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Interswitch lauds microfinance banks

From Magnus Eze, Enugu

An integrated payments and digital commerce company, Interswitch, has highlighted the significance of microfinance banks in driving Nigeria’s economic growth. The company also reaffirmed its readiness to promoting financial inclusion through digital payment ecosystem not only in Nigeria, but also spreading its infrastructure across the continent to improve access to financial services thereby creating a more prosperous economic landscape.

This toppedthe  discourse at the third edition of the TechConnect series hosted by Interswitch in Enugu for stakeholders in South East.  The event which has held in Ibadan, Abuja and Enugu, has continued to advance the importance of a digitally inclusive economy, especially in a country like Nigeria.

Interswitch’s Group Head, Data and Lending Services, Innocent Itobore, noted that regardless of the prevailing challenges, microfinance institutions still play a critical role in mitigating poverty levels in the country, adding that they also provide individuals and small businesses with access to financial products and services while democratising financial services. He revealed that access to lending services has been enhanced due to digitisation, thereby making the process more convenient and accelerated.

According to him, microfinance banks now leverage technology to streamline loan origination, approval, and disbursement processes.

He assured that Interswitch will continue to design cutting-edge solutions and infrastructure that will allow microfinance banks and other financial institutions to meet the urgent needs of their customers with loans.

Panellists discussed the challenges faced by microfinance institutions including revisiting policy frameworks governing the institutions and the importance of developing concrete consumer protection and innovation policies geared towards improving the industry.

The Techconnect train is slated to make further stops in other cities including Port Harcourt and Lagos, where critical stakeholders will be engaged in industry-defining conversations