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Leading integrated payments and digital commerce companies, Interswitch, has announced a strategic partnership with the Nigeria Inter-Bank Settlement System (NIBSS) to further enhance the efficiency and reliability of payment transactions across Nigeria.
In a statement, the firm said that this partnership follows a recent directive from the Central Bank of Nigeria (CBN), which mandates that all Point of Sale (POS) transactions must be routed through the Payment Terminal Service Aggregator (PTSA).
Managing director, Payment Processing and Switching (Interswitch Purepay), Akeem Lawal, expressed excitement about the partnership, emphasising 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,” Lawal said.
Speaking on the outcome of the directives by the CBN, the Managing director and CEO of NIBSS, Premier Oiwoh, stated: “This collaboration with key industry players like 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. Ultimately, positioning Nigeria at the forefront of the global payment industry.
“Through this collaboration, customers and partners can expect enhanced reliability and efficiency in transaction processing. Interswitch and NIBSS are committed to ensuring a smooth transition, with ongoing pilots and rigorous testing to prevent service disruptions. The two companies will continue to roll out new solutions, features, and enhancements as part of this alliance, contributing to the sustained growth and development of Nigeria’s financial ecosystem.”
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