Interswitch Group’s handshake with ACI Worldwide is significant in many ways, particularly for Africa’s payments ecosystem.
Truly, the ecosystem has undergone significant transformations in recent years, driven by technological advancements, changing consumer behaviour, and the evolution of fintechs.
In this evolving landscape, Interswitch Group, one of the continent’s leading integrated payments and digital commerce companies, has reinforced its longstanding partnership with ACI Worldwide, a global leader in real-time payments software, to unlock new opportunities for growth and innovation.
This new phase of the partnership elevates Interswitch’s relationship with ACI from reseller to strategic partner, granting Interswitch the right to sell ACI’s innovative payment solutions across 32 African countries.
This milestone agreement consolidates the 20-year relationship, paving the way for the deployment of even more cutting-edge payment infrastructure across the continent.
Interswitch has integrated the ACI Enterprise Payments Platform into its technology stack, offering a robust end-to-end payments hub solution for retail and wholesale payments.
This comprehensive platform encompasses issuing, low-value real-time payments, acquiring, ATM and self-service banking, and fraud management, future-proofing payments infrastructure and meeting customer demands for all payment types.
By leveraging ACI’s innovative payment solutions, Interswitch is enabling banks, fintech, and other financial institutions across Africa to respond swiftly to evolving trends, regulatory mandates, and competition.
According to the 2024 Prime Time for Real-Time report published by ACI Worldwide in partnership with GlobalData, Africa had the highest real-time share of electronic payments in 2023 at 40%, with Nigeria as the undisputed real-time payments leader in Africa.
The country recorded 7.9 billion transactions in 2023; real-time payments had an impressive 82.1% share of all electronic payments in 2023.
The partnership will drive digital transformation and innovation across the continent, meeting the growing demands for digital payment.
During recent customer engagement events in Kenya and Nigeria, hosted by ACI and Interswitch, prominent financial institutions such as banks, microfinance banks, and fintech companies gathered to explore the latest trends and innovations in digital payments and payment modernization.
These insightful conversations highlight how businesses and customers can harness technology to foster digital payment capabilities and unlock transformative opportunities within the financial sector.
Santhosh Rao, senior vice president of MEASA at ACI, commented,
“Our partnership with Interswitch signifies our commitment to revolutionize digital payments across the continent. By combining our expertise and cutting-edge technology, we aim to create a seamless, inclusive, and modern payment ecosystem that empowers individuals, businesses, and communities to thrive.”
Rao highlighted that flexible, agile, and innovative payment software solutions will now be available to banks and other financial institutions across Africa, enabling them to future-proof their payments infrastructure and meet new customer demands.
Jonah Adams, managing director of Digital Infrastructure and Managed Services (Interswitch Systegra) emphasized the importance of sustainable payments infrastructure to support the rising demand for digital transactions.
“With the continued rise in real-time transactions and digital payments, providing sustainable payments infrastructure is imperative. We are excited to join forces with ACI to unlock the vast potential of Africa’s payments landscape and create a brighter future for all stakeholders. This collaboration will enable faster, more secure, and more inclusive payment experiences across the continent,” said Adams.
Interswitch reiterated its commitment to meeting the unique needs of its customers through cutting-edge technologies like ACI’s Enterprise Payment Platform and its own technology stack, driving growth and profitability for financial players’ businesses.
As Africa’s payments ecosystem continues to evolve, the partnership between Interswitch and ACI Worldwide is poised to play a significant role in shaping the continent’s digital payments landscape.
With their combined expertise and innovative solutions, both organizations are committed to driving digital transformation and innovation across Africa, unlocking new opportunities for growth and prosperity.
