The visit underscores Interswitch’s ongoing commitment to strengthening payment ecosystems across the continent through collaboration, capacity building, and shared innovation.

The engagement formed a significant part of EthSwitch’s efforts as it develops its next 5-year strategy and 15-year roadmap, designed to modernize Ethiopia’s payments landscape and deepen financial inclusion.

By visiting Interswitch, widely regarded as one of Africa’s most successful and resilient payment infrastructure providers, the delegation sought practical insights into proven models that can support their long-term transformation journey.

During the session, the EthSwitch team explored Interswitch’s business architecture, corporate governance frameworks, product development approach, technology stack, operational excellence standards, and platform security systems.

These learnings reflected the breadth of Interswitch’s capabilities and the company’s pioneering role in advancing secure and interoperable payment systems across Africa for over two decades.

Akeem Lawal, managing director, Payment Processing & Switching (Interswitch Purepay), delivered a comprehensive overview of the organisation’s diverse business lines, demonstrating how Interswitch’s integrated ecosystem continues to power daily transactions, enable innovation, and support partners in driving scalable digital payment solutions.

Lawal reaffirmed Interswitch’s dedication to fostering collaboration with institutions across Africa and emphasized that knowledge-sharing sessions like this play an essential role in strengthening regional interoperability, accelerating digital transformation, and advancing the continent’s financial services industry. He said,

“At Interswitch, we believe that Africa’s progress is accelerated when institutions learn from one another and work together toward shared goals. Engagements like this are invaluable because they deepen interoperability, inspire innovation, and strengthen the digital foundations that power our continent’s financial ecosystem. We remain committed to fostering these collaborations and supporting partners like EthSwitch as we collectively drive Africa’s digital transformation forward.”

Yilebes Addis, chief executive officer, EthSwitch, highlighted Ethiopia’s ambitions for its evolving financial system, emphasising a focus on driving innovation, expanding critical infrastructure, and enhancing ecosystem efficiency.

The insights gained from the visit to Interswitch were noted as valuable input for shaping EthSwitch’s strategic blueprint.

Yilebes also welcomed the prospects for deeper collaboration with Interswitch, reflecting a shared commitment to strengthening Ethiopia’s digital payments landscape and advancing scalable, interoperable solutions across the continent.

This successful visit signals a growing alignment between both organisations, setting the stage for future partnership opportunities aimed at shaping a more connected and innovative African payments ecosystem.

Discussions touched on shared priorities such as enhancing regional interoperability, strengthening digital payment acceptance, and supporting the development of scalable solutions tailored to Africa’s evolving financial landscape.

This alignment of vision further underscored the importance of partnerships in accelerating sustainable progress across the continent.

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Held on Tuesday, November 11, 2025, at the Federal Palace Hotel, Victoria Island, Lagos, the event, themed “United Frontiers: Growth Powered by Innovation, Collaboration, and Compliance,” brought together regulators, fintech leaders, bankers, and innovators to discuss how Africa can balance innovation with compliance to ensure inclusive growth.

Speakers included Musa Jimoh, director of Payment Systems at the Central Bank of Nigeria (CBN); Chika Nwosu, managing director of PalmPay; Vincent Ogbunude, CEO of Verve International; and Akeem Lawal, managing director, Interswitch Purepay.

Speaking at the event, Cherry Eromosele, executive vice president, Marketing and Corporate Communications at Interswitch, said the TechConnect series has evolved into a platform for enabling inclusion, aligning regulation with innovation, and strengthening collaboration across the ecosystem.

On Interswitch’s newest innovations, Vincent Ogbunude unveiled cutting-edge solutions such as tokenisation, digital card storage, tap-to-pay transactions, and cross-border interoperability designed to unify Africa’s fragmented payment landscape.

“Interswitch has already crossed the 100 million-card milestone in Nigeria. But we know the future is digital. We’re now enabling users to digitise their cards, store them on mobile devices, and make secure tap-to-pay transactions,” he said.

