Quickteller Archives - Tech | Business | Economy https://techeconomy.ng/tag/quickteller/ Tech | Business | Economy Mon, 06 Apr 2026 05:44:35 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0.2 https://techeconomy.ng/wp-content/uploads/2026/02/cropped-techeconomy-logo-32x32.jpeg Quickteller Archives - Tech | Business | Economy https://techeconomy.ng/tag/quickteller/ 32 32 199702177 Quickteller Transport Debuts to Enrich Travel Booking Experience https://techeconomy.ng/quickteller-transport-debuts-to-enrich-travel-booking-experience/ Wed, 28 Sep 2022 09:08:21 +0000 https://techeconomy.ng/?p=84843 Designed to enrich the commuters’ travel experience, Quickteller Transport enables users to easily search and book inter-state trips from multiple travel operators across Nigeria.

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In line with its mission to develop technology solutions that connect and empower individuals, businesses, and communities across Africa, Quickteller, the consumer digital lifestyle and payments platform powered by Interswitch, has added Quickteller Transport to its arrays of innovative services.

Designed to enrich the commuters’ travel experience, Quickteller Transport enables users to easily search and book inter-state trips from multiple travel operators across Nigeria.

Users will also be able to filter their search to specific or preferred operators, compare fares based on criteria such as vehicle type, departure point and time, as well as access specialized functions provided by transport operators, including seat selection and preferred pick-up location option, all at their convenience.

Speaking at the launch, Chinyere Don-Okhuofu, MD, Interswitch Industry Ecosystems Division, explained that the Quickteller Transport Service is another step in the company’s continued commitment to provide its customers with convenient access to lifestyle and payment services.

Don-Okhuofu noted that “Transportation is a necessary aspect of human life, enabling both social and economic interactions. In keeping with our culture of driving innovation and positively impacting consumer lifestyle in the society, we developed our Quickteller Transport service to provide added travel booking and payment convenience to our over 5 million customers. Built as a multimodal offering, we will be rolling it out to include other travel and transportation modes such as trains and ferries, working with operators across Nigeria.

“We are ecstatic to be launching this service. And as we launch our suite of new complementary services, Quickteller customers can be assured of our commitment to providing an excellent experience using Quickteller to access all their lifestyle and payment needs.”

Quickteller Transport is embedded as a service on Quickteller Web and Mobile app and is available for use by both new and existing Quickteller customers.

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JAMB ePIN 2022: Quickteller to Reward Candidates with Free Tutorials https://techeconomy.ng/jamb-epin-2022-quickteller-to-reward-candidates-with-free-tutorials/ https://techeconomy.ng/jamb-epin-2022-quickteller-to-reward-candidates-with-free-tutorials/#respond Thu, 17 Feb 2022 13:59:21 +0000 https://techeconomy.ng/?p=68276 Agents to get competitive commissions

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Interswitch Group, the foremost pan-African digital payment and commerce company, is offering free tutorials to candidates that purchase JAMB ePINs for the 2022 Unified Tertiary Matriculation Examination (UTME) examination on the Quickteller platform as part of its commitment to promote quality education in Nigeria.

The sale of the JAMB ePIN will commence on Saturday, February 19, 2022.

Registration for the exam (UTME) will last for five weeks and end on Saturday, March 26, 2022. Candidates are advised to optimise this registration period.

The tutorials will commence a few weeks before the examination and is exclusive to candidates who procured their ePINs on Interswitch-enabled platforms, such as Quickteller Mobile App/Web, Quickteller Paypoint (Agents), and Interswitch Webpay on JAMB’s website.

The tutorials will be available virtually to candidates across the country.

Interswitch revealed that the tutorials will hold for seven weeks and cover 10 subjects namely: Mathematics, English, Physics, Chemistry, Biology, Literature-in English, Government, Commerce, Economics and Accounting.

On the other hand, Interswitch has also made a provision to incentivise Quickteller Paypoint agents who sell the JAMB ePIN on their platforms. The company announced that Quickteller Paypoint agents will receive huge commissions per ePIN transaction.

According to Olawale Akanbi, Group Head of Growth Marketing, Merchants & Ecosystem, “The importance of tutoring and coaching cannot be underestimated as prospective students prepare for the 2022 UTME exams. At Interswitch, we strongly believe in the power of learning and coaching. Also, we believe that when a child is provided with the necessary skills and knowledge, excellence remains the ultimate result.

