L-R: Honourable Minister of Trade and Investment, Otunba Adeniyi Adebayo; CEO, My World of Bags, Femi Olayebi; and Managing Director, SystemSpecs Technology, Demola Igbalajobi at the 2022 Lagos Leather Fair held recently.
SystemSpecs, a financial technology company, says small and medium-sized businesses (SMEs) need to adopt electronic payments to scale up.

In a statement by the e-commerce company, Demola Igbalajobi, managing director of SystemSpecs technology, said this during 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.

He said the role played by electronic payment in the growth and success of SMEs in Africa cannot be overemphasised.

“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 to transact internationally,” Igbalajobi said.

“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 would become easier with time as more payment gateways connect with banks.

The tech expert lauded Nigeria for having one of the most advanced payment systems in the world.

“What other countries are celebrating today, we had done it in Nigeria over 10 years ago. The fintech ecosystem in Nigeria is so advanced that we now have unicorns,” he said.

“The whole idea is that, from your payment gateway, you should be able to see who you are paying to in the next country. This can only be possible if the payment gateway also facilitates currency exchange seamlessly.

“You don’t need what is happening between naira and other currencies. Just log in and carry out your transaction. The infrastructure is already there. It is about ease, it is about access.”

Igbalajobi urged African SMEs to maximise the advantage of electronic payment systems.

“As an SME, you need to plug into electronic payment systems. It is difficult for you to scale without this advantage,” he said.

Meanwhile, the Lagos Leather Fair showcases West Africa’s leading leather brands.

In attendance were Adeniyi Adebayo, minister for industry, trade and investment; Tokunboh Ishameal, managing partner and co-founder of Alitheia Capital; Temwa Gondwe, manager, intra-African trade initiative, AFREXIM Bank, among others.