Ogbunude added that over 40 million Verve cards with contactless functionality have already been rolled out across markets including Nigeria, Ghana, Kenya, and Côte d’Ivoire, an achievement that will speed up the continent’s transition to seamless payments.

In his comments, Akeem Lawal noted that compliance is indispensable when it comes to innovation:

“You cannot build sustainable innovation without compliance. It is the foundation of trust, customer experience, and long-term growth. Many see compliance as a checklist; we see it as guardrails that make innovation sustainable,” he said.

The event concluded with awards recognising partners including FirstBank, Zenith Bank, UBA, GTBank, PalmPay, Moniepoint, OneAfriq, Fincra, and others for their contributions to enhancing the payments ecosystem.

The awards presentation session for “Outstanding Performance” was led by the VP, Sales & Account Management, Interswitch Systegra, Robinta Aliyu, and the VP, Business Development, Interswitch Purepay, Etitayo Awe.

The post Interswitch Champions Tokenisation, Tap-to-Pay, Compliance-Driven Growth at TechConnect 5.0 appeared first on Tech | Business | Economy.

The Forum brought together key stakeholders across the financial ecosystem to chart a course toward broader access, inclusion, and growth through digital payments.

The event, which held at the New Brookfields Hotel in Freetown, convened senior representatives from both the public and private sectors, including regulators, banks, fintechs, mobile money operators, and development organisations, for a day of high-level dialogue and engagement.

Building on the success of the inaugural edition, this year’s theme, “Access, Inclusion and Growth – Deepening Digital Payments in Sierra Leone,” reflected a shared commitment to building a more inclusive and resilient financial system through collaboration and innovation.

Delivering the keynote address titled “Building on Progress: Expanding Access, Driving Inclusion, and Fueling Growth for National Prosperity,” Akeem Lawal, managing director, Payment Processing and Switching (Interswitch Purepay), reinforced the company’s commitment to co-creating value in the markets it serves.

“Financial inclusion goes beyond launching more apps or issuing more cards, it’s about solving real problems with solutions that are scalable, secure, and grounded in local realities. Since the first edition of the Fintech Forum, Sierra Leone has made clear progress, with strong mobile penetration and a forward-looking Central Bank. What’s needed now is execution that is sustained, coordinated, and responsive to the realities on the ground.

By applying lessons from multiple African markets and tailoring them to local needs, Interswitch is committed to supporting Sierra Leone’s digital transformation. That means enabling agency networks that function effectively, driving merchant acceptance to reduce cash reliance, and working closely with regulators to co-create policy that drives real progress and inclusive growth,” Lawal said.

In his remarks, Dr. Ibrahim Stevens, governor, Bank of Sierra Leone, commended Interswitch’s continued investment in the country’s digital transformation journey.

He highlighted the Central Bank’s commitment to driving regulatory innovation and building an inclusive ecosystem.

He said,

“The Bank of Sierra Leone recognises the critical role of digital financial services in building a more inclusive and resilient economy. Events like the Sierra Leone Fintech Forum, in collaboration  with innovators like Interswitch, help accelerate the adoption of technologies that bring more Sierra Leoneans into the formal financial system. We remain committed to creating an enabling regulatory environment that fosters innovation while ensuring consumer protection and financial stability.”

A key highlight of the forum was the live demonstration of Interswitch’s Agency Banking solutions, designed to bridge the gap between traditional banking infrastructure and underserved and remote communities.

Attendees experienced firsthand how the platform supports secure, efficient, and accessible financial transactions across Sierra Leone through a decentralised network of agents.

The event featured a series of insightful panel discussions, interactive Question & Answer sessions, and networking opportunities, fostering collaboration and knowledge exchange across the ecosystem.

As mobile connectivity expands and Sierra Leone’s digital agenda accelerates, the forum provided a timely platform to align actors, surface practical solutions, and build collective momentum toward a more inclusive financial system.

The Sierra Leone Fintech Forum reaffirmed Interswitch’s role as a catalyst for digital finance transformation in the region and across the continent.

