border systems and lack of a unified currency are major obstacles to Africa’s digital and business growth, according to Akeem Lawal, Managing Director of Payment Processing and Switching at Interswitch. Speaking at the Interswitch Techconnect 4.0 event in Lagos, Lawal outlined the pressing challenges faced by businesses in the digital ecosystem across the continent.
He noted that currency issues, inadequate payment infrastructure, and limited digital literacy make cross-border business transactions difficult. “If you want to do business across Africa, it is difficult. You have to deal with currency issues, payment systems infrastructure, and lack of digital literacy. With technology, many of these problems could be solved within the next two or three years,” Lawal said.
He also emphasized the global challenge of fraud, highlighting Interswitch’s efforts to address it through education, advanced technology, and stringent customer onboarding processes.
Lawal explained, “Fraud is a global challenge. In Nigeria, we’ve tackled this through education, identifying risky customers, and ensuring compliance with onboarding regulations like KYC.”
The Interswitch Techconnect series, he added, leverages feedback mechanisms to enhance its services and improve the digital landscape for businesses and customers alike.
This call for improved border policies and technological advancements underscores the need for regional integration to unlock Africa’s digital potential.
