The Executive Director, Technology & Innovation, Global Accelerex, a financial technology solution provider, Mr Stanley Peters, tells Anna Okon about the need to reach the unbanked population in Nigeria with technology in this interview
What role has technology played in achieving a wider financial inclusion rate in Nigeria?
Technology is helping in countering physical barriers and has played a very important role in achieving wider financial inclusion in Nigeria. The introduction of technology has made it possible for banks to start de-emphasising brick and mortar banking, which is very cost-intensive. Instead, they now partner with Fintech companies in a bid to proffer financial solutions to customers electronically through means that are accessible and convenient.
Your firm has been coming up with a lot of innovations, what informs the innovative solutions – customers’ pain points or perceived needs of the market based on observable gaps?
It would be difficult to isolate one from the other because they complement each other. Our customers are the focal point of our business. We respond to their yearnings and aspirations and constantly strive to deliver simple, convenient payment options to them.
We also observe the market keenly to know what our customers may need. We commit a lot of resources to research and development in our quest to break barriers in e-payment. If we believe there is a gap in the payment space, which is almost always backed-up with feedback from the customers, we commence the process of developing a solution to solve that challenge. This is made possible by our in-house Innovation and Technology team that bring their experience and expertise to bear in delivering cutting-edge solutions.
We have a broad range of products and services from the Accelerex stable. AccelerexPOSPay is designed to integrate easily with Electronic Cash Register of retailers, enabling transaction level cross-referencing. Its benefits include faster ‘over-the-counter’ payment process, seamless reconciliation, separation of card payments from cash payments and reduction in cashier theft and other fraud possibilities.
Accelerex 2.0 is a Point of Sale terminal application provisioned on various Global AccelerexPoS terminal devices. It is extremely flexible and customisable, meeting varying business needs. It can also be integrated into third party applications. Accelerex 2.0. is the perfect application for merchant acquirers, merchants, agents, business entities, organisations, e-payment providers and other users of electronic card payment services.
AccelerexRevenue Collection Solution caters to the corporate and government organisations’ payment collection needs. The system streamlines the payment processes of different revenue-collecting organisations – taxes and levies for states, ministries, departments and agencies, and payment for goods and services. Users enjoy online real-time collection notifications, in addition to portal accessibility to review transactions.
What is Accelerex Network Platform all about?
Accelerex Agent Network Platform, is a product developed in-house to enable agency banking services. The platform makes the supervision, administration and management of super agents’ businesses simpler, easier and more convenient. It is flexible, making it possible to accommodate different agent network business requirements and various delivery models. In addition, ANP is a secured platform from end-to-end and allows easy on-boarding and relationship management of agents, including proper Know Your Customer and due diligence documentation.
This platform allows agents to perform financial operations such as pool account operation, cash withdrawals, cash deposits, fund transfers, account opening, bill payment and other related financial services. ANP is loaded with unique features and benefits. Agents enjoy instant transaction notification, instant value and same day settlement. This removes all limitations to increased transaction volume, and enables the agent provide service to as many customers as possible, rather than wait till the day after the transaction to get settled. The platform is also flexible and customisable to meet different agents’ business model.
With recent innovative moves by Fintech companies, how do you see Nigeria’s e-payment ecosystem in the next three years?
In the next three years, we foresee a situation where the digital banking transformation that is sweeping across the financial sector will become a new norm. Going into physical banking halls would have gone out of fashion and most people would have embraced effortless ways of carrying out financial transactions. On our part, we will keep blazing the trail and discovering new paths for others to follow. We will continue to check the market, listen to customers’ feedback and deliver solutions to meet their demands. Despite the competitive nature of our industry, we hope to see more collaborations and more partnerships.
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