As the financial landscape continues to evolve, the company remains committed to supporting the country’s financial inclusion goals through innovation, shared infrastructure, and strategic partnerships that power a more inclusive, digital and future-ready economy.

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The grand finale, which held at Classique Event Place, Oregun, Lagos, epitomised Interswitch’s commitment to shaping the future of financial services in Africa.

The series has served as a powerful platform for advancing high-level discussions on technology, innovation, and financial inclusion, fostering collaboration across the financial services ecosystem.

The event was a fitting climax to a series that brought together industry leaders, policy makers, fintech innovators, and microfinance practitioners, who gathered to explore the vital role of technology in driving financial inclusion and economic growth across Africa.

Throughout the TechConnect 4.0 series, Interswitch has reinforced its mission to build digital solutions that provide equal access to financial services for individuals, businesses, and institutions.

Delivering his keynote address, Akeem Lawal, managing director, Payment Processing & Switching, Interswitch Purepay, highlighted the transformative potential of digital payment solutions:

“At Interswitch, we are deeply committed to financial inclusion, recognising that digital payment solutions are pivotal in expanding access to underserved populations. By enabling broader participation in the economy, we believe we can create a rising tide that lifts all boats, empowering individuals, businesses, and financial institutions alike. Our vision is simple yet profound: to power a seamless, connected payment ecosystem across Africa, turning challenges in the payments landscape into opportunities for economic growth and shared prosperity,” said Lawal.

The Lagos finale featured a dynamic fireside chat themed “Regulating New Technologies: Strategies for Innovation and Compliance, Harmonising Regulatory Frameworks and Risk-Based Approaches.

The speakers emphasised the critical role of collaboration between regulators and industry players in navigating the rapidly evolving technology landscape.

They also highlighted the importance of designing regulatory frameworks that balance innovation with compliance to create a sustainable fintech ecosystem.

Two thought-provoking panel sessions enriched the discussions at the event, offering diverse perspectives on critical industry topics.

The first session, themed “Navigating the Future of Financial Services: Integrating Compliance, Technology, and Collaboration to Combat Fraud and Drive Growth,” focused on leveraging compliance, technology, and collaborative efforts to address fraud challenges while unlocking new growth opportunities.

The second session, themed “Building Financial Resilience: The Intersection of Commercial & Microfinance Banks, Fintechs, & OFIs in Fostering Growth within the Financial Services Sector,” explored strategies for fostering resilience and growth through synergy between financial institutions and fintechs.

₦200 for ₦5,000 – How PoS Charges Are Changing Everyday Transactions in Nigeria

A special highlight of the event was the presentation of awards by Interswitch to Zenith Bank, Access Bank, First Bank, UBA, and Fidelity Bank in recognition of their exceptional performance and significant contributions to the financial ecosystem.

Moniepoint, Opay, Paystack, VFD Microfinance Bank, Lapo Microfinance Bank, and several others were also honoured for their impactful roles in advancing the sector.

The TechConnect 4.0 series traversed Nigeria’s key financial hubs, showcasing the transformative power of technology and digital payments in promoting financial inclusion.

At each stop, participants engaged in hands-on demonstrations of cutting-edge digital solutions, gaining practical insights into the tools and strategies redefining the financial services landscape.

The series underscored Interswitch’s strategic vision of financial transformation, providing a platform for stakeholders to address challenges and opportunities in the sector.

The events successfully reflected regional priorities while reinforcing the company’s overarching commitment to innovation and resilience across Nigeria.

As the TechConnect 4.0 series concludes, it has not only left a lasting impact on Nigeria’s financial landscape but also set a clear direction for future initiatives aimed at integrating technology and financial services across Africa.

Interswitch remains unwavering in its commitment to fostering partnerships, supporting innovation, and promoting financial inclusion to empower communities and drive economic growth.

Looking ahead, Interswitch continues to lead the charge in shaping the future of Africa’s financial ecosystem by delivering solutions that unlock potential, empower underserved populations, and create sustainable growth across the continent.

