…Restates strong commitment to enabling Africa’s payment ecosystem.
Interswitch Group (‘Interswitch’ or ‘The Company’), one of Africa’s leading financial
technology and integrated payments solution providers has announced receipt of a
Payments Service Holding Company (PSHC) License issued by the Central Bank of Nigeria
(CBN). This follows an earlier announcement by the CBN regarding new licensing categories
for participants in the Nigerian Payments System.
By virtue of this development, which was formally communicated on Friday, January 13,
2023 by the apex bank, Interswitch essentially becomes one of the inaugural licensees by the
CBN in this category. According to the regulator, the PSHC regulation requires companies
with existing or prospective operations across multiple license categories to set up a
payments service holding company (PSHC). The activities of each of the PSHC subsidiaries
operating within those respective licensing regimes are clearly delineated, for clearer
accountability, effective risk management and the enablement of better regulatory
oversight by the CBN.
The statement from Interswitch also outlines that Interswitch’s Group Holding Company
retains ownership of the PSHC in Nigeria as well as its other subsidiaries outside of Africa.
This recent development interestingly coincides with Interswitch’s 20th anniversary
commemoration, which has seen the company cement its position as a pioneering and
integral enabler that has actively supported the growth and development of fintech and
payments progressively across Africa over the last 20 years. It also serves to reinforce
Interswitch’s progressive outlook as a frontier-driving company which keeps pushing
boundaries to facilitate the creation of new ecosystems that help businesses and individuals
scale and thrive, in line with its purpose of inspiring Africa to greatness through innovation,
value-creation and excellence.
Commenting on this development, Interswitch’s Founder and Group CEO, Mitchell Elegbe
remarked that ‘Twenty years ago, we placed a bet on latent potential we saw in the
introduction of e-payment channels at the time, particularly ATMs for the delivery of cash
just-in-time, and today, we are gratified to see how far the financial technology and
payment systems in Nigeria have grown. On the back of our receipt of this additional license,
we remain strongly committed to close partnership with the Central Bank of Nigeria to
facilitate the delivery of the Payments Vision (2025) and of course, the National Financial
Elegbe further reiterates Interswitch’s resolute focus on its over-arching mission to continue
championing technology solutions that connect and empower individuals, businesses, and
communities across the continent.