Interswitch Group, a leading digital payments and commerce company in Africa, has joined the Nigeria Inter-Bank Settlement Systems PLC (NIBSS) to enhance and strengthen Nigeria's payment infrastructure.
This alliance seeks to improve the country's payment systems' efficiency, security, and reliability, ensuring seamless transactions for businesses and consumers.
The partnership will focus on upgrading the technological backbone supporting Nigeria's payment infrastructure, including developing more robust payment gateways and introducing innovative payment solutions.
Akeem Lawal, Managing Director, Payment Processing and Switching (Interswitch Purepay), expressed excitement about the partnership, emphasizing its significance in advancing the payments industry in Nigeria:
"We are delighted to strengthen our collaboration with NIBSS as we align with the CBN's directive. This partnership reinforces our unwavering commitment to maintaining the highest standards in payment processing in Nigeria while driving significant value for our stakeholders and the broader industry.
"By bringing our robust infrastructure to bear in this partnership with NIBSS, we will ensure further improvements in connection capacity, system uptime, and transaction success rates. This collaboration ensures full compliance with the CBN's requirements and delivers a seamless, reliable experience for merchants and consumers across Nigeria," he added.
The latest move is expected to boost the capacity of the national payment system, reduce transaction failures, and enhance the overall user experience for digital payment services.
This partnership highlights the dedication of both Interswitch and NIBSS to delivering innovative and efficient solutions that strengthen the compliance and resilience of Nigeria's payment infrastructure.