The post Interswitch Concludes TechConnect 4.0 Series, Championing Financial Inclusion, Innovation Across Nigeria appeared first on Tech | Business | Economy.

I was taken aback and when I asked why, she simply responded: “I haven’t been out for two days because I was looking for cash. They’ve increased the price.”

But who exactly are “they”? Are ATMs now charging to dispense cash? Do banks charge for cash withdrawals at the counter? 

The Issue

ATMs frequently run out of cash, while PoS agents somehow seem to always have cash available to “sell” at a premium. This has led to complaints about having to pay to access one’s own money.

While PoS services have undoubtedly brought financial inclusion to areas where banks are scarce, there’s a growing issue that some PoS operators might be exploiting the situation, taking advantage of this drive towards financial inclusion and a cashless economy. 

With limited ATM infrastructure and high demand for cash, PoS operators have become indispensable. However, the high fees charged by some agents are projecting unfairness.

Organised Labour Unhappy over “Cashless” ATMs

Analysis: The Numbers Behind the Problem

• PoS Charges: Some agents charge ₦100 for every ₦5,000 withdrawn, meaning an individual would pay ₦3,000 to access ₦150,000 of their own money. Now imagine the charges going up to ₦200.
• PoS Proliferation: As of 2024, there are over 3.04 million registered PoS terminals deployed across the country, compared to just 22,600 ATMs, making PoS a more accessible option for many Nigerians. 
• Cash Usage Trends: Currency held outside the banking system rose to ₦3.79tn in June 2024, up from ₦3.61tn in April.

These reveal the increasing demand and indispensability of the POS, with transactions hitting ₦6.23 trillion between January and July 2024.

The Role of PoS in Financial Inclusion

PoS agents have undeniably bridged a huge gap in Nigeria’s financial system. In remote or underserved areas, they bring banking services closer to the people, reducing the distance many must travel to withdraw cash or make simple transactions.

However, there’s a fine line between providing a necessary service and exploiting customers. With the CBN’s push for a cashless economy, PoS agents are a big part of the vision. But are we moving too quickly without addressing the financial stress this transition places on consumers?

The Cost of Convenience

For many Nigerians, the convenience of PoS agents comes at a high price. Take my recent experience: ₦200 to withdraw ₦5,000. This charge, while seemingly small, is a financial burden for people who rely on these services regularly.

Are these fees reflective of operating costs, or are some operators exploiting the situation? PoS agents argue that sourcing cash often involves added expenses, especially when ATMs run dry. While this is valid, consumers feel the sting of paying to access their own money.

Are PoS Agents Replacing Banks?

The perception that PoS agents are replacing traditional banks is widespread. Nevertheless, financial experts disagree with this notion.

At the TechConnect 4.0, Interswitch MD, Payment Processing and Switching, Akeem Lawal clarified:
“No, fintechs or PoS agents are not taking over banks. What has happened over the last five years is the deepening of financial inclusion. The mission is to reduce the reliance on cash altogether. 

“The focus is on promoting a cashless economy, driving the Central Bank of Nigeria (CBN)’s vision because cashless transactions are more efficient and transparent.

“PoS agents are part of the transition to a cashless future. When you go to an agent for a cash-based transaction, we are encouraging that interaction to shift from physical cash to digital payments.”

Traditional banks remain dominant in large-scale financial transactions and corporate services. PoS agents, on the other hand, cater to smaller, immediate needs, filling a gap left by limited banking infrastructure.

Adaobi Okerekocha, chief innovation officer at Interswitch, explained: “Cash is not the end goal; it’s just a means to access something else. Whether it’s paying for transport, school fees, or bills, the goal is to move those interactions into the digital space.”

To support this vision, companies like Interswitch are developing tools and products to make digital payments seamless for both businesses and individuals. 

“Ultimately, the shift towards a cashless economy requires a change in personal lifestyles and habits. People need to embrace digital payments as an alternative to cash for their daily needs.”

Achieving a fully cashless economy requires significant investment in digital infrastructure and public education.

