Parthian Partners, Nigeria’s premier interdealer brokerage company has highlighted the importance of multifaceted collaboration to strengthen the nation’s payment systems and improve e-payment service delivery for wider financial inclusion.
Speaking at the 2023 annual conference of the Finance Correspondent Association of Nigeria held last Saturday in Lagos and themed “Strengthening Digital Infrastructure for Efficient Innovative Payment Systems in Nigeria,” the Group Chief Financial Officer of Parthian Partners, Olayinka Arewa, underscored the need for synergy across multiple levels to drive innovation and efficiency in Nigeria’s evolving payment landscape.
Arewa during his speech disclosed that Nigeria unlocked $3.2 billion in additional economic output through the development and utilization of electronic payments, particularly real-time payment services in 2022.
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“Globally, financial technology has reshaped the consumer experience, with individuals seeking the convenience of conducting transactions anytime, anywhere. Take, for instance, Parthian Partners’ investment app, i-invest, which offers a secure platform for individuals to easily access investment opportunities such as Fixed Deposits, Treasury bills, Eurobonds and even stock purchases on the Nigerian Exchange in one breath. Once your i-invest wallet is funded, you can invest in any product of your choice from anywhere you are in the world and at any time of the day. This would usually not take you more than five minutes,” he said.
Speaking on the potential of the sector, he noted that, “Electronic payments offer manifold benefits to our economy. In 2022, Nigeria unlocked $3.2 billion in additional economic output through the development and utilization of electronic payments, particularly real-time payment services. Electronic payments continue to attract substantial global investments and have exhibited the highest returns and growth within the sector over the past decade. As one of Africa’s largest economies, Nigeria is well-positioned to harness the potential within this sector.”
Arewa pointed out the lack of operational telecommunications facilities and an unstable power supply as significant challenges facing the sector and echoed the call for collaboration among stakeholders, including financial institutions, fintech companies, government entities, and regulatory bodies to tackle these burgeoning issues. He emphasized that policy, regulation, and collaboration are pivotal elements in the success of innovative solutions in the Nigerian financial services sector.
“Collaboration among stakeholders, including financial institutions, fintech companies, government entities, and regulatory bodies, plays a pivotal role in ensuring the success of innovative payment solutions,” he said. “This alignment will boost technology and infrastructure, expedite the adoption of digital payments, and further enhance financial inclusion in Nigeria. Ultimately, it boils down to policy, regulation, and collaboration. If parties are inclined to collaborate, many of the frictions currently experienced in the Nigerian financial service sector can be mitigated,” he affirmed.
Other distinguished guests at the event were: Head of Corporate Services, Development Bank of Nigeria (DBN), Idris Salihu, Head, Digital Banking, United Bank for Africa (UBA), Okukayode Olubiyi, Director, Communication & Public Affairs, Nigeria Deposit Insurance Corporation (NDIC), Bashir A. Nuhu, Divisional Head, Securities and and Exchange Commission (SEC) Joy Otubor, Deputy Director, Technical Standards and Network Integrity Nigeria Communication Commission (NCC) Anthony Ikemefuna, among others.
Parthian Partners Limited is Nigeria’s first interdealer broker, licensed by the Securities and Exchange Commission (SEC) to provide brokerage services to market dealers and investors, including pension fund administrators, fund managers, banks, and international financial institutions. Also, a member of the FMDQ Exchange, the company primarily facilitates trading in the federal government, state government, and corporate fixed-income securities.
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