Technology
Strengthening Fintech Ecosystem through Partnerships
“Alone we can do so little; together we can do so much.” This statement aptly describes the success achieved in the financial and payment landscape in Nigeria through the strategic partnership between fintechs and banks in the financial services industry.
Years ago, daring criminals would unleash mayhem on unsuspecting victims coming from banking halls and dispossess them of their valuables. This was because consumers had to move around with cash.
At the time, the majority of the people living in both urban and rural areas were unbanked and did not have access to financial products and services.
But as technology evolved and the digitalization of businesses became imperative to fit current realities, banks had to re-evaluate their service model and operational strategies. The need to transition into a digital wholesale banking system was inevitable.
The adoption of technology in service delivery such as banking, e-commerce, logistics etc. has contributed to the growth of fintech companies. With collaboration, fintechs have increasingly developed solutions that have been deployed across industries to enhance payment collection, efficiency and fund security. These partnerships between the fintechs and industry players have helped to accelerate product innovation, drive growth and provide top-notch solutions across the board.
The partnership between the fintech and the banking community has brought about innovative solutions such as funds transfer, on-demand bank statement, instant transaction alerts, payment authorization, loan request and disbursement, etc. Thanks to these innovative payment solutions, bank customers and account holders do not have to visit the banks often as they can initiate and complete transactions from the comfort of their homes.
Also, fintechs have leveraged partnerships with other service providers, such as power distribution companies (DISCOs), telecoms companies, ride-hailing services and utility companies to strengthen the payment ecosystem. These partnerships have further deepened financial inclusion and increased adoption of digital payment solutions, enhanced access to loans and other financial services such as funds transfer, bill payments, DSTV subscription, airtime recharge, and so on. These partnerships have helped the service providers collect payment seamlessly as well as allowing the customers to pay with ease.
Following these partnerships, Nigeria has witnessed an increase in the adoption of electronic payments over the last few years. Data shows the value of transactions via digital payment platforms, Nigeria Interbank Settlement System Instant Payment System (NIP) and Point of Sales (PoS) terminals rose to N60.34 trillion in the first quarter of 2021. That was a 12.55% increase when compared to the N53.61 trillion achieved in the fourth quarter of 2020.
Taking into cognizance that strategic partnerships help to strengthen payment solutions and are pivotal to economic growth, Africa’s leading digital payment and e-commerce company, Interswitch Group, has collaborated with several companies across industries to provide the broadest set of financial solutions to financial institutions across Africa.
Since its inception, Interswitch has been providing the switching infrastructure that connects different banks in Nigeria to reconcile inter-bank payments and settlements. Its solutions are also used to deliver the technology used for Automated Teller Machines (ATM) and PoS.
Following the acquisition of a minority stake by Visa in Interswitch in 2019, Interswitch is today the most valuable African Fintech business with a valuation in excess of $1 billion hence its recognition as a Unicorn. The partnership with Visa, allowed Fintech Unicorn to expand its digital payment solutions across the continent.
Beyond partnerships with brands, Interswitch has also partnered with governments across the continent to integrate its digital payment solutions to expand its inter-bank settlement capacities. These partnerships have enhanced the digital payment ecosystem, helped shape the much-needed financial transformation as well as boosted the African economy.
According to Tomi Ogunlesi, Group Head, Corporate Marketing, “Over the years, we have been making major strides in delivering world-class financial solutions to customers across the world. Through strategic partnerships, Interswitch has also reached major milestones and deepened access to financial services.”
In furtherance of its commitment to help strengthen the financial services industry, Interswitch recently revamped its developer console to improve the experiences of partners, developers and merchants who seek to integrate with their solutions.
Essentially, this platform enables developers to try out their products before going to the market. The new Interswitch APIs enable developers to create innovative tools and products and provides self-service integration, giving developers the ability to access Interswitch’s product APIs, authentication parameters, sandbox, production keys, documentation and seamless project management.
Indeed, the fusion between Fintechs, banks and other service providers as strategic partners would not only enable them to deliver satisfactory services to their numerous customers, it will help grow the payment ecosystem and also contribute immensely to the growth of the Nigerian economy.
Choosing between a VPS and a dedicated server can be complex. They run apps and webpages. But they operate differently. Understanding the difference between VPS and dedicated server solutions will help you prevent complications and save money later on. In this text we will explain everything in detail with examples from actual life.
VPS vs Dedicated Server: What Actually Sets Them Apart
One physical machine is divided into multiple virtual servers by a VPS. Through virtualization software, each user receives a portion of resources that are separate from those of other users.
A dedicated server operates in a different manner. One user owns a single physical machine. No neighbors, no sharing, simply complete hardware access.
This is the core of the vps vs dedicated server debate. Shared hardware means lower costs, while full ownership means more raw power. Finding the best vps hosting service often comes down to how well a provider balances performance with fair pricing on shared resources.
| Factor | VPS | Dedicated Server |
| Resource allocation | Shared pool, virtualized | 100% dedicated hardware |
| Performance consistency | Possible noisy neighbor effect | Guaranteed, stable capacity |
| Scalability | Instant resize | Requires hardware upgrade or migration |
| Cost | Lower entry price | Higher fixed cost |
Performance, Cost and Control: Where Each One Wins
In terms of raw performance, dedicated servers are superior. Each gigabyte of RAM and each CPU cycle are part of a single project. There is no competition for resources.
Flexibility is where VPS excels. It takes minutes, not days, to scale up. Pricing stays lower too, since costs get split across multiple users on the same hardware.