“This is why Interswitch is providing students the unique opportunity of being coached by seasoned teachers who have continued to distinguish themselves as they prepare for the 2022 UTME exams. Also, as an enterprise committed to the growth of Small and Medium Scale Entreprises (SMEs), Quickteller Paypoint Agents also will receive as much as N14O per JAMB ePIN transaction, including other fantastic commissions on every transaction engaged on the Quickteller platform.

As an organisation committed to the growth and development of the Nigerian youth, Interswitch remains committed to providing opportunities for the realisation of their dreams and aspirations.”

The Quickteller platform simplifies the JAMB registration process, making its less cumbersome for many candidates nationwide.

Therefore, candidates seeking to register for the 2022 JAMB/UTME examinations can easily obtain their ePINs and forms from Interswitch-enabled platforms such as Quickteller Mobile App/Web, Quickteller Paypoint (Agents), payment with Interswitch Webpay on JAMB’s website and through Interswitch Paydirect at any bank branch nationwide.

For a seamless registration process, prospective candidates, including those registering from foreign countries should follow these easy steps:

  • Obtain the National Identification Number (NIN). This is mandatory.
  • SMS ‘NIN’, space, and the 11-digit NIN number to 55019 e.g. [NIN 00123456789]. It is important that there is a space between the word ‘NIN’ and the 11-digit NIN.
  • An SMS with your 10-digit profile code and the registered NIN name will be sent to the registered phone number
  • Visit JAMB website, click purchase of 2022 application document, and enter the 10-digit profile code.
  • Select ‘Pay Online’ to pay on the website via Interswitch or pay via the Quickteller website/app or at the nearest Quickteller Paypoint outlet.
  • e-PINs will be delivered to the registered telephone number

Since its accreditation by JAMB in 2017, Interswitch has successfully enabled a seamless registration process for UTME candidates. Interswitch services are available online, across more than 18,000 ATMs, all bank branches nationwide and over 35,000 Quickteller Paypoint Agents across Nigeria.

On the Quickteller platform, you can also buy airtime, send money, pay toll fees, book flight tickets, pay cable TV bills, pay electricity bills, shop from over 100 global stores, take quick loans, buy event tickets, make state government payments, and everything in between.

The 2022 JAMB/UTME examination is scheduled to commence on May 6, 2022 and end on May 16, 2022.

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Interswitch Unveils New Quickteller, Verve TV Commercials, Expands Brand Push Across Africa https://techeconomy.ng/interswitch-quickteller-verve-tv-campaign-launch/ https://techeconomy.ng/interswitch-quickteller-verve-tv-campaign-launch/#respond Mon, 02 Mar 2026 10:02:56 +0000 https://techeconomy.ng/?p=176981 Interswitch has premiered new television commercials for Quickteller and Verve at its Lagos headquarters, outlining a Nigeria-focused rollout for Quickteller and a pan-African campaign for Verve.

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Interswitch has unveiled new television (TV) commercials for its consumer brands, Quickteller and Verve, at a private media screening in Lagos.

The event took place on Friday at the company’s headquarters in Victoria Island where senior executives, brand leads and agency partners attended, alongside journalists and content creators.

The advert premiere also outlined a wider marketing drive across television, radio, digital and outdoor platforms. Cherry Eromosele, executive vice-president for Marketing and Communications at Interswitch, said the campaign reiterates the company’s belief that payments should work seamlessly in the background of daily life.

“At Interswitch, we have always believed that payment should be a seamless part of everyday life, and therefore our brands Verve and Quickteller reflect this philosophy every day,” she said.

She described Quickteller as a platform built for people who take action. “The mindset of the Quickteller customer is that of a go-getter. The typical Quickteller customer doesn’t sit and wait for things to happen to them. They run it.”

The new Quickteller commercial centres on that message. It shows everyday situations where people move quickly, solve problems and keep going. Bills get paid, transfers go through, and opportunities are taken without delay. The campaign theme is “Run It!”.

Eromosele said the advert salutes what she called the “can do spirit” of African consumers and shows how the platform supports transactions “at the speed of topped for our users across multiple transaction channel touch points.”

Alongside Quickteller, Interswitch also introduced a new brand commercial for Verve, its card scheme with more than 100 million cards in circulation across Africa.

We couldn’t be prouder of how far we’ve come with Verve as a brand,” she said, describing it as “African most successful indigenous Payment Card Scheme.”

The Verve advert focuses on what executives repeatedly called the African spirit.

So what’s the African spirit? The African spirit is vibrant. It’s beautiful. Is undaunted and focused on enjoying the good life,” she said.

