Anniversaries not only give the chance to celebrate how far an establishment has come in its journey but also provide the opportunity to stop, reflect and launch out again with fresh passion, a renewed zeal and a clearer vision. This is what underpins the philosophy that has given rise to #NeverStop in commemoration of Interswitch’s 20th anniversary. The payment platform, despite its huge successes in the past 20 years, foresees enormous potential for future growth and the furthering of its founder, Mitchell Elegbe’s profound vision.
Interswitch Group is one of Africa’s leading financial technology and integrated payments solution providers,as we speak. The company in the past 20 years, has cemented its position as a pioneering and integral enabler that has actively supported the growth and development of fintech and payments progressively across Africa.
Of course, today, technology is at the forefront of the society we live in and will continue to play a significant role in how we work and live. Nigeria is fast becoming the tech-capital of Africa, with one of the fastest growing tech markets in the world.
Interswitch has pushed boundaries to facilitate the creation of new ecosystems that help businesses and individuals scale and thrive, in line with its purpose of inspiring Africa to greatness through innovation, value-creation and excellence.
The financial technology solutions provider just clocked 20 years, with a big bang, after being licensed as a Payments Service Holding Company (PSHC) by the Central Bank of Nigeria (CBN). Earlier, the CBN announced a list of new licensing categories for participants in the Nigerian Payments System.
This means that Interswitch essentially becomes one of the inaugural licensees by the CBN in this category. According to the regulator, the PSHC regulation requires companies with existing or prospective operations across multiple license categories to set up a payments service holding company (PSHC). The activities of each of the PSHC subsidiaries operating within those respective licensing regimes are clearly delineated, for clearer accountability, effective risk management and the enablement of better regulatory oversight by the CBN.
Interswitch’s Group Holding Company retains ownership of the PSHC in Nigeria as well as its other subsidiaries outside of Africa.
Led by Mitchell Elegbe, its Founder and CEO, who saw a latent potential in the introduction of e-payment channels 20 years ago. With this much-needed contribution back then, financial technology and payment systems in Nigeria have grown.
Interswitch, obviously, is focused on its mission to continue championing technology solutions that connect and empower individuals, businesses, and communities across the continent.
Interswitch is one company that has fought against fraud on its platforms. When it designed and launched its open infrastructure 20 years ago to address payment challenges and access to cash, Interswict had always been ahead of hackers, by providing adequate protection for customers’ savings, using emerging technologies.
It has proven over decades to be a technology-driven company focused on the digitisation of payments in Nigeria and other African countries. Recently, it said the launch of 5G in Nigeria will speed up the rollout of more digital payment solutions across the country.
On its technology advancement drive, a forthright company as Interswitch would latch onto the 5G revolution in Nigeria. This is so, because it would allow digital payment solution providers like Interswitch to speed up the rollout of more payment solutions, using emerging technologies like Artificial Intelligence (AI), Internet of Things (IoTs), Robotics, among others.
Interswitch had always invested in research of new security solutions to protect customers, banks, organisations and individuals. It has partnered with the best security solution company in the United Kingdom (UK) to develop the best-in-class security platform that will serve banks, merchants and individuals.
Interswitch’s runway for growth remains significant, as over 50 per cent of Nigeria is still unbanked or underbanked and 85 per cent of transactions in sub-Saharan African still occur in cash.
Interswitch, no doubt has always been focused on the bigger picture, with the understanding that thriving for more is the answer, and that with team work, it can do more. Here are 20 happy cheers to Interswitch!
Olamide Adeniji is a member of the editorial team of TheScript Newspaper
