Interswitch wins multiple CBN awards for electronic payment services

21 Mar 2016
Financial Nigeria

Summary

Interswitch was recognized as the most efficient payment processor, most efficient Payment Terminal Service Provider and most efficient Payment Terminal Application Developer.

Mitchell Elegbe, CEO, Interswitch Limited

Interswitch Limited, the integrated digital payments and commerce company, has won multiple awards at the maiden edition of the Electronic Payment Incentive Scheme (EPIS) Awards organized by the Central Bank of Nigeria (CBN) and Nigeria Inter-bank Settlement System (NIBSS).

CBN introduced its cashless policy with a pilot run in Lagos back in 2012. The aim was to drive development and modernization of Nigeria's payment system, reduce the cost of banking services and drive financial inclusion as well as improve the effectiveness of monetary policy. The EPIS Awards are intended to identify, reward and celebrate financial institutions, merchants and other stakeholders in the electronic payment space for promoting and expanding the use of electronic payments in Nigeria.

According to a statement on Monday, Interswitch was recognized as the most efficient payment processor, most efficient Payment Terminal Service Provider (PTSP) and most efficient Payment Terminal Application Developer (PTAD).

"We are delighted and proud to recognize, encourage, appreciate and reward financial, non-bank and other stakeholders in the EPIS that have been driving the growth of electronic banking channels in Nigeria,” Alhaji Suleiman Barau, Deputy Governor, Operations Directorate, CBN, said.

Akeem Lawal, Divisional CEO, Switching and Processing at Interswitch, said, “At Interswitch, for the last 13 years, we have been at the cutting edge of the electronic transaction revolution in Nigeria. We are always excited about innovations that make transactions more seamless and efficient.”

Interswitch started operations in 2002 as a transaction switching and electronic payments processing company when there was low internet penetration Nigerian banks were moving money around at high cost and risk. The landscape has since changed with introduction of new technologies and processes that have made the acceptance of a cashless-based economy possible.

“We are proud to be recognized for our efforts, even as we look forward to continuing to drive social and economic value creation not only in Nigeria, but across the African markets we operate in as well. We also owe our success to our customers and would like to thank all our customers for their continuing contribution to our success,” Lawal added.


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