The commercial carries the line, “Verve makes infinite red seamless, because when we show up for each other, that’s when we truly live this is the good life.”

The event stressed that Verve goes beyond payments, pointing to VerveLife, its fitness and wellness platform, which has run for eight years and engages consumers around healthy living.

Chidi Okpala, who leads growth marketing for payment tokens under the Verve brand, said the business has grown by staying close to users.

In fact, as we speak, we’re looking at about 115 million, and still counting, we have over 80 million active cards as we speak today,” he said, adding that Verve holds between 75 and 80% of Nigeria’s card market.

He linked that growth to feedback from customers. According to him, requests to use Verve cards on platforms such as Google Play and Netflix pushed the company into new partnerships.

We got feedback like that, I want to be able to transact on Netflix with my record. That feedback we took seriously,” he said.

The event also addressed the creative process behind the campaigns. Tomi Ogunlesi, divisional head for Brands, Communications, Content and CSR, said the adverts were produced locally.

For us, this was a deliberate creative decision underscoring Interswitch’s belief that African stories are best told by African voices,” he said.

“In an era where artificial intelligence is increasingly used to simulate storytelling, the team chose a different path, eschewing artificial intelligence (AI) in favour of organic, emotionally driven filmmaking that captures real faces, real places, and real emotions!”

The company confirmed that the Verve campaign will run across multiple African markets, while the Quickteller rollout will focus mainly on Nigeria.

Executives noted that Quickteller’s services differ by country, with Nigeria offering a bigger ecosystem that now includes transport bookings, flights, and property listings under Quickteller Homes.

They explained that users can rent apartments, book short lets and even buy land through the platform, adding that properties listed there are verified to reduce fraud.

The Interswitch management said the Quickteller and Verve TV commercials would begin airing in the coming days, stressing that payments should not interrupt life, but should simply work.

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Interswitch Simplifies JAMB ePIN for UTME Registration https://techeconomy.ng/interswitch-simplifies-jamb-epin-for-utme-registration/ https://techeconomy.ng/interswitch-simplifies-jamb-epin-for-utme-registration/#respond Tue, 17 Feb 2026 07:47:53 +0000 https://techeconomy.ng/?p=176276 For millions of Nigerian teenagers, the road to university doesn’t start with an exam; it starts with the boss level of Nigerian bureaucracy; the ePIN purchase. Historically, the Joint Admission and Matriculation Board (JAMB) registration window has been a high-stress season of failed transactions and system timeouts. But for the 2026 Unified Tertiary Matriculation Examination […]

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For millions of Nigerian teenagers, the road to university doesn’t start with an exam; it starts with the boss level of Nigerian bureaucracy; the ePIN purchase.

Historically, the Joint Admission and Matriculation Board (JAMB) registration window has been a high-stress season of failed transactions and system timeouts.

But for the 2026 Unified Tertiary Matriculation Examination (UTME) cycle, Interswitch is positioning itself as the ultimate patch for these payment bugs.

The Infrastructure: Payment as an API for Education

Interswitch is opening up its full stack, Quickteller (web and app) and the Interswitch Payment Gateway, to handle the surge of millions of candidates.

By integrating directly into the official JAMB e-facility portal, the goal is to make buying an ePIN as seamless as buying airtime.

In a country where network issues can be the difference between getting a profile code and missing a year of school, Interswitch is leaning on its high-volume capacity to prevent last-minute congestion.

The Strategy: Frictionless Onboarding

The workflow is classic fintech:

  1. Generate Profile Code: Candidate does the heavy lifting with JAMB.
  2. Select Interswitch: Use the gateway or head to Quickteller.
  3. Instant Delivery: The ePIN is delivered without the “come back tomorrow” service model of traditional brick-and-mortar centers.

“We understand how critical this process is for families,” says Olawale Akanbi, Interswitch’s Divisional Head of Growth Marketing. “By providing trusted channels, we’re helping candidates complete their registration with confidence.”

This isn’t just about corporate social responsibility; it’s a strategic data and volume play. By processing ePINs for the 2026 cohort, Interswitch is essentially onboarding the next generation of digital natives into its ecosystem.

For the students, it’s a relief. For Interswitch, it’s a move that reinforces its position as the operating system for essential services in Nigeria.

As the registration window narrows, the Quickteller’s move might just be the most important exam prep these students do this year.

