Interswitch signs partnership agreement with French Ingenico Group

09 Jan 2017
Financial Nigeria


The French payments technology provider said the strategic agreement will help Interswitch to deliver faster and secure payments processing in Nigeria. 

Group Managing Director/CEO of Interswitch, Mitchell Elegbe

Ingenico Group, a French payments technology provider, said today that it has signed a strategic agreement with Interswitch to deliver faster and secure payments processing in Nigeria.  

The Paris-based company said the integration of its technology with Interswitch’s switching and payments processing system will allow end-users to enjoy smooth and secure payments when initiating electronic transactions.

“We are pleased to form this strategic partnership with Interswitch Group,” said Rachid Oulad Akdim, Ingenico’s Managing Director for Africa. “By combining Ingenico Group’s expertise in payment solutions with Interswitch Group’s vision of the local customers’ needs, we are defining exciting new opportunities for electronic transactions in Nigeria.”

Founded in 2002, Interswitch has been at the forefront of Nigeria’s rapidly growing e-payments sector. The company owns Verve, a widely-used brand of debit card, in addition to handling payments processing for most Nigerian banks. Interswitch currently operates in four other African countries: Kenya, Tanzania, Uganda and Gambia.

“As Nigeria enters a new era of payment, Ingenico Group and Interswitch are joining forces to better address the market challenges and eliminate the need for cash,” said Mitchell Elegbe, Interswitch’s Group Managing Director/CEO. “We formed this partnership with Ingenico Group as they are a global leader in payments with great track record and a strong knowledge of our market characteristics and constraints.”

Ingenico Group is a leading provider of payments services, with the world’s largest payments acceptance network. Founded in 1980, Ingenico is also leading manufacturer of point of sale (POS) terminals, with over 32 million terminals worldwide. The company’s annual revenue reached €2.2 billion in 2015.

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