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Africa: Interswitch and Codebase wants to transform digital banking

Interswitch Group announces a new strategic partnership with Codebase Technologies to accelerate the digital banking transformation across the African continent.

Digital banking is the future, and it has proved to be a powerful tool in improving financial inclusion in Africa. A perfect example is the story of Mpesa in Kenya. The duo of Interswitch Group and Codebase Technology understands this and plans to hasten digital banking transformation across the African continent as both announce a strategic partnership.

With a shared vision of helping Africa’s financial institutions and customers make the transition to digital banking, Codebase Technologies’ award-winning Digibanc SaaS platform is the perfect complement to Interswitch’s existing payments and digital banking offering. The partnership will help broaden access to financial services for Africans, driving greater financial inclusion across the continent, the duo said in a statement.

The partnership will also enable banks, fintechs, and other corporates to take advantage of new, leading technologies so that they can continue to meet the evolving market and customer demand. In turn, customers will be able to access an extensive range of innovative banking and payment products that meet their current and future needs.

A symbiotic relationship

Digibanc SaaS, hosted by Interswitch, will enable financial institutions in West and East Africa full front-to-back SaaS capabilities through a rapid and cost-effective deployment model, allowing true economies of scale.

Working with the Codebase Technologies team will help Interswitch broaden its current digital offering while leveraging Interswitch’s brand recognition to increase the reach and visibility of Digibanc SaaS in Africa.

What they are saying

Interswitch’s Divisional CEO for Digital Infrastructure and Managed Services, Jonah Adams commented, said: “Africa is at the forefront of digitization, with the fintech market across the continent rapidly evolving. There is also an increasing consumer demand for new, more accessible products and services, and for Interswitch, continuing to innovate and enhance our product propositions is critical. We are excited to partner with Codebase Technologies, bringing with them next-generation technological capabilities and expertise, as we continue our mission to increase access to financial services and drive financial inclusion across Africa.”

Codebase Technologies’ Commercial Director and Africa MD, Paul Nilsen, said: “We look forward to working with Interswitch Group and launching this new, cutting-edge technology that will redefine user-centric, financially inclusive financial services and help spur innovation, economic growth, and increased access. This partnership will capitalize on Interswitch Group’s in-depth knowledge of the current needs and direction of financial institutions across the Continent, as well as the progress they have made in the banking and financial services space.”

Sub-Saharan Africa in focus

GDP: $1.686 trillion in 2020 compared to $1.77 trillion in 2019

Population: 1.136 billion in 2020 compared to 1.107 billion in 2019

GDP per capita: $1,483 in 2020 compared to $1,559 in 2019