Interswitch wins EPIS Awards

Cashless point of sale machine

Cashless point of sale machine

Funsho Arogundade

Cashless point of sale machine
Cashless point of sale machine

Interswitch Limited has emerged as a multiple award winner at the maiden edition of the Electronic Payment Incentive Scheme (EPIS) Awards organized by the Central Bank of Nigeria, CBN, and Nigeria Inter-bank Settlement System (NIBSS).

Interswitch, the transaction-switching and payments processing leader was recognized as the most efficient payment processor, most efficient Payment Terminal Service Provider (PTSP) and most efficient Payment Terminal Application Developer (PTAD).

Speaking at the event, Alhaji Suleiman Barau, Deputy Governor, Operations Directorate, CBN, said the Apex Bank was “delighted and proud to recognize, encourage, appreciate and reward financial, non-bank and other stakeholders in the EPIS that have been driving the growth of electronic banking channels in Nigeria.”

In his contribution, Adebisi Shonubi, Managing Director, NIBSS, said the event marked a memorable point for all the years of commitment put in by industry regulators and other stakeholders that have striven to drive the growth of electronic payment in Nigeria and the eventual transformation into a cashless society.

The EPIS Awards, according to the organisers, are intended to identify, reward and celebrate financial institutions, merchants and other stakeholders in the electronic payment space for great work done in promoting and expanding the use of electronic payments in Nigeria.

Akeem Lawal, Divisional CEO, Switching and Processing, Interswitch, said for the last 13 years, Interswitch has been at the cutting edge of the electronic transaction revolution in Nigeria.

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He noted that the latest recognition is more evidence of the company’s unrelenting resolve to consistently provide best-in-class integrated transaction solutions that are secure, convenient and tailored to the requirements of the market.

“We are always excited about innovations that make transactions more seamless and efficient. We are proud to be recognized for our efforts, even as we look forward to continuing to drive social and economic value creation not only in Nigeria, but across the African markets we operate in as well. We also owe our success to our customers and would like to thank all our customers for their continuing contribution to our success,” Lawal remarked.

Industry analysts believe that the growth of the e-payment industry in Nigeria has correlated closely with the brand story of Interswitch.

Starting off in 2002 at a time when Nigeria’s ICT landscape was still virtually untapped with only an estimated 200,000 Nigerians connected to the internet and banks moving money at high cost and risk, the challenge was to re-define the disposition of Nigerians towards transactions.

Today, the landscape has changed remarkably, with the consistent introduction of new technologies and processes that have exposed Nigerian customers, businesses and governments to the advantages of a cashless system.

“Interswitch continues to be central to the provision of electronic exchange of money and transfer of value among all and sundry on a timely and consistent basis across Nigeria and Africa,” Lawal stated.

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