Interswitch Group, an integrated payments and digital commerce company, has emphasised the need to develop local currency payment solutions to drive inclusive growth and enhance cross-border trade across Africa.

Speaking at the recently concluded Nigerian Fintech Week, in Lagos, Managing Director, Payment Processing and Switching (Interswitch Purepay), Akeem Lawal, emphasised the importance of building robust infrastructure that enable African businesses to transact seamlessly across the continent.

During his keynote speech titled: “Leveraging Commerce to Accelerate Inclusive Growth – The Role of African Fintech Innovation,” Lawal addressed the challenges posed by current payment systems that rely on non-African intermediaries for intra-African transactions.

He called for solutions that enable businesses to transact in local currencies, removing the dependence on foreign currencies and external intermediaries for settlements.

He noted that Africa must cultivate an ecosystem of developers, integrators, liquidity providers, and financial institutions to strengthen cross-border commerce and trade across the continent.

Speaking during the panel session titled “Global AI Regulation: The Role of Africa and the Global South,” the Chief Customer Experience Officer at Interswitch, OremeyiAkah, emphasised that regulatory compliance remains a top priority for the company. She noted that Interswitch is committed to developing AI-driven products within clearly defined regulatory frameworks.

Akahhighlighted the need for financial institutions to incorporate African perspectives into AI development, calling on fintechs and regulators to collaborate in co-creating solutions that empower users and build trust.

In another panel session, Head of Banking Technologies at Interswitch, Chijioke Eze,stated that the rise of digital payments has exposed businesses to increased fraud, which requires investing in advanced fraud prevention technologies to protect customers from digital payment fraud.