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  • Interswitch, ACI Worldwide plan customer engagements

    Interswitch, ACI Worldwide plan customer engagements

    Interswitch, one of Africa’s leading integrated payments and digital commerce companies, and ACI Worldwide, a global leader in real-time payments software, are set to host engagement sessions for their customers and key stakeholders in Nigeria and Kenya, with the aim of deepening digital payment and driving sustainable growth across Africa.

    The events, themed “Modernizing Digital Payment Infrastructure for Innovation, Growth & Commercial Advantage,” are slated for June 11 in Lagos, and June 14, 2024, at the Radisson Blu, Upper Hill Nairobi, Kenya.

    Africa is a high-potential region for real-time payments, with 8.2 billion real-time payment transactions in 2023, projected to hit 21.7 billion by 2028, a 2023-2028 CAGR of 21.2 per cent, according to the 2024 Prime Time for Real-time published by ACI Worldwide in partnership with GlobalData, a leading data and analytics company.

    Read Also: Interswitch boosts Reps Committee members’ digital, e-banking skills

    ACI Worldwide and Interswitch, whose alliance spans over 20 years, recently extended their long-term partnership to enable Interswitch to offer new innovative products and services in Nigeria and 31 other markets across Sub-Saharan Africa.

    Interswitch will incorporate the full range of payment solutions that form part of the ACI Enterprise Payments Platform into its technology stack, enabling banks and other financial institutions across these markets to transform and modernize their payment infrastructure. Interswitch and ACI are committed to providing innovative digital payment solutions that simplify and enhance payment processes for businesses across the continent.

    Conversations during the events will spotlight topical issues and trends, such as cross-border payments, modernization of core payment infrastructure for banks, open banking, card and non-card payment schemes, and securing transactions with next-generation technology stack, among other issues that are shaping the payment ecosystem across the continent.

  • Interswitch boosts Reps Committee members’ digital, e-banking skills

    Interswitch boosts Reps Committee members’ digital, e-banking skills

    As part of its sustained efforts to shape the financial services landscape in Nigeria, Interswitch Group, has organised a two-day capacity building training session for members of the Federal House of Representatives’ Committee on Digital and Electronic Banking.

    The training programme held last week, focused on deepening the members’ understanding of the legal and regulatory frameworks governing digital banking and fintech in Nigeria.

    The training session, which was the first of its kind from Interswitch’s stables,  featured a robust lineup of experts and top executives from Interswitch Group who facilitated various informative sessions during the two-day programme. The sessions were carefully curated to furnish participants with essential knowledge and valuable insights to navigate the evolving landscape of digital banking and fintech regulation in Nigeria.

    The programme saw the participation of 40 Honourable members of the House, led by Rt. Hon. Emmanuel Ukpong-Udo (PhD), Chairman of the House Committee on Digital Economy.

    Attendees engaged in insightful sessions covering a diverse range of topics crucial to the digital banking ecosystem, including payments and regulation in fintech operations, fintech innovation and emerging technologies, digital transformation and financial inclusion, risk management and security, among others.

    Attendees were also given a holistic perspective on the evolving dynamics of the digital payments industry. On the first day, Halima Usman, Divisional Head of Core Operations at Interswitch Group, discussed the ‘Regulatory Landscape of Fintech Operations’. This was followed by Oremeyi Akah, Chief Customer Success Officer, who presented on ‘Innovation and Emerging Technologies’. The day concluded with Titilola Shogaolu, MD of Interswitch Financial Inclusion Services, emphasizing the ‘Role of Digital Transformation in Financial Inclusion’.

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    The focus shifted on the second day to the ‘Legal and Regulatory Frameworks in Digital Banking’, facilitated by Isimenmen Omiunu, Head of Legal Operations, who provided an overview of the legal landscape. Alexander Ude, Chief Compliance Officer, then explored ‘Fintech Regulations and Regulatory Technology (Regtech)’. The training ended with Griffith Ehebha, EVP of Risk and Information Security, discussing ‘Risk Management and Security Trends’.

