Interswitch, NIBSS to strengthen Nigeria’s payment infrastructure

Interswitch, an integrated payments and digital commerce company, has announced a strategic partnership with the Nigeria Inter-Bank Settlement System (NIBSS) to further enhance the efficiency and reliability of payment transactions across Nigeria.

This partnership follows 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, issued to improve the monitoring of electronic transactions nationwide, marks a key step in strengthening the country’s payment ecosystem.
Under this agreement, NIBSS will serve as the primary PTSA for Interswitch, creating a foundation for improved transaction efficiency and regulatory compliance. The partnership also opens avenues for collaboration in other areas, with both organisations focused on driving innovation and advancing Nigeria’s broader payment infrastructure.

Managing Director, Payment Processing and Switching (Interswitch Purepay), Akeem Lawal, expressed excitement about the partnership, emphasising its significance in advancing the payment industry in Nigeria:

“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 bringing our robust infrastructure to bear in this partnership with NIBSS, we will ensure further improvements in connection capacity, system uptime, and transaction success rates. This collaboration ensures full compliance with the CBN’s requirements and delivers a seamless, reliable experience for merchants and consumers across Nigeria,” Lawal said.

The Managing Director and CEO of NIBSS, Mr. Premier Oiwoh, stated: “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, it is positioning Nigeria at the forefront of the global payment industry.”