eTranzact International has underscored the importance of its simplified e-payment solutions, designed to support the growth of businesses and organizations while ensuring secure payment processes. The announcement was made during the 2024 Annual Conference of the Committee of e-Business Industry Heads (CeBIH), themed “Payment System 2030: Navigating Contemporary Issues in Driving Future Growth.”
At the conference, eTranzact showcased a range of innovative products aimed at enhancing the efficiency of payment systems. Among the highlights was Switchit, a modular platform that accelerates the adoption of financial services through standalone modules, including funds transfer, bulk payment, bill payment, and direct payments.
Additionally, the company presented eTranzact CorporatePay (CPay), a solution that enables organizations to automate salary payments and transactions to third parties with various levels of authorization and approval embedded in the payment process.
Another key offering introduced at the event was Credo, an innovative multi-channel platform that empowers businesses of all sizes to seamlessly conduct transactions and accept payments across various touchpoints.
During the event, Niyi Toluwalope, Managing Director and CEO of eTranzact International, served as a guest speaker, emphasizing the urgent need for collaboration to address inefficiencies in the e-payment system. He highlighted that collaboration can drive innovation and growth, particularly as the consumer landscape shifts toward a younger demographic.
Toluwalope stated, “What we see in the future is a situation where operations are no longer siloed. We will experience greater efficiencies based on interconnected systems that people can leverage. Nobody is duplicating roles or reinventing the wheel; rather, we can build on established frameworks. This is the future we need to adopt for growth.”
He further noted that while Nigeria leads in population, it lags behind South Africa and Kenya in terms of banking and payment penetration. Key factors driving growth in the sector include active regulatory engagement and innovative FinTech solutions, although challenges such as inadequate infrastructure and compliance issues persist.
“Regulatory compliance is non-negotiable,” Toluwalope added. “However, it must also be seamless, quick, and efficient. Digitizing onboarding processes has significantly aided the adoption of payment systems in recent years, and we expect further simplifications to enhance this process.”