    Speaking about the training session, Founder and Group Managing Director, Interswitch Group,  Mitchell Elegbe, said, “We are delighted to have hosted such an impactful event aimed at empowering these Honourable Members of the House with the knowledge and skills necessary to navigate the complexities of digital banking and electronic finance. At Interswitch, we are committed to driving positive change and innovation in the digital payment industry through collaborative initiatives like this, at every level”

    The training underscored Interswitch’s commitment to promoting knowledge sharing and capacity building initiatives that contribute to the advancement of the digital economy in Nigeria. By partnering with key stakeholders such as the Federal House of Representatives Committee on Digital and Electronic Banking, Interswitch continues to play a pivotal role in shaping the future of financial services in Africa.

  • Interswitch mulls digital transformation in energy sector

    Interswitch mulls digital transformation in energy sector

    Africa’s leading digital payment and commerce company, Interswitch, has said it is pertinent for oil and gas businesses to leverage digital solutions to drive the growth and sustainability of the energy sector.

    The company made this known at the first edition of the Interswitch Energy Summit, held at the Oriental Hotel, Victoria Island, Lagos.

    At the summit, representatives of oil and gas companies and other stakeholders were introduced to innovative solutions designed by Interswitch Energy and informed of their robust benefits.

    The Interswitch Energy Summit, themed  “Harnessing Digital Transformation in the Energy Sector’, provided insights, strategies, and robust opportunities for oil and gas businesses to thrive.

    During the event, Interswitch unveiled two new products designed to address prevailing issues within the Energy sector, enhance business development, and drive growth. The products include Forecourt Operations and Wet Stock management solutions.

    Forecourt Automation and Wet Stock Management products focus on automating and optimising wet stock operations, empowering oil and gas companies with enhanced capabilities for inventory management, sales tracking, and payment processing. The products will allow fuel station management to expand its network of retail stations and establish strategic partnerships with Oil Majors, thereby driving operational efficiency and profitability.

    Read Also: World Bank, Interswitch: banks to overtake Fintechs in global mobile wallets

    Delivering her opening remark, Chinyere Don-Okhuofu, Managing Director, Industry Ecosystems (Interswitch Indeco), said, “For decades, the Interswitch Group has been a beacon of innovation, spearheading digital transformation initiatives across the African continent. Interswitch Energy stands as a testament to our unwavering commitment to driving positive change and fostering prosperity on a nationwide scale.”

    She further said, “With the introduction of our groundbreaking Forecourt Automation & Wet Stock Management solutions, we not only unveil products but usher in a new era of transformative growth. These innovations are more than mere tools; they are enablers of change, empowering enterprises within the energy sector with unprecedented capabilities to navigate the complexities of the modern energy landscape with agility and foresight.”

    In his Keynote address, Prof. Joseph Ezigbo, Managing Director of Falcon Corporation Ltd, emphasised the need for energy companies to allocate resources for digitisation initiatives accordingly to drive innovation and efficiency in the sector.

    The event also featured a panel session, in which the panelists discussed how oil and gas businesses can leverage cutting-edge solutions to address the challenges in the energy sector.

    The Interswitch Energy summit marks a pivotal moment in the journey towards a digitally empowered energy industry. Interswitch is committed to creating channels and platforms to foster innovation and drive positive change in the energy sector.

  • Interswitch partners Multipay Congo

    Interswitch partners Multipay Congo

    Interswitch Limited and Multipay Congo have joined forces to enhance the payments ecosystem in the Democratic Republic of the Congo (DRC).

    The partnership, which is a response to the rapidly evolving and expanding demands of the DRC market, will enable Multipay Congo to leverage Interswitch’s technology and expertise to deliver innovative and secure digital payment solutions to the Congolese market, supporting financial inclusion, driving digital transformation, and boosting economic growth in the country.

    Multipay Congo is a pioneer financial technology company that launched the first local interbank payment service in the DRC in 2015, called “Multipay”, in collaboration with four major banks, namely: the BCDC (Banque Commerciale du Congo), Equity Bank Congo, FirstBank DRC, and Rawbank. The first two banks have since merged to become the Equity BCDC.

    Multipay service enables holders of private (local) cards from these banks to perform transactions at ATMs, point-of-sale terminals, and in bank branches across the country.

    Interswitch Limited is an Africa-focused integrated digital payments and commerce company that was established in 2002 in Nigeria. Interswitch, operating in over 14 countries in Africa, facilitates the electronic circulation of money and the exchange of value between individuals and organisations on a timely and consistent basis.