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FirstBank Partners with Verve on ‘Verve Flash Promo’ https://techeconomy.ng/firstbank-partners-with-verve-on-verve-flash-promo/ https://techeconomy.ng/firstbank-partners-with-verve-on-verve-flash-promo/#respond Mon, 03 Nov 2025 10:33:35 +0000 https://techeconomy.ng/?p=170359 First Bank of Nigeria Limited (FirstBank), Nigeria’s premier and leading financial inclusion services provider, has announced the launch of the Verve Flash Promo, a special initiative rewarding customers with free Verve cards. The campaign, which commenced on 6 October 2025, and will run until 30 January 2026, is exclusively targeted at FirstBank customers whose ATM […]

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First Bank of Nigeria Limited (FirstBank), Nigeria’s premier and leading financial inclusion services provider, has announced the launch of the Verve Flash Promo, a special initiative rewarding customers with free Verve cards.

The campaign, which commenced on 6 October 2025, and will run until 30 January 2026, is exclusively targeted at FirstBank customers whose ATM cards have expired.

The free cards will be issued daily to 131 customers on a first-come, first-served basis across the Bank’s branches, nationwide. FirstBank’s unwavering commitment to convenience, accessibility, and customer satisfaction.

Speaking on the rewards to FirstBank customers, Chuma Ezirim, the group executive, e-Business and Retail Products at FirstBank, said:

“The Verve Flash Promo is not just about rewarding customers with free verve debit cards; it is about celebrating our legacy of 131 years of trust, resilience, and innovation in the Nigerian financial services industry. At FirstBank, we remain committed to providing customer-centric solutions that enable secure, seamless, and convenient payment experiences. Partnering with Verve International on these initiatives, including the Verve Good Life promo, underscores our shared vision of deepening financial inclusion while rewarding our loyal customers for their continuous patronage.”

Also commenting, Vincent Ogbunude, managing director, Verve International, noted:

“Through strategic collaborations like this with FirstBank, we continue to demonstrate Verve’s commitment to enhancing access to seamless payment solutions for every Nigerian. The Verve Flash Promo not only rewards loyal customers but also reinforces our vision of making everyday transactions more rewarding, secure, and convenient. As we extend the Good Life Promo, we remain steadfast in our goal of deepening financial inclusion while delivering real value to Verve cardholders across the country.”

Meanwhile, the ongoing Verve Good Life promo, designed to reward Verve debit card holders for using their cards at specific merchant points, has been extended to 30 November 2025.

During the period, Verve Card holders enjoy 10% cashback at The Place Restaurant, Quickteller, Buypower, Filmhouse, AlliExpress, Addide Supermarkets, and Chowdeck app every Thursday to Sunday.

Verve cardholders can now enjoy a 10% cashback on the Google Play Store any day of the week throughout the Good Life Promo, which runs until 30 November 2025.

Moreso, every transaction made with a Verve card whether on ATMs, POS terminals, or online platforms automatically earns customers a chance to win up to ₦1,000,000.

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Interswitch Empowers Gaming Operators with Tech-Driven Solutions for Smarter Operations https://techeconomy.ng/interswitch-empowers-gaming-operators-with-tech-driven-solutions-for-smarter-operations/ https://techeconomy.ng/interswitch-empowers-gaming-operators-with-tech-driven-solutions-for-smarter-operations/#respond Wed, 06 Aug 2025 09:28:10 +0000 https://techeconomy.ng/?p=164509 As part of its ongoing drive to optimise financial transactions across key sectors, Interswitch, one of Africa’s leading integrated payments and digital commerce companies, is transforming Nigeria’s gaming landscape with the introduction of a bespoke suite of payment and collection solutions. Unveiled at an exclusive industry event themed “Beating the Odds: Innovation and Solutions for […]

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As part of its ongoing drive to optimise financial transactions across key sectors, Interswitch, one of Africa’s leading integrated payments and digital commerce companies, is transforming Nigeria’s gaming landscape with the introduction of a bespoke suite of payment and collection solutions.

Unveiled at an exclusive industry event themed “Beating the Odds: Innovation and Solutions for Smarter Betting Operations,” the new offerings are tailored to optimise payment flows, simplify collections, enable instant payouts, and personalise the player experience through reliable, tech-driven processes.

Hosted at the Radisson Blu Hotel, Victoria Island, Lagos, the session convened key stakeholders, regulators, and operators from across the gaming ecosystem, all seeking smarter, more efficient ways to serve Nigeria’s fast-growing digital-first consumer base.

With a deep understanding of the unique challenges and opportunities in the gaming sector, Interswitch’s integrated solutions are designed to boost operational efficiency, streamline collections, and improve customer satisfaction through seamless transactions, faster payouts, and personalised rewards.

