Interswitch, payments and digital company, has partnered Nigeria Inter-Bank Settlement System to further enhance efficiency and reliability of payment transactions.
This partnership follows a directive from Central Bank of Nigeria, which mandates that all Point of Sale transactions must be routed through Payment Terminal Service Aggregator. This directive, issued to improve the monitoring of electronic transactions, marks is key to strengthening the payment ecosystem.
Under this agreement, NIBSS will serve as primary PTSA for Interswitch, creating a foundation for improved transaction efficiency and regulatory compliance. The partnership also opens avenues for collaboration in other areas, with both organisations focused on driving innovation and advancing payment.
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Akeem Lawal, managing director of Payment Processing and Switching (Interswitch Purepay), hailed the partnership, noting its significance in advancing the payments industry in Nigeria:
“We are delighted to strengthen our collaboration with NIBSS as we align with CBN’s directive. This partnership reinforces our unwavering commitment to maintaining the highest standards in payment processing in Nigeria, while driving significant value for our stakeholders and the broader industry,” Lawal said.
Managing Director of NIBSS, Mr. Premier Oiwoh, said: “This collaboration represents a milestone in our mission to drive innovation and enhance payment system efficiency. The alliance strengthens the monitoring of electronic transactions, improving tracking and oversight…”
Through this collaboration, customers and partners can expect enhanced reliability and efficiency in transaction processing. Interswitch and NIBSS are committed to ensuring a smooth transition. The two companies will continue to roll out solutions, features, and enhancements as part of this alliance, contributing to the sustained growth and development of Nigeria’s financial ecosystem.