    The company offers a range of payment products and services such as cards, digital tokens, online stores, and payment platforms, to help businesses and individuals across Africa grow and thrive.

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    Expressing his enthusiasm for the partnership, Olivier Bueno, the Managing Director of Multipay Congo said:

    “We are delighted to partner with Interswitch Limited, another pioneer and leader in the African digital payment space. This partnership will enable us to continue to pursue our ambition to actively participate in the financial inclusion objectives of the Central Bank of Congo by developing innovative, accessible, secure digital financial products and services, adapted to the needs of the population and businesses.”

    By working with Interswitch, we leverage our local knowledge and skills to promote financial inclusion and economic empowerment, as well as to support the development of the digital economy in DRC and in the region.”

    Also describing the partnership as a win-win for both organizations and the people of the Congo, Akeem Lawal, the Managing Director, Payment Processing and Switching (Interswitch Purepay) said:

    “We are pleased to enter this partnership with Multipay Congo to bring our transformative payment solutions to the Democratic Republic of the Congo. The partnership aligns with our overarching efforts to expand our footprint across more African regions, developing and deploying innovative solutions until payments are a seamless part of everyday life on the continent.

    As part of this partnership, we will strengthen our presence in the DRC, one of Africa’s most populous and promising markets, so, we look forward to working with relevant regulators and other financial service providers to jointly provide safe, reliable, and convenient financial services to individuals and businesses in the DRC.”

  • Interswitch, Opay partner to enhance digital payment

    Interswitch, Opay partner to enhance digital payment

    Interswitch has announced a pivotal collaboration with OPay through its Interswitch Payment Gateway (IPG). This integration enables OPay users to seamlessly make direct payments for goods and services on merchants’ websites from their OPay Wallet balance.

    This strategic alliance aims to redefine the digital payment experience, providing users with a secure and frictionless payment solution. The incorporation of OPay into the suite of checkout payment options on the Interswitch Payment Gateway (IPG) adds a new layer of convenience for users, complementing the existing array of payment methods such as Card, Quickteller, Transfer, QR, and USSD. Muyiwa Asagba, Managing Director of Digital Commerce & Merchant Acquiring (Paymate) at Interswitch, emphasized the significance of this partnership in advancing the growth of digital payments in the country.

    He stated, “At Interswitch, our commitment is to cater to the evolving needs of consumers and merchants, fostering a more inclusive and dynamic digital payment ecosystem. Through our latest collaboration with OPay, we are excited to introduce a new dimension of payment convenience to users and merchants. This partnership reflects our dedication to introducing innovations that enhance the digital payment experience, and we are eager to witness the positive impact it will have on the entire payment ecosystem.”

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    Ms. Elizabeth, Vice-President of App and Cards underlines that OPay remains focused on its commitment to making financial services more inclusive through technology hence the partnership with Interswitch to deliver an innovative payment solution. The Pay with OPay product is a 2-step process that will bring an extremely convenient payment experience, a closed-loop solution that is secure, with a 100% success rate and stable network uptime. This cutting-edge solution affirms our customer-first and pure excellence in innovation with high adoption within the web payment sector. Interswitch urges both customers and merchants to embrace this transformative feature, capitalizing on the convenience, security, and flexibility it brings. The company remains steadfast in its determination to continuously innovate cutting-edge solutions, providing customers with the latest and most secure payment options available.

    Worthy of note is the fact that OPay was recently recognized by Interswitch for its outstanding performance amongst FinTech’s in Nigeria at the TechConnect 3.0 event which took place in November. As the digital payment landscape evolves, this alliance underscores Interswitch Group’s strong commitment to driving payment ecosystem collaboration and championing advancements that reshape the way financial transactions are conducted. This reaffirms the Group’s dedication to delivering leading-edge payment solutions that empower users and merchants alike, setting new standards in the dynamic realm of digital payments.

  • Interswitch loses N30b to chargeback fraud

    Interswitch loses N30b to chargeback fraud

    African payments and infrastructure firm, Interswitch, has lost as much as N30 billion after a system glitch allowed some merchants to fraudulently file and receive chargebacks, according to court documents.

    An online platform, Investopedia, defined a chargeback as a charge that is returned to a payment card after a customer successfully disputes an item on their account statement or transactions report. A chargeback may occur on debit cards (and the underlying bank account) or on credit cards. Chargebacks can be granted to a cardholder for a variety of reasons.

