As Nigerian retailers grapple with shifting consumer behaviors and tightening margins, industry experts have identified payment innovation as the primary lever for unlocking sustainable growth and operational efficiency.
The consensus was reached during the Interswitch Retail Summit, held recently in Lagos. Themed “The Modern Retail Playbook: What Works, What’s Changing, What’s Next?”, the event gathered key stakeholders to address persistent bottlenecks such as payment inefficiencies, reconciliation hurdles, and the evolving expectations of the modern shopper.
Setting the tone for the summit, Osasere Atohenghe, Vice President of Sales and Account Management at Interswitch, noted that the industry is at a defining moment.
“Today’s customers expect speed, reliability, and security across every touchpoint, whether physical or digital,” Atohenghe said, assuring that at Interswitch, the company see this as an opportunity to move beyond identifying challenges toward collaborating on solutions that drive real impact.
Keynote speaker Chidi Okoro, a Faculty Member at Lagos Business School, expanded on this by emphasizing that retail models must intentionally blend physical and digital channels. According to him, the future of the industry relies on strengthening inventory intelligence and making better use of data to ensure seamless customer access.
A major takeaway from the summit was the urgent need for infrastructure investment. David Emeh, Head of Business Development (West Africa) at NIQ, argued that profitability is tied directly to structured data and robust systems.
“Greater investment is required across the retail value chain, from payment processing and collections to inventory systems and customer data infrastructure,” Emeh stated, arguing that retailers need access to structured data that supports deeper customer insights and improves decision-making.
The summit featured live demonstrations of Interswitch’s latest technology, including:
- Seamless Till Integration: Reducing checkout friction and manual errors.
- Digital Promotional Capabilities: Enabling retailers to target customers with precision.
- Automated Reconciliation: Solving one of the biggest administrative headaches for Nigerian business owners.
Speaking on the benefits of the summit, Olawale Akanbi, Group Head of Growth Marketing at Interswitch, noted that the true success of the summit would be measured by how businesses refine their strategies following these insights. “The real impact will be how businesses adopt new technologies and build partnerships that drive growth,” he said.
Beyond technology, participants called for stronger synergy between the private sector and the government, highlighting that enabling policies and inclusive financial systems are essential for retailers to scale effectively in an increasingly competitive market.
Interswitch reaffirmed its commitment to providing the integrated tools necessary for retailers to navigate the complexities of the Nigerian market, ensuring they can operate efficiently and scale sustainably as the landscape continues to evolve.