Balancing Innovation and Accessibility

While PoS agents are essential to financial inclusion, the challenges springing up require a balanced approach:

• Standardising PoS Charges: Regulators must ensure that fees remain fair and transparent, protecting consumers from exploitation.
• Expanding ATM Infrastructure: Banks need to increase ATM availability, especially in high-demand areas.
• Promoting Digital Payments: Incentives for using digital payment platforms can reduce reliance on cash.

Nigerians are already facing enough economic challenges as it stands, so moving towards a cashless economy, the question: “Are we doing enough to ensure that everyone benefits fairly from this financial evolution?” must be looked into.

The answer lies in finding a balance—where innovation meets accessibility, and no one is left behind in the journey towards a digital financial future.

The post ₦200 for ₦5,000 – How PoS Charges Are Changing Everyday Transactions in Nigeria appeared first on Tech | Business | Economy.

The partnership, which is a response to the rapidly evolving and expanding demands of the DRC market, will enable Multipay Congo to leverage Interswitch‘s technology and expertise to deliver innovative and secure digital payment solutions to the Congolese market, supporting financial inclusion, driving digital transformation, and boosting economic growth in the country.

Multipay Congo is a pioneer financial technology company that launched the first local interbank payment service in the DRC in 2015, called “Multipay”, in collaboration with four major banks, namely:

• The BCDC (Banque Commerciale du Congo),
• Equity Bank Congo,
• FirstBank DRC, and
• Rawbank.

The first two banks have since merged to become the current Equity BCDC. Multipay service enables holders of private (local) cards from these banks to perform transactions at ATMs, point-of-sale terminals, and in bank branches across the country.

Interswitch Limited is an Africa-focused integrated digital payments and commerce company that was established in 2002 in Nigeria. Interswitch, operating in over 14 countries in Africa, facilitates the electronic circulation of money and the exchange of value between individuals and organizations on a timely and consistent basis. The company offers a range of payment products and services such as cards, digital tokens, online stores, and payment platforms, to help businesses and individuals across Africa grow and thrive.

Expressing his enthusiasm for the partnership, Olivier Bueno, the Managing Director of Multipay Congo said:

“We are delighted to partner with Interswitch Limited, another pioneer and leader in the African digital payment space. This partnership will enable us to continue to pursue our ambition to actively participate in the financial inclusion objectives of the Central Bank of Congo by developing innovative, accessible, secure digital financial products and services, adapted to the needs of the population and businesses.”

By working with Interswitch, we leverage our local knowledge and skills to promote financial inclusion and economic empowerment, as well as to support the development of the digital economy in DRC and in the region.”

Also describing the partnership as a win-win for both organizations and the people of the Congo, Akeem Lawal, the managing director, Payment Processing and Switching (Interswitch Purepay) said:

“We are pleased to enter this partnership with Multipay Congo to bring our transformative payment solutions to the Democratic Republic of the Congo. The partnership aligns with our overarching efforts to expand our footprint across more African regions, developing and deploying innovative solutions until payments are a seamless part of everyday life on the continent.

As part of this partnership, we will strengthen our presence in the DRC, one of Africa’s most populous and promising markets, so, we look forward to working with relevant regulators and other financial service providers to jointly provide safe, reliable, and convenient financial services to individuals and businesses in the DRC.”

The partnership is expected to boost financial inclusion, economic growth, and social development in the DRC, which has a population of over 100 million people and a GDP of over $40 billion.

With a strong presence in over 14 African countries, Interswitch is set to solidify its operations in the Democratic Republic of Congo.

This partnership with Multipay Congo is a testament to the payment giant’s resolve to continue expanding its footprint in Africa and beyond, aiming to improve access to financial services and close the financial inclusion gap on the continent.

The post Interswitch Partners Multipay Congo to Enhance Payments in the DRC appeared first on Tech | Business | Economy.

This submission was made by Akeem Lawal, Managing Director, Payment Processing & Switching (Interswitch Purepay) during a panel session at the recently concluded 2023 Zenith Bank International Trade Seminar held at the Civic Centre, Victoria Island, Lagos.