    The company is now attempting to recover the funds through legal action, and it has reported the fraud to the Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-money laundering agency. So far, Interswitch has recovered a little over ?10 billion, according to one person with knowledge of the matter. When contacted, Interswitch declined to comment.

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    The court documents seen by TechCabal and corroboration by three people with direct knowledge of the situation showed that Interswitch filed a motion at the courts on the suspected bank accounts. The payments giant has also requested that 54 banks place restrictions on hundreds of suspected bank accounts until the investigation and recovery process is complete, said a lawyer at a top Nigerian law firm with knowledge of the ongoing case.

    The chargeback fraud dates back several years, two sources with knowledge of the situation said but they declined to share a specific timeline. The current incident, however, is directly linked to a few former and current Interswitch employees who likely exploited vulnerabilities in the company’s system, the sources said. At least one person has been arrested in connection with the incident, a source also said. 

    Nigeria’s financial services industry has seen an increase in incidents of fraud in the last four years. Nigerian financial institutions have reported ?159 billion ($201.5 million) loss to fraud cases since 2020, according to the Financial Institutions Training Centre (FITC).

  • Interswitch sponsors financial inclusion conference

    Interswitch sponsors financial inclusion conference

    Interswitch has announced that it would be the platinum sponsor of the second edition of the International Financial Inclusion Conference (IFIC). 

    The event, organised by the Central Bank of Nigeria (CBN), is scheduled to take place on October 5 and 6 at the Landmark Event Centre in Lagos.

    The IFIC, a significant gathering of thought leaders, financial services providers, regulators, development partners, and other financial inclusion stakeholders, aims to deliberate on contemporary developments, address challenges, and propose solutions to foster a more inclusive financial system. 

    With the theme: ‘Financial Inclusion for All: Global Insights for Local Impact’, the conference underscores the CBN’s dedication to extending financial services and opportunities to underserved or excluded individuals within the formal financial system.

    Interswitch’s sponsorship of the conference reflects its unwavering commitment to promoting financial inclusion and sustainable economic development. Mitchell Elegbe, Founder and Group Managing Director of Interswitch expressed the company’s mission to make digital payments and financial services accessible to all. 

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    He stated, “At Interswitch, we are driven by a mission to make digital payments and financial services accessible to everyone. The CBN’s International Financial Inclusion Conference aligns perfectly with our vision, and we are delighted to be a part of this global conversation. As a pioneering supporter and enabler of the National Financial Inclusion Strategy, we are indeed pleased to sponsor the International Financial Inclusion Conference and look forward to engaging with other stakeholders and exploring innovative solutions that will move us closer to achieving universal financial inclusion.”

    The event promises a diverse range of activities, including networking sessions, exhibitions showcasing groundbreaking financial inclusion solutions, the prestigious Financial Inclusion Awards, and stimulating panel discussions featuring industry experts such as Titilola Shogaolu, Managing Director of Interswitch Financial Inclusion Services (IFIS) who will be on one of the panels to discuss ‘Fintech -Enabled Financial Inclusion: Last Mile Solutions’.

    Interswitch remains steadfast in its commitment to enhancing financial services and advancing financial inclusion through groundbreaking digital solutions and products and continued collaboration with esteemed industry leaders such as the Central Bank of Nigeria (CBN).

  • Interswitch to drive innovative, secure payment solutions

    Interswitch to drive innovative, secure payment solutions

    Interswitch is playing a pivotal role in driving the growth of revenue collection and generation in Nigeria by providing secure payment solutions, experts have said.

    They stated this  in Abuja at the Nigerian Revenue Summit with the theme: ‘Digital payment as a catalyst for revenue growth’.

    Managing Director, Industry Ecosystems, Interswitch Indeco, Chinyere Don-Okhuofu, said the firm is driving tax collection with its  solutions designed to redefine traditional paradigms.

    Don-Okhuofu said: “At Interswitch, we are about innovation and solutions, and we recognise that digitalisation is a key indicator of economic advancement. That is why our commitment to innovation never stops. We are driving seamless revenue collection of tax with our revolutionary solutions, each designed to redefine traditional paradigms.

