Interswitch and Banks Promote Tokenised Payments in Nigeria

Financial technology executives from Interswitch, Verve International, GTBank, Wema Bank, and ProvidusUnity Bank are promoting the adoption of tokenised payments in Nigeria. They presented their views at the Interswitch Tokenisation Documentary Press Briefing, emphasizing that tokenisation can enhance transaction security, prevent fraud, and simplify payments.

Akeem Lawal, Managing Director of Payments, Switching and Processing at Interswitch, stated that tokenisation significantly advances payment security by reducing the value of compromised card information to fraudsters. He explained that tokenisation replaces sensitive card details with a token, which cannot be used independently.

Tunde Mabawonku, Executive Director of Retail and Digital Business at Wema Bank, noted the growing relevance of tokenisation as consumer behavior shifts toward digital transactions. Jimmy Banjoko, Divisional Head of Digital Banking and Financial Inclusion at GTBank, highlighted the increased demand for contactless payment options post-COVID-19.

Vincent Ogbunude, CEO of Verve International, mentioned that tokenised payments could streamline transactions and enhance security through biometric verification.