In his welcome address, Osasere Atohengbe, vice president, Sales and Account Management, Interswitch, reaffirmed the company’s commitment to empowering businesses with intelligent and scalable solutions. He said:

“At Interswitch, our mission is to enable businesses with the right tools to thrive. We see technology as a powerful enabler, not just for gaming operators, but also for the players who expect fast, secure, and frictionless experiences. With our integrated suite of payment and collection solutions, we’re helping gaming platforms simplify backend operations, from reconciliation and payouts to collections and tracking, ultimately unlocking greater value and scalability in today’s competitive market.”

Delivering the keynote address, Adetoun Adeyemi, director of Legal, Lagos State Lotteries and Gaming Authority, who represented Bashir Are, chief executive officer, Lagos State Lotteries and Authority, lauded the initiative and emphasised its potential to transforming the entire gaming ecosystem:

“We are truly excited about the potential of Interswitch’s Integrated Solutions Suite to significantly impact the gaming industry. These innovations will not only provide operators with smarter, more efficient tools but also empower us, as regulators, to foster a transparent, compliant, and well-structured ecosystem. This initiative supports our collective goal of building a responsible and well-structured gaming industry in Lagos State.”

At the core of the offering is the Interswitch Payment Gateway, which facilitates seamless, real-time payments across a wide range of channels, including cards, bank transfers, USSD, Quickteller, Google Pay, OPay, and more, via a single, unified integration.

This simplifies onboarding and transaction processing for operators while elevating the payment experience for end-users across touchpoints.

Also featured is the Interswitch collections platform, Paydirect, a multi-channel collection platform that allows operators to accept payments through online platforms, physical bank branches, agent networks, and Point-of-Sale (POS) terminals. All transactions are consolidated into a centralised dashboard, enabling simplified tracking, real-time monitoring, and error-free reconciliation.

To support real-time disbursements, the Quickteller-powered funds transfer service allows operators to instantly pay winnings or transfer funds to bank accounts across Nigeria.

This not only fosters trust but also improves player satisfaction by ensuring timely settlements. Also integral to the suite of solutions is the Static Virtual Account (Pay with Transfer) feature, which assigns unique virtual account numbers to individual customers.

This innovation eliminates referencing errors, simplifies deposit identification, and enables automated reconciliation, giving operators greater visibility, control, and accuracy in managing inflows.

Beyond payments, Interswitch showcased an expanded portfolio of business-enabling solutions designed to drive operational efficiency, enhance customer engagement, and improve user experience for gaming operators.

The Interswitch Corporate 360 (IC360) platform was highlighted as a comprehensive tool that consolidates financial operations, covering everything from tax compliance and vendor payments to real-time account visibility and ERP integration, helping operators streamline processes and reduce redundancy.

In addition, Interswitch’s Enterprise Rewards Solution offers a digital rewards platform that incentivises customer behaviour with instant airtime, data, vouchers, and other perks, backed by intelligent analytics for targeted engagement.

The USSD and offline solutions ensure uninterrupted access to gaming services even without internet connectivity, reducing transaction drop-offs, while the Salary Lending Solution provides employees of partner firms with quick, short-term salary advances via Quickteller.

Complementing these offerings, the broader suite also incorporates advanced tools such as Digital Escrow Services for secure transactions, Fraud Management Systems to mitigate risks, and API Integration Tools that enable seamless incorporation of Interswitch’s capabilities into operators’ existing infrastructure.

Together, these solutions underscore Interswitch’s commitment to delivering not only smarter payments but also comprehensive business enablement for gaming operators.

Through its combination of cutting-edge payment solutions and a wide array of operational tools, Interswitch is redefining the future of Nigeria’s gaming industry.

With smarter, tech-enabled operations, the company is empowering gaming operators to enhance compliance, increase efficiency, and build deeper relationships with customers.

By leading conversations on smarter payment solutions and enabling tech-powered growth in gaming, Interswitch is reinforcing its role as a trusted partner in shaping the future of digital financial services, not only in Nigeria but across Africa.

