Sep 19, 2024

Interswitch And NIBSS Collaborate to Enhance Payment Processing and Compliance in Nigeria Interswitch, an African-oriented technology-driven company focused on payments, has announced a strategic partnership with the Nigeria Inter-Bank Settlement System (NIBSS), to introduce innovative solutions aimed at boosting transaction processing efficiency and compliance with Central Bank of Nigeria (CBN) directives. This partnership focuses on enhancing terminal re-certification and optimizing transaction processing uptime, providing both merchants and consumers with more reliable and efficient payment experiences. Speaking on the strategic alliance, the Managing Director and CEO of NIBSS, Mr. Premier Oiwoh noted the significance of this collaboration in advancing Nigeria’s payment ecosystem. Tekedia Mini-MBA edition 15 (Sept 9 – Dec 7, 2024) has started registrations; register today for early bird discounts. He said, “This partnership with Interswitch marks a pivotal moment in our goal to foster innovation and improve payment system efficiency. By enhancing the tracking and oversight of electronic transactions, we are positioning Nigeria as a leader in the global payments industry.” Under this agreement, NIBSS will serve as the primary PTSA for Interswitch, creating a foundation for improved transaction efficiency and regulatory compliance. Also commenting, Akeem Lawal, managing director, of Payment Processing and Switching (Interswitch Purepay), expressed excitement about the partnership, stating that it reinforces the fintech unwavering commitment to maintaining the highest standards in payment processing in Nigeria. In his words, “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”. In addition to meeting the CBN’s compliance directive, Interswitch and NIBSS are working on introducing solutions for terminal re-certification and optimizing transaction processing uptime. Through rigorous testing and pilot programs, both companies are committed to ensuring a smooth transition for customers and partners, with a focus on preventing service disruptions. Also, they will continue to roll out new features and solutions, supporting the sustained growth of Nigeria’s financial ecosystem. The partnership between Interswitch and NIBSS offers several key advantages to Nigeria’s payment system: Enhanced Transaction Efficiency: By collaborating with NIBSS as the primary Payment Terminal Service Aggregator (PTSA), Interswitch can improve the speed, reliability, and success rates of electronic transactions, leading to smoother payment processes for consumers and merchants. Regulatory Compliance: This partnership ensures full alignment with the Central Bank of Nigeria’s (CBN) directives, particularly in terms of routing transactions and re-certifying payment terminals. It helps create a more structured and compliant payment infrastructure, reducing regulatory risks for payment operators. Improved Monitoring and Security: With better oversight of electronic transactions through NIBSS, the partnership enhances security and transparency, reducing fraudulent activities and improving consumer trust in the digital payment ecosystem. Interswitch and NIBSS partnership underscores the commitment of Both companies to delivering cutting-edge payment solutions that strengthen the resilience and compliance of Nigeria’s payment infrastructure. Share this: