During an engaging interview with CoinNewsExtra at Nigerian FinTech Week 2024, Niyi Toluwalope, CEO of eTranzact, shared valuable insights into the company’s contributions to financial inclusion and the challenges faced in payment processing in Nigeria.
Toluwalope emphasized eTranzact’s pioneering role in the fintech sector, stating that the company has been instrumental in digitizing and automating payment transactions for over 20 years. He highlighted the “Pocket Money” mobile solution, designed to empower unbanked and underbanked populations by providing them access to essential financial services.
“Our mobile money solution allows users to create digital wallets and conduct a variety of transactions across the financial services ecosystem,” Toluwalope explained. He noted that collaboration is crucial for success, as eTranzact partners with smaller fintech organizations to help them reach underserved communities.
In addressing the key challenges in payment processing, Toluwalope pointed out the importance of ensuring timely and successful transactions. “One major challenge is managing the unpredictable surge in financial transactions. When infrastructure providers struggle with this, it often results in failed transactions,” he stated.
Toluwalope outlined eTranzact’s strategy to mitigate these challenges by investing in elastic payment technology and forming partnerships with the right technology providers. “By building robust platforms, we can ensure smooth transaction processing, regardless of volume,” he added.
The discussion also touched on the rising significance of blockchain technology in the fintech landscape. “Blockchain is no longer just a buzzword; it’s a reality. It’s efficient, effective, and almost foolproof, ensuring that everyone is included in the process,” Toluwalope remarked, urging the industry to adopt digital solutions.
Toluwalope concluded the interview by stressing the importance of engagement within the fintech community. “The greatness we seek in Nigeria will emerge from the collaborative efforts of this group of innovators,” he affirmed, expressing enthusiasm for the future of fintech in the country.