Interswitch Group, a digital payments and commerce company in Africa, says it had recorded 100 million transactions by First Bank Nigeria Ltd. using its platform in May this year.
Cherry Eromosele of Group Marketing and Corporate Communications at Interswitch says in a statement made available to Technology Times that the payment company says that this is the second time First Bank is achieving this volume of 100 million transactions on the Interswitch platform, as it had once achieved it in December 2015.
“The record transaction volumes represent the total transactions processed by First Bank’s Front End Processor running on the Interswitch transaction-switching platform, which seamlessly links all financial institutions in Nigeria to facilitate better and quicker transactions across all platforms,” Interswitch says.
According to Ineterswitch, “in December 2015, First bank was recognised as the first-ever financial institution in the country to achieve this feat. Being able to sustain this in May 2016 is a pointer toward the bank’s desire to promote the CBN cashless policy and boost economic growth via e-payments across Nigeria and the African continent.”
Mitchell Elegbe, Group Managing Director/CEO, Interswitch adds that “it essentially reflects the strength and development of electronic transactions in Nigeria that a single banking partner can record 100 million transactions in a single month.”
According to him, “when this figure is aggregated with that of our other partners, then you can begin to have an idea of the sheer size and demand for electronic financial services in Nigeria. Interswitch is excited by this sustained achievement by First Bank and we look forward to partnering with the Bank to further consolidate the gains of digital transaction innovation.”
Dr. Adesola Adeduntan, Managing Director/CEO of FirstBank says that “First Bank’s investment in e-business reflects our commitment to promoting financial inclusion which is widely regarded as a lever for sustainable economic growth and development as well as enhancing entrepreneurship. Our passion to serve and extend financial services to the unbanked has since inspired several innovations and we thank our esteemed customers for their continued patronage and trust in our services whilst dedicating the recognition to them.”
Interswitch adds that FirstBank was one of the foundational shareholders of Interswitch, and that “this milestone by First Bank is another marker of the scale of success recorded by Interswitch since its launch in 2002.”