According to Lawal, he noted that the prevailing issues limiting cross-border payments can be solved through advanced digital payment platforms that enable seamless intra-continental transactions.

He acknowledged the prevailing issues affecting cross-border payments, positing that existing infrastructure can be improved to create opportunities for businesses within Nigeria to transact with businesses beyond the borders of the country.

He said, “Businesses can achieve greater strides by embracing digitization. This opportunity cuts across private businesses, government parastatals and financial institutions. Digitization is critical for designing platforms for Small and Medium Enterprises (SMEs) in the export business to enable them complete transactions successfully with little to no constraints.”

The seminar themed, “Nigerian Non-Oil Export Industry: The Present, The Future”, also identified the impact of Nigeria’s service industry, with a focus on the creative and technology sectors and their impact to the country’s development.

Speaking on the critical significance of these sectors, Lawal emphasized the need for fortified public-private partnerships to drive growth in Nigeria’s service industry which has consistently played a substantial role in the country’s overall Gross Domestic Product (GDP). He noted that Nigeria was a high exporter of technological expertise and that a significant investment in technology-focused companies would augment the sector’s contribution to the economy.

As part of the collaboration between the government and private sector players, Lawal highlighted necessary interventions that would support the growth and development of the service sector including training workshops, the promotion of innovative systems, and conducive policy implementation.

In the same vein, Lawal stressed the need for more robust investment vehicles targeted at the country’s fintech sector to drive tremendous growth in Nigeria.

In his welcome address, Dr Ebenezer Onyeagwu, Group Managing Director/CEO, Zenith Bank Plc, underscored the need for Nigeria to recognize its huge potential as a continental powerhouse, shifting its focus from oil products to non-oil commodities to derive value for the economy.

He called for the need to tap into the country’s rich resources and to establish production bases that will support development, to create a ripple effect on a continental level.

The trade seminar drew major stakeholders from both public and private sectors who expounded on the way forward for Nigeria and Africa at large.

The post Interswitch Advocates for Advanced Digital Payment Solutions to Boost Cross-Border Transactions appeared first on Tech | Business | Economy.

Akeem Lawal, Managing Director, Interswitch Purepay made this known during the Nigerian Fintech Forum held recently at the Civic Center, Victoria Island, Lagos.

In his keynote address tagged “Building Partnership for Growth, Exploring the Intersection of Banks, Telcos and Fintech Companies” Lawal explained that the Nigeria financial industry has evolved tremendously over the years with customers transitioning from banking halls transactions to adopting digital payment services.

He noted that despite the growth of the financial sector, customers are yearning for more innovative and seamless payment solutions hence, players in the financial industry must work with one another to design cutting-edge solutions that speak to the needs of customers and further strengthen the financial industry.

He said “As headline platinum sponsor, we are delighted to be sponsoring the Nigeria Fintech Forum because we believe that a platform like this will provide the opportunity for critical stakeholders in the financial industry to engage and proffer solutions that will consequently drive the growth of the financial Industry”

He further said, “At Interswitch, we will continue to design tailor-made solutions that speak to the need of every customer. Therefore, it is important for players in the financial industry, including the banks, telcos and fintechs to leverage collaboration to provide innovative and seamless solutions to customers. This is the only way we can meet the 95% financial inclusion target by 2024”.

Speaking during the panel session tagged “Regulating Nigeria’s Fintech Industry, Building Investors Confidence Without Stifling Growth”, Tyoyila Aga, Group Head, Financial Services Business at Interswitch, said it was important that players in the industry collaborate with regulators, keep abreast of new regulations and help strengthen compliance levels to grow the financial industry.

He said “At Interswitch, our approach to regulators is to work in harmonious ways with them and that is what we have been doing for two decades. This has helped us to understand regulations better and we urge other players to do same to grow the industry.”

The Nigeria Fintech Forum was attended by thought leaders and high-profile personalities across several sectors, including banks, telcos and fintechs.

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