Interswitch, one of Africa’s leading integrated payments and digital commerce companies, 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.
Akeem Lawal, managing director, Payment Processing and Switching (Interswitch Purepay), expressed excitement about the partnership, emphasising its significance in advancing the payments 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.
In addition to meeting the CBN’s compliance directive, Interswitch and NIBSS are working on introducing solutions for terminal re-certification and optimising transaction processing uptime.
These efforts will provide merchants and consumers with enhanced reliability and efficiency in transaction processing.
Speaking on the outcome of the directives by the CBN, Mr. Premier Oiwoh, the managing director and CEO of NIBSS, 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, positioning Nigeria at the forefront of the global payment industry.”
Through this collaboration, customers and partners can expect enhanced reliability and efficiency in transaction processing. Interswitch and NIBSS are committed to ensuring a smooth transition, with ongoing pilots and rigorous testing to prevent service disruptions.
The two companies will continue to roll out new solutions, features, and enhancements as part of this alliance, contributing to the sustained growth and development of Nigeria’s financial ecosystem.
This partnership highlights the dedication of both Interswitch and NIBSS to delivering innovative and efficient solutions that strengthen the compliance and resilience of Nigeria’s payment infrastructure.
Interswitch remains committed to pushing the boundaries of innovation to deliver payment solutions that enable commerce across Africa.
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