September 29, 2020 All Things Fintech in Africa

Top 10 Interesting facts about Interswitch Nigeria

Top 10 Interesting facts about Interswitch Nigeria

Today many payment processing companies exist, but Interswitch Nigeria has made an incredible impact during its 17 years of existence. Here are some of the most amazing reasons why Interswitch continues to be the biggest and fastest growing tech company in Africa.

 

1. For Africans

Interswitch is owned by Africans and solely focuses on the interests of Africans. They provide payment portals for just about any kind transaction including bill payments, POS withdrawals, airtime and all kinds of funds transfer.  Interswitch Nigeria is the leading pioneer of Nigeria’s cashless policy.

 

2. Founded by a genius

Mitchell Elegbe founded Interswitch in 2002. But today the company has a wide range of partners, acquisitions and mergers.

 

3. Geared to grow

Interswitch was the first West African company to reach level 3 rating of the CMMI framework. The Capability Maturity Model (CMMI) is a framework that offers organizations the essential attributes that push towards all-around exceptional performance.

 

4. A holy grail of e-commerce

Interswitch crafted the first central transaction switch in Nigeria. This means they crafted the core financial infrastructure that enables financial information exchange across electronic networks.

 

5. Initiators

Interswitch owns Verve which is Nigeria’s first and most used payment card. However, verve was launched in Kenya and presently holds the spotlight as there are over 18 million verve cards out of 25 million debit cards circulating in Nigeria.

 

6. Variety and Spice

Interswitch also owns VANSO (mobile banking, SMS and security), Selcom ( mobile tech for banks), Retailpay (mobile business management platform), Smartgov (e-platform for state governments) and Quickteller( online payment platform). Interswitch Nigeria provides a wide range of financial solutions that cut across the government, banking and even the oil & gas sector.

 

7. Empowers SMES  

Interswitch Nigeria now has a lending platform called Interswitch lending services. The digital payment pioneer is working in partnership with six banks and three startups to proffer short term micro-loans with ease to Nigerians.

 

8. Connects the economy

Interswitch Tax, a financial concept still very much in its infancy will help the Nigerian banking sector create an organized outlook of businesses and place a tax on commodities efficiently.

9. Invigorates the young mind

In 2018, Interswitch created its SPAK National Science competition. A platform that rewards excellence in technology, mathematics, engineering and science at the foundational levels.

 

10. Still geared towards more growth

Because the supply chain financing module is dynamically changing in the world, Interswitch is at the leading position especially here in Africa. In partnership with Microsoft Corporation, Interswitch announced the launch of its blockchain-based supply chain financing service in 2018. This platform will help small businesses finance and execute supply contracts seamlessly.

The bottom line

Interswitch is not just fast-growing but far-reaching. There’s almost no financial problem in Africa that they do not have a solution in the works for it. This is why they continue to remain leaders in not just in the private financial sector, but as pioneers in technological and digital commerce operations across  Nigeria and Africa.

 

Also Read

“Five Online Payment Platforms in Nigeria and How to Use Them” is locked

Five Online Payment Platforms in Nigeria and How to Use Them

Banner
Related Posts

Carbon Plans to Launch a Micro Insurance and Digital Wallet in Kenya

October 24, 2019

October 24, 2019

  Carbon is a Nigerian instant loan, investment, and payment   digital service,  planning to launch new operations  in Kenya.   In...

Zazu Raises $1.4m in an attempt to expand their user base

December 11, 2019

December 11, 2019 1

  Zazu fully started as a digital banking space in 2107.  Previously, Zazu was a platform where farms could connect...

Using Blockchain to Enable Faster Cross Border Remittance

May 10, 2019

May 10, 2019

Using Blockchain to Enable Faster Cross Border Remittance Blockchain derived its name from how it works and the way it...

Nigeria’s Paga Acquires Apposit

February 1, 2020

February 1, 2020

Paga is a multi-channel platform for users to transfer money, pay-bills, and buy things digitally. The company has 14 million...

Eyowo Launches a Retail Banking Tool

December 2, 2019

December 2, 2019

Eyowo, a digital bank, with the  aim  to encourage financial inclusion among every Nigerian by making banking as easy as...

MOMO, the mobile money service, launched by MTN

September 5, 2019

September 5, 2019 2

On September 29th, 2019, MTN launched its mobile money business MoMo, in Hilton Abuja, Nigeria. The mobile money will allow...

Visa partners with PalmPay to drive financial inclusion across Africa

April 26, 2019

April 26, 2019

Visa partners with PalmPay to drive financial inclusion across Africa Visa, the global payments technology company and PalmPay, a new...

Paypal Launches Xoom in the African market

August 25, 2019

August 25, 2019

  PayPal in 2015 brought xoom, a money transfer company which now serves 33 African countries from about 30 European...

Ghana Launch a Contactless Payment System Curb the Spread of COVID

March 30, 2020

March 30, 2020

  The Vice President of Ghana, Dr. Mahamudu Bawumia has launched a contactless payment system to encourage the adoption of...

  How to go Cashless with Paga

March 29, 2020

March 29, 2020

 For frequent cash users who are more comfortable with the traditional payment systems, going cashless have built up a sort...

Hollaport Launches in Lagos, Announces its Plan to Deepen Financial Inclusion

July 12, 2019

July 12, 2019

Kabiru Rabiu of BUA Group Launches Hollaport App Kabiru Rabiu, Group Executive Director of Bua Group, a leading Nigerian conglomerate...

M-Naria’s Three Cool Features you had no Idea about

April 30, 2019

April 30, 2019

  M-naira is the new way of making transfers across countries. Before now, if one wanted to send money from...

KudiGO, a Ghaianian startup, that builds solutions for the consumer retail industry, plans expand to Nigeria .

February 1, 2020

February 1, 2020

KudiGo started operations in November 2018, providing an integrated, mobile-based retail, payments, accounting and analytics engine for the consumer retail...

PalmPay raises $40m from TECNO mobile, will be preinstalled on 20m phones in 2020

November 14, 2019

November 14, 2019

PalmPay raises $40m from TECNO mobile, will be preinstalled on 20m phones in 2020 Nigeria is one of the countries...

SafriCom has partnered with Ria Money Transfer to Improve International Money Transfers through M-Pesa

January 31, 2020

January 31, 2020

Safaricom has partnered with Ria Money Transfer, to empower more than 26 million M-PESA customers to receive international money transfers...

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.