Interswitch processes 1.2b transactions in one month as more Nigerians embrace e payment

Interswitch has achieved a new milestone in transaction volume processing, hitting 1.2 billion transactions in March 2023.

The figure is the highest the company has ever processed in a single month within Nigeria alone, excluding the company’s other markets across Africa.

The record underscores the increase in the volume of electronic payment following the scarcity of the naira, which has pushed more traders and individual spenders to alternative payment channels.

According to a statement by the company, this impressive feat is a testament to Interswitch’s commitment to providing secure, reliable and innovative payment solutions to its customers across the country and beyond.

Interswitch’s robust infrastructure and cutting-edge technologies have made it possible to process such large volumes of transactions seamlessly.

This is coming a few months after the announcement of the Central Bank of Nigeria’s (CBN) naira redesign policy. which led to the increased adoption of digital payments in the country.

Consequently, Interswitch has been able to scale its operations to handle a higher volume of transactions.

Interswitch’s range of innovative payment products, including Quickteller and Verve among others, have become household names in Nigeria and beyond.

Speaking about the achievement, Founder and Group Managing Director of Interswitch, Mitchell Elegbe, said the company’s focus on innovation has been key to its success, adding that switching 1.2 billion transactions in a single month further reinforces the company’s position as an enabler in the Nigerian payment ecosystem.

He said: “We are thrilled to have processed 1.2 billion transactions in March within Nigeria alone. This milestone is a testament to the trust that our customers have placed in us and our commitment to delivering innovative and secure digital payment solutions across Nigeria and beyond.”

Elegbe further said: “This milestone is one that was made possible by our proactive investment in cutting-edge technologies that truly power the financial landscape. As we continue to grow and expand our operations, we remain committed to driving financial inclusion and helping businesses and individuals unlock the full potential of digital technologies.”

He noted that the success underscores the hard work and dedication of employees of Interswitch and highlights the fact that the firm is on the right track to achieving its set objectives.

Interswitch is poised to continue its growth trajectory by expanding its product offerings, deepening its partnerships, and investing in innovative technologies that propel the growth of digital payments in Africa and beyond.