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 events, themed “Modernizing Digital Payment Infrastructure for Innovation, Growth & Commercial Advantage,” are slated for Tuesday, June 11, 2024, at Eko Hotel, Victoria Island, Lagos; and Friday, June 14, 2024, at the Radisson Blu, Upper Hill Nairobi, Kenya.

Africa is a high-potential region for real-time payments, with 8.2 billion real-time payment transactions in 2023, projected to hit 21.7 billion by 2028, a 2023-2028 CAGR of 21.2%, according to the 2024 Prime Time for Real-Time report, published by ACI Worldwide in partnership with GlobalData, a leading data and analytics company.

ACI Worldwide and Interswitch, whose alliance spans over 20 years, recently extended their long-term partnership to enable Interswitch to offer new innovative products and services in Nigeria and 31 other markets across Sub-Saharan Africa. Interswitch will incorporate the full range of payment solutions that form part of the ACI Enterprise Payments Platform into its technology stack, enabling banks and other financial institutions across these markets to transform and modernize their payment infrastructure.

Interswitch and ACI are committed to providing innovative digital payment solutions that simplify and enhance payment processes for businesses across the continent.

Conversations during the events will spotlight topical issues and trends, such as cross-border payments, modernization of core payment infrastructure for banks, open banking, card and non-card payment schemes, and securing transactions with next-generation technology stack, among other issues that are shaping the payment ecosystem across the continent.

The events are expected to bring together industry experts, thought leaders, C-suite executives, and other stakeholders to explore the latest advancements and trends in the industry.  Attendees will gain insight from panel sessions, insightful presentations, and networking opportunities.

Speaking on the forthcoming events, Mitchell Elegbe, Founder and Group Managing Director, Interswitch Limited said:

“We are thrilled to host the customer engagement events in collaboration with our partners at ACI Worldwide. By convening industry stakeholders in both the Nigerian and Kenyan markets, and facilitating discussions on topical issues, we aim to drive innovation and foster collaboration that will deepen digital payments and boost the payment ecosystem in Africa.”

In a similar vein, Santhosh Rao, Senior Vice President, MEASA, ACI Worldwide, said:

“Africa is on the cusp of a digital payments era and has the highest real-time share of electronic payments in 2023 at 40%, according to the fifth edition of our Prime Time for Real-Time report. The future of digital payments in Africa holds immense opportunities for advancing financial inclusion and fostering a prosperous continent. We are excited to participate in these events alongside Interswitch and other industry leaders. Together, we will share insights and discuss transformative strategies that will shape the future of payments.”