Lagos Business School (LBS) has partnered with a global resource centre, insight2impact to host a 2-day event where the future of digital payments and opportunities for financial inclusion in Nigeria were discussed extensively.
Held across two locations – LBS campus and Oriental Hotel – on April 10 and 11, 2019, the event saw a gathering of digital payment experts, government regulators, and other players in Nigeria’s growing technology space who analysed the role of data communities in accelerating the adoption of digital payments.
On day one, representatives of Nigerian digital platforms, Wesabi, Branch, and Supermart, each shared their unique experiences of the platform economy in the country. Co-founder, Supermart, Raphael Afaedor spoke on how his company partnered Paystack to adapt two-click authorization (card on file) to make digital payments seamless and improve consumer experience when buying groceries.
On the second day of the event, the conversations continued with Lead, insight2impact, Hennie Bester stating that young people are the drivers of innovation and with Nigeria’s growing youth population, the country is poised to be the innovation hub of the continent.
Bester also shared insights from a research survey on Nigeria’s digital future, conducted by insight2impact in partnership with LBS, Data Science Nigeria, Nigeria Inter-Bank Settlement System Plc (NIBSS), and the Central Bank of Nigeria (CBN). According to the research, Nigeria is a global leader in digital financial identity, case in point the Bank Verification Number (BVN) that allows the segmentation of new digital elites. He concluded that the results of the research show Nigeria as a country on the move and one that is changing in its behaviour.
At a panel session moderated by LBS Academic Director, Prof Olayinka David-West, other experts including Product Manager, Paystack, Khadijah Abu; Payment System Management Department, Central Bank of Nigeria, Samuel Okojere; Executive Director (Business Development), NIBSS, Seyi Adenmosun and Open Banking expert, Adedeji Olowe further explored topics such as payment products, post-payment experiences, payment infrastructure, and regulations.
LBS, through its Sustainable and Inclusive Digital Financial Services (SIDFS) initiative, engages in research and advocacy projects with the goal of creating an inclusive ecosystem for financial services.
Nigeria is a global leader in digital financial identity, case in point the Bank Verification Number (BVN) that allows the segmentation of new digital elites.