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Shaping the Future of Real Estate: Interswitch Leads the PropertyTech Conversation at Lagos Real Estate Fest 2025 https://techeconomy.ng/interswitch-leads-the-propertytech-conversation-at-lagos-real-estate-fest-2025/ https://techeconomy.ng/interswitch-leads-the-propertytech-conversation-at-lagos-real-estate-fest-2025/#respond Mon, 21 Jul 2025 15:31:32 +0000 https://techeconomy.ng/?p=163484 Interswitch, a leading African technology company focused on creating solutions that enable individuals and communities to prosper across Africa, was right at the centre of the 6th edition of the Lagos Real Estate Fest, which recently took place at the Lagos Oriental Hotel. As an Associate Partner, Interswitch played a significant role in shaping conversations […]

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Interswitch, a leading African technology company focused on creating solutions that enable individuals and communities to prosper across Africa, was right at the centre of the 6th edition of the Lagos Real Estate Fest, which recently took place at the Lagos Oriental Hotel.

As an Associate Partner, Interswitch played a significant role in shaping conversations around the future of Nigeria’s real estate sector.

Reinforcing its commitment to cross-sector innovation, the company spotlighted how technology, especially through platforms like Quickteller Homes, is transforming Propertytech (also known as ‘Proptech’) and the way Nigerians engage with real estate, improving everything from payments and accessibility to trust and transparency.

This year’s theme, “The Business of Real Estate: Staying Innovative in a Changing Landscape,” brought together key players across the real estate value chain, including developers, architects, regulators, proptech innovators, and investors, to address pressing challenges and explore new opportunities for digital transformation.

At the heart of these conversations was Interswitch’s unwavering commitment to driving Africa’s growth through technology.

During the event’s panel sessions, Adeyinka Adekoya, vice president, Energy Ecosystems, Interswitch, shared the company’s vision for a more digitally inclusive real estate ecosystem. He emphasised that as Nigeria’s cities continue to grow, innovation must go beyond infrastructure to include digital access, financial flexibility, and smarter, user-centric delivery.

The event featured engaging panel discussions, keynote addresses, and interactive brand showcases, highlighting trends around Proptech, construction finance, sustainable development, and data-driven design.

The Fest struck a perfect balance between inspiration and practical insight for attendees who either came to learn, network or explore new ventures.

As the 2025 edition ended, one message resonated throughout; the future of real estate in Nigeria will be defined by collaboration, innovation, and the intelligent application of technology.

With Interswitch leading this transformation, the ecosystem is on a strong path toward inclusive and scalable growth.

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Global Perspectives on Payment Solutions – Lessons from Nigerian Markets https://techeconomy.ng/global-perspectives-on-payment-solutions/ https://techeconomy.ng/global-perspectives-on-payment-solutions/#respond Sat, 01 Mar 2025 09:51:55 +0000 https://techeconomy.ng/?p=153960 Technological innovation, changing consumer behaviours, and the pressing need for financial inclusion drive the impending change in the global payments landscape. Most discussions surrounding the future of payments tend to focus on developed markets; however, much can be learned from developing markets such as Nigeria in understanding what really shapes global payment solutions. With its […]

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Technological innovation, changing consumer behaviours, and the pressing need for financial inclusion drive the impending change in the global payments landscape.

Most discussions surrounding the future of payments tend to focus on developed markets; however, much can be learned from developing markets such as Nigeria in understanding what really shapes global payment solutions.

With its specific challenges as well as opportunities, Nigeria has carved a niche as a laboratory of innovation around payments, and it shows how creativity and adaptability overcome barriers and drive progress.

Mobile money is the one outstanding feature in the Nigerian payment ecosystem, with mobile money services such as Paga and OPay revolutionizing the way money is sent, received, or stored by a largely non-banking populace.

They brought marketing to the users, allowing them to conduct transactions with nothing more than their mobile phone without undergoing the rigors of having to open a bank account traditionally.

If Nigeria, whose situation presents some of the greatest challenges in mobile money, succeeds in something as basic as bringing everyone into the payment ecosystem, it illustrates how payment solutions must, themselves, be low-cost, best-suited, and accessible to the unbanked.

Thus, it is a lesson worth taking by other regions toward confronting the same challenge and offering solutions to overcome it.

Collaboration is arguably what most solidly springs out from Nigeria. It is reputedly anchored on partnerships from fintech start-ups and banks, as well as telecom providers, and that is why regulators are adding their voice in the Nigerian payments ecosystem.

The merger between MTN—the country’s leading telecoms provider—and banks enabled this huge success, being that MTN Mobile Money is a service that exploits the broad reach of mobile networks and the inherent security that the banking infrastructure offers.

All these can be very much linked as part of the reasons why they are seen to give more value to the solutions they create together; thus, for the global markets too, it goes to show that pooling together between the traditional players and the fintech organizations will definitely help drive innovations in payment matters.

