Interswitch processes 1.2 billion transactions in March 2023, setting new transaction record in Nigeria
By Trek Africa Newspaper
Founder and General Managing Director, Interswitch Group, Mitchell Elegbe
The end of each year is an opportunity for many organizations to reflect on the past year’s activities, with a focus on planning for the new year and building on the successes of the preceding year.
The new start presents a chance for reviews and recalibration, where necessary, to spur the company further along on its mission to achieving set goals and objectives.
Interswitch, as it closed out its 2022/23 financial year, has recorded a tremendous leap in transaction volumes, logging in over 1.2 billion transactions across Nigeria in the month of March. This number represents a 58% increase over the previous month’s total transaction volumes processed. For context, during the entire year 2019, before the COVID-19 pandemic set in, Interswitch processed 2.7 billion transactions over the course of the entire year.
The company’s continuous investment in cutting-edge technologies that power Africa’s financial ecosystem has greatly contributed to the increase in its switching capacity, providing much needed relief to millions of Nigerians in the form of digital payment channels, as the recent cash scarcity tightened its grip.
Serving a wide range of financial service providers including commercial banks, fintechs, microfinance banks and other financial institutions, Interswitch has continued to support key players in the payment space who in turn are able to serve the end users.
This tremendous growth speaks volumes about the company’s dedication to the provision of enabling systems in the payments ecosystem. Its resolve to Never Stop pushing the boundaries of innovation is evident in the unwavering service it delivers to its corporate clients and end consumers.
In a letter to the employees of The Switch, the Founder and General Managing Director, Interswitch Group, Mitchell Elegbe, noted that the success of the company has been spurred on by the hard work and dedication of the good People of The Switch.
He added that the future provides an opportunity to explore the potentials of an expanding landscape, encouraging employees to keep the zeal alive for the opportunities that abound ahead.
He said, “As we look ahead to the new year, I am inspired by the endless untapped possibilities that lie ahead of us and the fresh landscapes waiting to be explored. Indeed, the heat is on, it continues to intensify! I encourage you to fasten your seat belts and get ready for the next phase of the exciting ride ahead.”
Indeed, the past year was an eventful one for Interswitch: from the company’s 20th anniversary celebrations to Mr. Elegbe receiving the Entrepreneur of the Year (West Africa) Award presented by Ernst and Young, and not forgetting the Company receiving the Best Employer Award at the LinkedIn Talent Awards.
As it looks to the future, Interswitch remains focused on advancing the payments ecosystem on the continent. Its propellant: innovation for Africans, remains at the heart of its operations.