    Read Also: Interswitch inaugurates Google Pay Support

    “Our recognition and vested support in businesses in the informal sector have inspired the creation of a series of products that help with automated enumeration, provide diverse payment channels, and a platform that gives a more centralised payment view, in the Nigerian Revenue system.”

    Also, the Executive Secretary, Joint Tax Board, Aisha Obomoghie, said it is imperative for stakeholders from the public and private sectors, taxpayers, and financial institutions to collaborate to create an ecosystem that encourages and facilitates digital tax payments.

    She said the Joint Tax Board is set to maximise tax  collection with the expertise of partners like Interswitch to ensure efficiency.

  • Interswitch inaugurates Google Pay Support

    Interswitch inaugurates Google Pay Support

    Interswitch has pledged to support Google Pay on its new Interswitch Payment Gateway (IPG) platform.

      This initiative enables businesses and individuals to benefit from the simplicity and security of contactless payments and digital storage.

    Merchants can store payment  within Google Wallet.This integration facilitates a smoother checkout on the Interswitch platform, heightening the user experience.

    Also, the collaboration enables the acceptance of international cards on the Interswitch Payment Gateway, positioning businesses to cater to a broader international clientele.

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    Managing Director, Digital Commerce & Merchant Acquiring, Interswitch, Muyiwa Asagba, said: “We are proud to align with Google Pay, as it exemplifies our commitment to delivering cutting-edge payment solutions that facilitate seamless transactions for businesses and their customers.

    “By integrating Google Pay into our Payment Gateway, we are empowering businesses to harness the potential of a global customer base while ensuring secure and reliable payments.

    “Google Pay provides a fast, easy, and safe way for users in more than 70 countries and territories to pay with their Android phone or Wear OS device.

    Vice President/General Manager, Google Wallet, Jenny Cheng: “Users can simply add their debit and credit cards to the Google Wallet app and feel confident that their financial information is safe and secure when they’re making a purchase or catching a train.”

  • Interswitch maintains ISO 22301 certification

    Interswitch maintains ISO 22301 certification

    Interswitch, Africa’s integrated payments and digital commerce company, has received the ISO 22301 recertification for Business Continuity Management (BCM) for the fifth consecutive year.

     Since the company’s ISO 22301 certification in August 2018, Interswitch has remained committed to upholding the global best practice in Business Continuity Management, maintaining the highest standards of operational resilience and safeguarding the interests of its customers and stakeholders.

     ISO 22301 is an internationally recognised standard that sets forth requirements for establishing, implementing, maintaining, and continually improving a robust Business Continuity Management System.

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    This recertification validates Interswitch’s dedication to effectively managing potential disruptions, minimizing downtime, and ensuring seamless service delivery even in the face of unexpected challenges.

     Maintaining the ISO 22301 certification is a testament to Interswitch’s comprehensive approach to risk assessment, mitigation, and recovery planning. The certification process involved rigorous audits and evaluations of Interswitch’s business processes, contingency plans, and disaster recovery capabilities.

     Speaking about the recertification, the Executive Vice President, Risk & Information Security at Interswitch, Griffith Ehebha said – “At Interswitch, ISO 22301 certification represents our unwavering commitment to resilience, dedication to business continuity, and profound understanding of the significance of preparing for the unexpected.

     ISO 22301 recertification is a proactive approach to risk management that demonstrates to stakeholders and customers that we at the Switch prioritize the continuity of our operations, even in the face of adversity. It is not just a mark of achievement; it is testament to Interswitch’s tested capacity to weather storms and emerge stronger on the other side.”

     MSECB, a leading provider of Audit and Certification Services in the field of Information Security and Privacy, served in the capacity of auditors for the certification process.

     Underscoring its commitment to global best practices, Interswitch is also certified to four other ISO standards including ISO 27001: Information Security management system, ISO 9001; Quality Management System, ISO 20000: Information Technology Service Management System, ISO 45001 and Occupational Health and Safety Management System. All five of these 5 standards are managed centrally as an Integrated Management System (IMS).

     The achievement of the ISO 22301 recertification positions Interswitch at the forefront of companies that prioritize operational resilience and adaptability and reinforces the company’s ability to manage potential disruptions effectively, safeguard critical operations, and maintain an uninterrupted flow of services that customers can continue to depend on.