From the Nigerian experience, the Central Bank of Nigeria (CBN), as a regulator, has been very proactive in creating a regulatory environment.

These regulations indeed play a pivotal factor in shaping the payment landscape that promotes innovation while ensuring safety and stability. Initiatives such as the Payment Service Bank license and cashless policy have built a framework within which digital payments could grow.

At the same time, the CBN has instituted guidelines that consumer protection has played along with policies against fraud like the Bank Verification Number (BVN) system.

This requirement will highlight the need for regulators to increasingly work toward finding a balance between enabling financial innovation and safeguarding the financial system for the global markets.

There is also a general trend emerging among the rise of digital wallets and QR code payments among consumers in Nigeria.

The likes of Quickteller and PalmPay have simplified digital payment for consumers and merchants, especially in informal markets.

QR codes, in particular, have gained a lot of ground and acceptance because they offer an inexpensive way to pay for services.

They are also very easy to use and require minimal infrastructure. Global payment providers should design solutions that are intuitive, easy to use, and compatible with existing behaviors as the keys to driving adoption in traditionally cash-dominated markets are simplicity and accessibility.

Nigeria’s payment ecosystem teaches resilience and adaptability. The infrastructure challenges, like unreliable electricity and internet connectivity, have forced innovators to come up with solutions that function with very wrong environments.

It highlights that USSD (Unstructured Supplementary Service Data) codes have become the most popular payment methods due to their compatibility with basic mobile phones and lack of internet connectivity.

Such discoveries show how resourceful these Nigerian innovators have been and are a good lesson to share with world markets undergoing similar experiences.

Nigeria’s payments ecosystem has challenges, including fraud and cybersecurity, which are real concerns that would call for continuous investment in security measures and consumer education.

The user is confused about navigating unconsolidated systems with no single payment standard due to innovation.

All stakeholders (i.e., the regulators, financial institutions, and fintech companies) must work together to solve these challenges.

So, what can global markets learn from Nigeria’s payment system? First and foremost, accessibility and inclusivity must come first, designing solutions that meet the needs of traditionally underserved populations.

Encourage collaboration between traditional players and innovators to make progress. Create regulatory environments that encourage innovation while ensuring security and stability.

Manage simplicity and adaptability to push adoption and mitigate infrastructure challenges. Invest in security and education towards consumer trust protection.

By virtue of innovation and resilience before it, Nigeria’s payment ecosystem is a source to learn from.

It provides lessons to be internalized in crafting payment systems for global markets that are technologically advanced but, at the same time, inclusive, accessible, and impactful.

More than ever, with lessons from Nigeria, payment systems meant to work for everyone is charted out in pathways wherein financial inclusion becomes the priority in solving current challenges posed by a turning world towards digital. Nigeria is setting the standard for global payments in the future.

*Oluwaseun Adeoye is a Product Manager with 12+ years in finance, specializing in electronic payments and digital banking. He holds a Computer Science degree from Bowen University and is pursuing a Graduate Certificate in Cloud Data Management at Conestoga College. Skilled in API integration, business development, and project management, he has delivered customized payment solutions for Nigerian and global markets.

 

Outside work, he enjoys learning, music, and leveraging technology to simplify tasks.

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Interswitch Champions Digital Solutions in Nigeria’s Transportation Ecosystem https://techeconomy.ng/interswitch-champions-digital-solutions-in-nigerias-transportation-ecosystem/ https://techeconomy.ng/interswitch-champions-digital-solutions-in-nigerias-transportation-ecosystem/#respond Sun, 15 Dec 2024 13:30:34 +0000 https://techeconomy.ng/?p=149613 Interswitch, one of Africa’s leading integrated payments and digital commerce companies, has called on stakeholders in Nigeria’s transport sector to embrace advanced technology to reshape the nation’s transportation landscape. This charge was made during the sixth edition of the Lagos Transport Fest, themed “Delivering National Connectivity: Driving the Growth of Nigeria’s Transport and Logistics Markets,” […]

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Interswitch, one of Africa’s leading integrated payments and digital commerce companies, has called on stakeholders in Nigeria’s transport sector to embrace advanced technology to reshape the nation’s transportation landscape.

This charge was made during the sixth edition of the Lagos Transport Fest, themed “Delivering National Connectivity: Driving the Growth of Nigeria’s Transport and Logistics Markets,” held recently at the Oriental Hotel, Victoria Island, Lagos.

The event brought together hundreds of professionals, entrepreneurs, investors, regulators, and thought leaders for a full day of exhibitions, panel discussions, presentations, and networking opportunities, all focused on shaping the future of transport in Nigeria and beyond.

