Interswitch’s 1.2bn transactions in March sets new record

Interswitch, Africa’s integrated payments, and digital commerce company have set a new record in transaction volume processing, hitting 1.2 billion transactions in March 2023.

According to the company, this remains the highest it has ever processed in a single month within Nigeria, excluding the company’s other markets across Africa.

Mitchell Elegbe, founder and group managing director of Interswitch, Speaking about the achievement said the company’s focus on innovation has been key to its success adding that switching 1.2 billion transactions in a single month further reinforces the company’s position as an enabler in the Nigerian payment ecosystem.

“We are thrilled to have processed 1.2 billion transactions in March within Nigeria alone. This milestone is a testament to the trust that our customers have placed in us and our commitment to delivering innovative and secure digital payment solutions across Nigeria and beyond,” Elegbe said.

Read also: HouseAfrica launches innovation to track fraud in real estate

According to the GMD, “This milestone is one that was made possible by our proactive investment in cutting-edge technologies that truly power the financial landscape. As we continue to grow and expand our operations, we remain committed to driving financial inclusion and helping businesses and individuals unlock the full potential of digital technologies.”

Similarly, Elegbe said that the new transaction volume record is a prove of Interswitch’s commitment to providing secure, reliable, and innovative payment solutions to its customers across the country and beyond, adding that the company’s robust infrastructure and cutting-edge technologies have made it possible to process such large volumes of transactions seamlessly.

Meanwhile, the company stated that the new record is coming a few months after the announcement of the Federal Government’s Naira redesign policy which led to the increased adoption of digital payments in the country. Consequently, Interswitch has been able to scale its operations to handle a higher volume of transactions.

Elegbe noted that the success underscores the hard work and dedication of employees of Interswitch and highlights the fact that the firm is on the right track to achieving its set objectives.

Also, the company stated that it is poised to continue its growth trajectory by expanding its product offerings, deepening its partnerships, and investing in innovative technologies that propel the growth of digital payments in Africa and beyond.