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.

The event, which highlighted the role of both companies in the development of the African payment ecosystem, also showcased various cutting-edge payment solutions aimed at further transforming the financial ecosystem across the continent.

The session focused on boosting digital payments by exploring transformative strategies and leveraging innovative solutions to enhance business development and revolutionize the payment landscape.

Industry experts at the event provided insights on modern strategies and trends in the financial sector, highlighting ways to leverage technology to unlock opportunities, scale operations, and drive business growth.

Mitchell Elegbe, Founder and Group Managing Director of Interswitch Group emphasized the significant contributions of the collaboration between Interswitch and ACI to the digital payment ecosystem in Africa.

“Interswitch’s long-standing partnership with ACI Worldwide has been instrumental in advancing Nigeria’s digital payment ecosystem. This collaboration has driven significant advancements in payment technology, streamlining processes, enhancing security, and fostering economic growth while promoting financial inclusion across the country,” said Elegbe.

Elegbe also noted that by combining ACI’s global expertise with Interswitch’s deep understanding of the local market, the partnership has consistently delivered innovative solutions tailored to the specific needs of Nigerian businesses and consumers, transforming the nation’s financial landscape.

Santhosh Rao, Vice President of MEASA at ACI Worldwide, elaborated on ACI’s vision for the African financial services sector, emphasizing the company’s commitment to continuous innovation and support for business growth.

“As a global leader in mission-critical, real-time payments software, ACI is dedicated to driving transformative change and sustainable growth within the African financial sector. Our vision is to empower institutions with innovative technologies that enhance operational efficiency, deepen financial inclusion, and elevate customer experiences. Through strategic partnerships and cutting-edge solutions, ACI aims to catalyze digital transformation and advance the financial landscape across Africa,” said Rao.

Jonah Adams, Managing Director of Digital Infrastructure and Managed Services (Interswitch Systegra) stressed the importance of collaboration to unlock the pan-African payments ecosystem, boosting commerce and economic development. 

“It is imperative for financial players to recognize the transformative potential of key partnerships and collaboration in boosting commerce and driving economic growth across Africa. Through co-creation and collaboration, businesses can unlock new opportunities and facilitate seamless transactions that transcend borders,” Adams said.

The event also featured interactive sessions where participants engaged with professionals from Interswitch and ACI Worldwide. Attendees explored the functionalities and benefits of ACI’s payment solutions, asked questions, shared feedback, and gained a more comprehensive understanding of how these solutions can enhance their financial operations. The session also provided networking opportunities with industry leaders, peers, and potential business partners.

By hosting this customer engagement session, Interswitch and ACI Worldwide have demonstrated their commitment to redefining the payments landscape in Africa. The event fostered collaboration aimed at building a more robust, secure, and inclusive payments ecosystem that will empower Africa’s financial future.

The partnership will enable banks, fintechs and other financial institutions in the region to progressively transform and modernize their payments infrastructure through ACI’s revolutionary Enterprise Payments Platform.

On the back of this partnership, Interswitch will incorporate the full range of payments solutions that form part of the ACI Enterprise Payments Platform into its technology stack, enabling banks and financial institutions across Africa to respond rapidly to regulatory mandates, new competition, and evolving trends in a fast-changing payments landscape.

The ACI Enterprise Payments Platform is an end-to-end payments hub solution for retail and wholesale payments and encompasses all the capabilities of ACI Issuing, ACI Low-Value Real-Time Payments, ACI Acquiring, ATM and Self-Service Banking and ACI Fraud Management. The solution enables banks to future-proof their payments infrastructure and meet new customer demands for all payment types across consumer, merchant and corporate payments.

Interswitch, a strategic partner of ACI for more than 20 years, will offer new innovative products and services in Nigeria and 31 other markets in Sub Saharan Africa where the payments sector is experiencing an unprecedented revolution and is poised to witness significant further growth on the back of a growing young population, increased digitization and progressive regulatory outlook.