Shared hardware limitations rarely cause problems for smaller projects. Providers like Antihost allocate resources fairly, so performance stays steady even during traffic spikes. The gap only really matters once traffic gets heavy and consistent.
The contrast of vps vs virtual machine is also confusing people often. A VPS is a virtual computer in a technical sense, but it’s rented from a hosting company, rather than running on your own hardware.
Matching the Server to the Project: Real Scenarios
A dedicated server is rarely required for a small business website. A VPS can easily manage moderate traffic while maintaining low expenses.
A growing SaaS product usually starts on a VPS and expands as the user base grows. This adaptability is more crucial in the early stages than brute strength.
A database-heavy application benefits from dedicated hardware once query volume reaches a certain level. In this case, the lack of resource sharing and a constant disk speed are essential.
A game server depends on low latency and steady performance. Many game servers run fine on VPS today, especially with modern hardware. As David Heinemeier Hansson put it: “Personal servers have gotten really scarily quick, inefficient, and personal internet connections rival what we connected data centers with just a decade or two ago.” That shift makes VPS a stronger option than it used to be.
Here is a quick breakdown of what typically fits best:
- Small business website: VPS, for cost and simplicity
- Growing SaaS product: VPS, then scale to dedicated later
- Database-heavy app: Dedicated server, for consistent speed
- Game server: VPS, unless player counts get very large
Summary
In every situation, neither choice is superior to the other. Everything impacts the optimal selection, including the scale of the project, traffic patterns, and all growth plans. Scale from what works now when the numbers really demand it.
By Modupe Gbadeyanka
The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Mr Aminu Maida, has reemphasised the need to protect the nation’s telecommunications infrastructure, especially fibre networks, noting that damage to fibre networks carries significant economic consequences.
Speaking virtually at the Association of Telecommunications Companies of Nigeria (ATCON) Critical Conversation Forum on Fibre-to-the-Home (FTTH) in Lagos recently, he described FTTH as a critical enabler of Nigeria’s digital future.
“FTTH is uniquely positioned to meet Nigerians' next phase of data demand. The quality of our broadband will increasingly shape the competitiveness of our businesses, the growth of our digital industry and the opportunities available to our citizens,” the NCC chief stated.
“We must uphold deployment standards. Nigeria needs fibre that is properly installed, properly documented, and properly protected,” Mr Maida further said at the event themed Fibre to the Home in Nigeria: Addressing Challenges, Strengthening Standards and Ensuring Sustainable Deployment.
During a panel discussion titled Policy, Governance and Regulatory Alignment, the Deputy Director of Strategic Business Initiatives at ipNX, Mr Segun Okuneye, highlighted the need for stronger collaboration across the telecommunications ecosystem to unlock the full potential of fibre broadband in Nigeria.
According to him, sustainable fibre deployment extends beyond technology and investment to include policy consistency, stakeholder alignment, infrastructure protection, and shared responsibility.
“Achieving universal fibre connectivity requires more than deploying infrastructure; it requires sustained collaboration between operators, regulators, government agencies and host communities.
“When policies are aligned, deployment standards are consistently enforced, and critical infrastructure is protected, we create an environment where investment thrives and more Nigerians can enjoy reliable, high-speed broadband.
“At ipNX, we remain committed to working with all stakeholders to build resilient digital infrastructure that will support Nigeria’s economic growth for generations to come.”
Earlier in his welcome address, ATCON President, Mr Tony Emoekpere, underscored the strategic importance of FTTH in achieving the country’s broadband penetration targets while calling for greater public awareness around protecting communications infrastructure.
“This forum is critical because Fibre-to-the-Home is the technology that will enable the country to achieve full broadband penetration. We all depend on communication infrastructure, and it must be protected,” he declared.
Drawing a comparison with power infrastructure in the country, he added, “If somebody comes to your neighbourhood to tamper with your transformer or power cables, everybody will come out. The same thing needs to apply for communications infrastructure. When we see people damaging fibre cables, we should raise an alarm.”
By Modupe Gbadeyanka
Thursday, July 23, 2026, provided an opportunity for financial services professionals to converge on Landmark Event Centre, Lagos, to brainstorm on ways to meet the rising customers’ expectations.
The platform used for this purpose was Core by Interswitch. It is part of the company’s broader commitment to strengthening Africa’s digital payments ecosystem by fostering collaboration, knowledge sharing and operational excellence across the financial services value chain.
At the event, participants, numbering over 400, also highlighted the growing importance of operational excellence in sustaining resilient payment infrastructure.
As digital financial services continue to expand across Africa, closer collaboration among financial institutions, fintechs and payment service providers will be essential to improving responsiveness, resolving operational challenges more effectively and delivering consistently reliable customer experiences.
The Executive Vice President for Operations and Technology at Interswitch, Mr Babafemi Ogungbamila, said the forum reflects the company’s belief that exceptional customer experiences are built not only on innovative technology but also on the expertise, collaboration and commitment of the professionals who keep payment systems running every day.
“Every successful digital transaction is powered by professionals whose work often goes unseen but is fundamental to building trust in digital payments. Core by Interswitch was created to recognise their contribution, strengthen collaboration across the industry and create opportunities for shared learning that ultimately benefit financial institutions and the customers they serve.
“As digital payments continue to evolve, investing in the people and processes that power the technology is just as important as investing in the technology itself,” Mr Ogungbamila said.
Beyond recognising the professionals whose work often goes unnoticed, the programme underscored the value of creating stronger connections across the payments ecosystem.
By creating a dedicated platform for knowledge sharing, collaboration and professional development, Core by Interswitch aims to build a more connected community of payments operations professionals equipped to respond to the evolving demands of the digital economy.
