Interswitch Processes 1.2 billion Transactions in One Month

April 3, 2023

By Aduragbemi Omiyale

A new milestone in transaction volume processing in a single month has been reached by Africa’s leading integrated payments and digital commerce company, Interswitch.

The company, in March 2023, processed 1.2 billion transactions as Nigerians began to rely on digital platforms to carry out their financial transactions, with the Central Bank of Nigeria (CBN) making efforts to limit the volume of cash in the system through the Naira redesign policy.

The transaction volume processed through the Interswitch channel was its highest ever within Nigeria, excluding the company’s other markets across Africa.

It affirms Interswitch’s commitment to providing secure, reliable, and innovative payment solutions to its customers across the country and beyond.

The organisation’s robust infrastructure and cutting-edge technologies have made it possible to process such large volumes of transactions seamlessly.

Interswitch’s range of innovative payment products, including Quickteller and Verve, among others, have become household names in Nigeria and beyond.

Speaking about the achievement, Mr Mitchell Elegbe, founder and Group Managing Director of Interswitch, said the company’s focus on innovation has been key to its success, adding that switching 1.2 billion transactions in a single month further reinforces the company’s position as an enabler in the Nigerian payment ecosystem.

“We are thrilled to have processed 1.2 billion transactions in the month of March within Nigeria alone. This milestone is a testament to the trust that our customers have placed in us and our commitment to delivering innovative and secure digital payment solutions across Nigeria and beyond,” he said.

Mr Elegbe further said, “This milestone is one that was made possible by our proactive investment in cutting-edge technologies that truly power the financial landscape.

“As we continue to grow and expand our operations, we remain committed to driving financial inclusion and helping businesses and individuals unlock the full potential of digital technologies.”

He noted that the success underscores the hard work and dedication of employees of Interswitch and highlights the fact that the firm is on the right track to achieving its set objectives.

Interswitch is poised to continue its growth trajectory by expanding its product offerings, deepening its partnerships, and investing in innovative technologies that propel the growth of digital payments in Africa and beyond.

Aduragbemi Omiyale

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

Leave a Reply

wealth fund profits
Previous Story

Nigeria’s Wealth Fund Profits Drops 33% to N102.4bn in 2022

Ecobank shareholders1
Next Story

Ecobank Shareholders to Share $28m as PBT Rises 13% to $540m

Latest from Banking