Interswitch, a leading African payments and digital commerce company, has partnered with the Nigeria Inter-Bank Settlement System (NIBSS) to enhance payment efficiency and reliability in Nigeria. This collaboration aligns with a recent Central Bank of Nigeria (CBN) directive mandating that all Point of Sale (POS) transactions be routed through a Payment Terminal Service Aggregator (PTSA).
As Interswitch’s primary PTSA, NIBSS will play a crucial role in improving transaction efficiency and ensuring regulatory compliance. This partnership also opens doors for collaboration in other areas, fostering innovation and advancing Nigeria’s payment infrastructure.
Akeem Lawal, Managing Director of Payment Processing and Switching at Interswitch Purepay, expressed enthusiasm for this partnership, emphasizing its importance in advancing Nigeria’s payments industry:
“This partnership reinforces our commitment to maintaining the highest standards in payment processing. By leveraging our robust infrastructure, we will ensure improved connection capacity, system uptime, and transaction success rates. This collaboration not only ensures compliance with the CBN’s directive but also delivers a seamless experience for merchants and consumers.”
Beyond compliance, Interswitch and NIBSS are working on terminal re-certification and optimizing transaction processing uptime. These efforts will provide merchants and consumers with enhanced reliability and efficiency.
Premier Oiwoh, Managing Director and CEO of NIBSS, highlighted the significance of this collaboration: “This partnership with Interswitch represents a significant milestone in our mission to drive innovation and enhance payment system efficiency. The strategic alliance strengthens the monitoring of electronic transactions, improving tracking and oversight across Nigeria.”
This collaboration benefits customers and partners by ensuring enhanced reliability and efficiency in transaction processing. Interswitch and NIBSS are committed to a smooth transition, with ongoing pilots and rigorous testing to prevent service disruptions.
The partnership underscores Interswitch and NIBSS’ dedication to delivering innovative and efficient solutions that strengthen Nigeria’s payment infrastructure. Interswitch remains committed to pushing the boundaries of innovation to enable commerce across Africa.