Interswitch and NIBSS Forge Strategic Partnership to Enhance Payment Transaction Efficiency in Nigeria
Interswitch, one of Africa’s leading integrated payments and digital commerce companies, has announced a significant strategic partnership with the Nigeria Inter-Bank Settlement System (NIBSS) to bolster the efficiency and reliability of payment transactions across Nigeria.
This collaboration comes in response to a recent directive from the Central Bank of Nigeria (CBN), which mandates that all Point of Sale (POS) transactions must be routed through the Payment Terminal Service Aggregator (PTSA). This directive is aimed at enhancing the monitoring of electronic transactions nationwide and strengthening Nigeria’s payment ecosystem.
As part of this partnership, NIBSS will function as the primary PTSA for Interswitch, laying the groundwork for improved transaction efficiency and regulatory compliance. The partnership also opens doors for further collaboration between the two organizations, both of which are focused on driving innovation and advancing Nigeria’s payment infrastructure.
Akeem Lawal, Managing Director of Payment Processing and Switching at Interswitch Purepay, expressed enthusiasm about the collaboration, underscoring its importance for the country’s payment industry:
“We are delighted to strengthen our collaboration with NIBSS as we align with the CBN’s directive. This partnership reinforces our unwavering commitment to maintaining the highest standards in payment processing in Nigeria, while driving significant value for our stakeholders and the broader industry. By leveraging our robust infrastructure in this partnership, we will ensure further improvements in connection capacity, system uptime, and transaction success rates. This collaboration guarantees full compliance with the CBN’s requirements and delivers a seamless, reliable experience for merchants and consumers across Nigeria,” Lawal stated.
Beyond complying with the CBN’s directive, Interswitch and NIBSS are working on innovative solutions for terminal re-certification and optimizing transaction processing uptime. These efforts aim to deliver enhanced reliability and efficiency to both merchants and consumers in payment processing.
Premier Oiwoh, Managing Director and CEO of NIBSS, remarked on the partnership’s impact following the CBN directives:
“This collaboration with key industry players like Interswitch represents a significant milestone in our mission to drive innovation and enhance payment system efficiency. The strategic alliance strengthens the monitoring of electronic transactions, improving tracking and oversight across Nigeria, ultimately positioning the country at the forefront of the global payment industry.”
Through this partnership, customers and partners can expect greater reliability and efficiency in payment transactions. Interswitch and NIBSS are committed to ensuring a smooth transition, with ongoing pilots and rigorous testing in place to avoid any service disruptions. Both companies will continue to roll out new solutions, features, and enhancements as part of their collaboration, contributing to the sustained growth and development of Nigeria’s financial ecosystem.