Delivering the event’s keynote address titled “Enhancing Transport Ecosystem Connectivity for Growth: Technology as a Catalyst”, Chinyere Don-Okhuofu, managing director, Industry Ecosystems (Interswitch Indeco), emphasised the transformative role of technology in transportation, stating:

At Interswitch, we believe that every digital transaction, every optimized route, every seamless connection is a fundamental step towards a more prosperous, interconnected Africa. Therefore, today, we are not merely discussing transport infrastructure. We are architecting the mobility ecosystem of an entire continent.

“The future is not something we wait for. It is something we create. Together, let us redefine mobility for a better, more connected future, creating a transport ecosystem that not only connects but also empowers and inspires.” 

The event featured a panel session that delved into the future of Nigeria’s transportation sector, with discussions centred on infrastructure development, technological advancements, and emerging trends set to shape the industry’s trajectory.

During the panel session, Nnenna Ajanwachukwu, vice president of Transport Ecosystem at Interswitch, underscored the transformative role of digital payment solutions in modernising public transportation and significantly improving the passenger experience.

She reaffirmed Interswitch’s dedication to transforming the transportation ecosystem through innovative digital solutions.

Highlighting Quickteller, Interswitch’s consumer digital lifestyle and payments platform, she referenced the launch of Quickteller Transport, a solution that significantly enhances the commuter experience by facilitating seamless searches and bookings for inter-state trips with multiple travel operators across Nigeria.

Interswitch remains steadfast in its quest to inspire Africa to greatness, leveraging technology to transform various industry verticals, including transportation.

By enhancing connectivity, streamlining operations, and elevating the passenger experience, the company is driving sustainable growth and contributing to the modernisation of the nation’s transport sector.

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Interswitch Named 2024 Fintech of the Year https://techeconomy.ng/interswitch-named-2024-fintech-of-the-year/ https://techeconomy.ng/interswitch-named-2024-fintech-of-the-year/#respond Fri, 06 Sep 2024 05:33:11 +0000 https://techeconomy.ng/?p=142437 Interswitch, one of Africa’s leading integrated payments and digital commerce companies has been awarded the prestigious Fintech of the Year award at the African Fintech Summit (AFTS) Excellence Awards which took place recently as part of the African Fintech Summit in Nairobi, Kenya. The Fintech of the Year award recognizes outstanding achievements in fintech, including […]

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Interswitch, one of Africa’s leading integrated payments and digital commerce companies has been awarded the prestigious Fintech of the Year award at the African Fintech Summit (AFTS) Excellence Awards which took place recently as part of the African Fintech Summit in Nairobi, Kenya.

The Fintech of the Year award recognizes outstanding achievements in fintech, including product innovation, market impact, and overall contribution to the growth of the industry.

Interswitch emerged winner in this category out of a pool of African fintechs, startups and ecosystem enablers all nominated for the position, highlighting its unwavering commitment to innovation, excellence, and its focus on creating technology solutions that empower individuals, businesses and communities across the continent.

The award recognizes the company’s significant contributions to the fintech industry, including its cutting-edge payment solutions, robust digital infrastructure, and relentless pursuit of customer-centric innovations.

Since its inception in 2018, AFTS has evolved into a premier gathering of industry leaders, players, innovators, and investors, showcasing the latest advancements in financial technology from across the continent.

We are honoured to receive this prestigious award,” said Mitchell Elegbe, founder and group managing director of Interswitch.

It is a testament to the hard work, dedication, and innovation of the entire Interswitch team, and the trust and support of our customers and partners. We remain firm in our commitment to empowering individuals and businesses across Africa through cutting-edge financial technology solutions. This award serves as a validation of our efforts to push the boundaries of innovation and create a more inclusive financial ecosystem as we inspire Africa to greatness.”

In 2022, Interswitch was also named Fintech of the Year at the African Banker Awards which held in Accra, Ghana during the African Development Bank (AfDB) Annual Meetings.

For over two decades, Interswitch has pioneered fintech solutions in Africa, including the launch of Verve Card, a leading domestic payment card in Africa and Quickteller, a popular consumer digital payments platform.

The company continues to evolve and invest in research and development to deliver innovative products and services that meet the evolving needs of African consumers and businesses.

As the Fintech of the Year, Interswitch reiterates it commitment to play a leading role in shaping the future of the African continent.

The company is committed to fostering partnerships, investing in talent, and driving digital transformation across the continent.

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