Interswitch
Transnational Africa’s leading integrated payment and transaction processing
company has officially recognized First Bank Nigeria Ltd. as the first
financial institution in the country to achieve a transaction volume of 100
million transactions in a month.
The
record transaction volume, which was achieved in the month of December 2015,
represents the total transactions processed by First Bank’s Front End Processor
running on the Interswitch transaction switching platform which seamlessly
links all financial institutions in Nigeria to facilitate better and quicker
transactions across all platforms.
As
one of Nigeria’s largest financial institutions with over 8 million customers,
the achievement by First Bank is a pointer toward its desire to promote the
cashless policy of the CBN and boost economic growth via e-payments across
Nigeria and the African continent.
“It
really says something about the strength and development of electronic
transactions in Nigeria that a single banking partner can record 100 million
transactions in a single month.
When
you add this figure to that of our other partners, then you can begin to have
an idea of the sheer size and demand for electronic financial services in
Nigeria,” said Divisional CEO, Switching and Processing, Interswitch, Akeem
Lawal. The milestone by First Bank is another marker of the scale of success
recorded by Interswitch since its launch in 2002. It will be recalled that the
company in 2014 was listed by Deloitte as the fastest growing tech company in
Africa with a year-on-year growth rate of over 1500%.
Interswitch
has also made considerable inroads into the East African market with the
acquisition of Paynet Kenya alongside a strategic partnership with KCB Bank
across several East African countries.
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