Interswitch is impacting businesses and communities across Africa and the entire globe- Cherry Eromosele
Cherry Eromosele is the Group Chief Marketing and Communications Officer at Interswitch, Nigeria’s leading technology-driven digital payments company, that is helping to shape the payments ecosystem across the growing e-commerce sector in Africa.In this exclusive interview with MARKETING EDGE, she speaks comprehensively about the company, its offerings, brand positioning and its great stride across Africa; she also reviews the digital payments subsector, both its current state and future outlook.
Interswitch is obviously a proudly Nigerian corporate brand with global relevance and consistently rising brand equity. What feelings does this inspire?
Interswitch is always at the forefront of innovation. Over the years, we have been committed to deepening financial transactions by providing seamless, secure, and convenient financial solutions for cardholders, banks and other financial institution across the globe. Weunderstandthe important role we play within Nigeria’s digital payments infrastructure and take our responsibility seriously.
Furthermore, we are relentlessly in the pursuit of excellence in delivering services to our esteemed customers.
Given the nature of its corporate calling and product offerings, the company was positioned for the future right from its inception. How did that foresight come about?
It started with an idea and genuine need to solve a problem faced then by Nigerians. Mitchell was concerned about the well-being of Nigerians because at that time, cash dominated Nigeria’s economy and it had become a source of crime, fraud and corruption. At that time, there was a direct correlation between robbery and the way Nigerians used cash. Nigerians would withdraw cash on Friday for the entire weekend. Armed robbers knew there was a high likelihood that there would be a lot of cash to steal, so there was high crime rate.
As a young engineer, he would usually come up with ideas every day, one of the ideas then was modernizing Nigeria’s payment system. That idea grew into what is Interswitch today and we haven’t stopped thinking of the next big problem to resolve.
There has been a global explosion in the digital ecosystem since last year. How has this impacted the digital payments sub-sector, generally, and the Interswitch business in particular?How would you assess the digital payments sub-sector in Nigeria?
As we have seen unfold over the last few months, technology can and has played a key role throughout the pandemic, from businesses and schools switching over to video technology to facilitate remote work, and an increase in the use of contactless payments in an effort to reduce touch points for transacting – and for the most part, many have found the transition across to these tech-driven platforms and solutions to be effective and relatively simple. As many begin to see these technologies as useful and valuable for the way we live and work even in times where not necessitated, we may see their adoption continue in some form even once we have emerged from this pandemic.
From an electronic payments perspective, the sector was already growing before the pandemic, with sub-Saharan Africa being the fastest-growing digital payments market in the world, and Covid-19 may accelerate this trend, as we are seeing more people turning to cashless payments throughout the pandemic to reduce transmission, and businesses increasingly adopting digital services to allow continuity of commerce.
Additionally, the application of digital payments is sector-agnostic, and already Interswitch serves businesses and public sector bodies across retail, telecoms, health, financial services, alongside other industries in the Nigerian economy. Ultimately, we think the digital payments market will continue to grow and don’t see any long-term disruption to the direction of travel for electronic payments in Africa.
What is Interswitch brand positioning in this market?
Interswitch remains a trusted partner in the heart of Africa with a full range of proven technology solutions. Launched in 2002, we are always at the forefront of creating innovative solutions using digital technologies such as Quickteller, Africa’s most recognizable and widely used consumer payment platforms; and Verve, a pan-African chip card accepted in over 185 countries across the globe. We are committed to delivering innovative, trusted and scalable payment solutions for small and big businesses alike. Currently, we have operations in Kenya and Uganda.
How is that positioning resonating with its target audience in the market?
Everybody deserves an easy life. From financial institutions, to large corporates, to small businesses, and government bodies; the need to seamlessly carry out business activities cuts across the various sectors.Our array of technology solutions provides real value across industry verticals; making businesses at every point of the value chain more seamless.
Our positioning in the ecosystem gives us the leverage to impact businesses and communities across Africa and the entire globe which is the core of our mission here at Interswitch.
How is Interswitch faring in other markets outside Nigeria?
Our journey so far has been an interesting and favorable one. We have a vision to transform commerce in Africa by delivering innovative and trusted technology solutions across not just Africa but globally.
Consistent with our market development and expansion strategy, we have explored some innovative partnerships; we partnered with Kenya’s CreditBank Plc to launch a multi-currency prepaidcard aimed at providing consumers with an excellent alternative banking card that allows for safe, secure, and seamless electronic transactions; we also entered the energy sector through our consolidated partnership with Total Kenya; we partnered Skyline Sacco to launch their pioneer Verve debit card. We are rapidly-evolving and there is a lot more to be unlocked.
How do those markets compare to the Nigerian market?
Financial Technology is laudably serving as an enabler in Nigeria and Africa, specifically, the East African regions where we play. We’ve seen a lot of improvement in financial inclusion and the development of these technologies will continually serve as a catalyst for innovation across various sectors asides FinTech, just as we’ve done in Nigeria via eClat our Health solutions.
Within Africa, East Africa is leading significantly in their mobile money adoption and usage.
However, there is still a lot of untapped opportunities to be explored as promoting growth and economic development goes beyond payments.
In what ways did the Coronavirus global pandemic, which defined the whole of last year, impact on the sub sector, in general, and the Interswitch brands, in particular?
The coronavirus pandemic has posed collective challenges for businesses, governments, and communities on an unprecedented global scale. Around the world, we are having to fundamentally rethink the concept of human contact within the society, and while Africa is no stranger to dealing with epidemics, nations across the continent have had to make significant adjustments to try and contain the outbreak.
Managing an outbreak like Covid-19 requires rapid implementation of schemes and policies at both national and community levels. While the fast-imposed lockdowns and social distancing measures played an integral role in the initial management of the virus, in order to keep economies functioning, social interaction is a necessity, which will require continued, precautionary measures to prevent resurgences of the virus.
Technology has played an important role in helping businesses and individuals navigate the crisis around the world, with innovations from mobile tracking and tracing developed to support the healthcare sector, to programs and platforms designed to provide support for education and businesses as students and employees adjust to the new realities of working from home. Interswitch itself has been part of this; leveraging our technology to create an app for medical institutions to track the spread of the virus in Nigeria.
A key impact from the virus from our perspective, is the increased adoption of electronic payments, as people turn towards contactless forms of payment as a precaution against the spread of the disease. Digital transfer of money removes the need for human contact through using cash and is increasingly being utilised as a safer way to pay for goods and services, not just in Nigeria and Africa, but globally.
At Interswitch, we fully recognize and are proud of the important role we play within Nigeria’s digital payments infrastructure and take our responsibility seriously. The transfer of money is a vital service, and we recognize how critical our operations are to the livelihoods of individuals and companies across the country. We have redoubled our efforts during this crisis, to ensure complete business continuity for users of all our services.
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