“We are thrilled to announce the extension of our long-term partnership with Interswitch,” said Thomas Warsop, President and CEO, ACI Worldwide.“Our flexible, agile and innovative payments software solutions will now be available to banks and financial institutions across the continent. We have committed to a long-term investment in Africa, collaborating with local partners and experts, and are now in a fantastic position to support all stakeholders on their quest for digital transformation and innovation, whilst enabling the resiliency and service quality required by next-generation payment systems.”

“We are excited about our new strategic partnership with ACI Worldwide, which essentially consolidates our 20-year relationship across Sub-Saharan Africa,” said Mitchell Elegbe, Founder/Group Managing Director & CEO at Interswitch.

“With the continued rise in real-time transactions and digital payments, providing sustainable payments infrastructure to support the increased demand in transactions is imperative. Interswitch and ACI are committed to driving digital transformation across Africa via the deployment of relevant digital solutions and innovative infrastructure that optimize business efficiency and drive our customers’ growth and profitability.”

The session tagged ACI Customers Day provided an avenue to drive pertinent conversations focused on the modernization of payment infrastructure in Africa.

Speaking with stakeholders at the session, Jonas Adams, Managing Director, Interswitch Systegra said all of the banks operating in the Nigerian market have built their business around the ACI technology.

He said the partnership with ACI started in 2001 and has been very successful, largely because of “our customers here with us.”

He said the partnership has been there for 20 years, the most pertinent question is what is in for the next 20 years and what the future of payment would look like.

“We intend to have four regional presences around Africa within five years using six business missions. The question fundamental question we’ll ask ourselves first, is what will the payment systems and infrastructure look like? What will drive business for the next 20 years? And that’s where ACI comes in.

So currently today, as we sit here to talk, ACI has introduced us to six new world-class facilities that we want to roll out for our customers in this market.”

Interswitch leads the integrated payments and digital commerce in Africa leveraging the technology provided by ACI and making it available to almost all the banks in Nigeria as far back as 2001.

Jonas said during the early days in 2001, a few banks such as UBA, and FirstBank signed up with them even when Interswitch had no clue of how the technology switch technology works.

“The switch as we know it today went live in October and we were connected firsthand. I will not believe it for three months. Everybody working at Interswitch was watching the switch, waiting for the transaction for three months.

“We were asking how do we get the bank customers to go to an ATM to use the switch? But guess what? Today in the Nigerian payment ecosystem, we have 7.33 billion transactions being processed every day.”

He said ACI’s robust payments technology has been instrumental to the development of the Nigerian payments ecosystem and provided Interswitch with credibility to expand across Africa.​

“Today, we are the leading player with critical mass in Africa’s rapidly developing financial ecosystem and is active across the payments value chain, providing a full suite of Omni-channel payment solutions.”

In a recorded video played at the event, Mitchell Elegbe, Interswitch Group CEO showered encomiums on the various banks (customers) saying that for more than 20 years Interswitch has commanded over 90 percent market.

According to Mitchell, the feat wouldn’t have been possible if not for the partnership with ACI and the wonderful software they have created.

He said Interswitch will continue keeping track of development and activities on the continent, especially in Nigeria regarding payments.

“We are aware of the rise of fintechs. One of the concerns anybody has is whether the products of 20 years old in this market will able to sell the future.”

He said the partnership with ACI and investments in skills and infrastructure will ensure Interwitch remains ahead of the curve.

“Interswitch is an extension of ACI, they represent us here in Nigeria,” Brett Stevens, Sales Director – Africa, ACI said at the session.

ACI is headquartered in Miami, Florida, developing a broad line of software focused on facilitating real-time electronic payments.

Brett said the partnership between both companies has been mutually beneficial in the last 20 years and is expected to continue in the future.

“We are not just a switch company, ACI has evolved over the years. If you look at our value stack and our solution set.

” We’ve got a broad range of solutions that will help banks accelerate their payments. Modernization of payments because your customers are quicker and both better around payments business.”