Business Journal

IT & Telecom

Interswitch Emerges Most Efficient Payment Processor in Nigeria

Interswitch new logo

Interswitch Limited, Africa’s leading digital payments and commerce provider has emerged as a multiple award winner at the maiden edition of the Electronic Payment Incentive Scheme (EPIS) Awards organised by the CBN and Nigeria Inter-bank Settlement System (NIBSS).

The transaction-switching and payments processing leader was recognised as the most efficient payment processor, most efficient Payment Terminal Service Provider (PTSP) and most efficient Payment Terminal Application Developer (PTAD).

According to the organisers, the EPIS Awards are intended to identify, reward and celebrate financial institutions, merchants and other stakeholders in the electronic payment space for great work done in promoting and expanding the use of electronic payments in Nigeria.

At the event, Deputy Governor, Operations Directorate, CBN, Alhaji Suleiman Barau, said,
“We are delighted and proud to recognise, encourage, appreciate and reward financial, non-bank and other stakeholders in the EPIS that have been driving the growth of electronic banking channels in Nigeria.”

Also speaking at the event, Managing Director, NIBSS, Adebisi Shonubi, said the event marked a memorable point for all the years of commitment put in by industry regulators and other stakeholders that have striven to drive the growth of electronic payment in Nigeria and the eventual transformation into a cashless society.

Commenting afterward, Divisional CEO, Switching and Processing, Interswitch, Akeem Lawal remarked:
“At Interswitch, for the last 13 years, we have been at the cutting edge of the electronic transaction revolution in Nigeria. We are always excited about innovations that make transactions more seamless and efficient.

This latest recognition is more evidence of our unrelenting resolve to consistently provide best-in-class integrated transaction solutions that are secure, convenient and tailored to the requirements of the market.

We are proud to be recognized for our efforts, even as we look forward to continuing to drive social and economic value creation not only in Nigeria, but across the African markets we operate in as well. We also owe our success to our customers and would like to thank all our customers for their continuing contribution to our success”.

It will be recalled that the growth of the e-payment industry in Nigeria has correlated closely with the brand story of Interswitch.

Starting off in the year 2002 at a time when Nigeria’s ICT landscape was still virtually untapped with only an estimated 200,000 Nigerians connected to the internet and banks moving money at high cost and risk, the challenge was to re-define the disposition of Nigerians towards transactions.

Today, the landscape has changed remarkably, with the consistent introduction of new technologies and processes that have exposed Nigerian customers, businesses and governments to the advantages of a cashless system.

Interswitch continues to be central to the provision of electronic exchange of money and transfer of value among all and sundry on a timely and consistent basis across Nigeria and Africa.

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