SystemSpecs has said that small and medium-sized enterprises (SMEs) need to adopt electronic payments in order to scale up.
The Managing Director of SystemSpecs Technology, a SystemSpecs subsidiary, Demola Igbalajobi, who stated this at a panel session tagged: “Navigating the Challenges of Payment Gateways: What’s the way out for SMEs,” at the 2022 Lagos Leather Fair held recently in Lagos, said the role played by electronic payments in the growth and success of SMEs in Africa cannot be overemphasized. The Lagos Leather Fair is an initiative that seeks to showcase West Africa’s leading leather brands.
The conversation in the panel session was designed to unravel, discuss and highlight the causes of the pressing issues that SMEs face with effectively conducting cross-border business transactions, as well as to educate audiences on the dynamics of the ever-evolving digital payments space.
“For the African market, one thing that has happened over the last few years is the recognition that we have to solve the problems the African way for Africans. For businesses the first thing is to go online and get payment gateways that allow you transact internationally,” said Igbalajobi.
“Over the next few months, you will see more financial institutions and more payment gateways that allow you the option to transfer and pay seamlessly internationally.”
According to Igbalajobi, these intra-African transactions will get easier with time as more payment gateways connect and connect with banks. Already, eight banks have come onstream for the Pan-African Payment and Settlement System (PAPPS). The technology expert also touted Nigeria as having currently one of the most advanced payment systems in the world.
