…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 Inclusion Strategy.
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.
BREAKING! President Buhari’s Convoy Attacked, Helicopter Stoned (VIDEO)
Primate Ayodele Begins 17 Days Of Appreciation & Philanthropic Impacts, Visits Sick People
BREAKING! APC Presidential Candidate, Tinubu Commits Another Blunder Again (VIDEO)
UBA Appoints Abiola Bawuah As First Female CEO For Africa Operations
Buy your JAMB ePins on Interswitch Platforms and Get Rewarded
Big Brother Titans: 22 Titans Left to Battle for the Ultimate Prize
10,000 benefit as Asiwaju’s BAT MEDICS holds Free Medical Outreach In Jos, Asaba
Senator Tokunbo Abiru Delivers Keynote Address At 10th Anniversary of The Black Table Club
BREAKING! Tragedy Averted As Another 40ft Container Truck Falls In Lagos (VIDEO)
BREAKING! DSS Arrests Nigerians Selling New Naira Notes
Dangote emerges as Vanguard’s personality of the year
What I Did That Made President Buhari Extend Deadline For Old Notes – Tinubu Reveals
News2 days ago
BREAKING! CBN Finally Extends Deadline For Old Naira Notes
News2 days ago
BREAKING! Eight Passengers Dead As Truck Falls On Bus From Ojuelegba Bridge (VIDEO)
News2 days ago
MFM WINS RARE VICTORY OVER THE UK CHARITY COMMISSION AS TRIBUNAL QUASHES ITS ORDER CONSTITUTING THE INTERIM MANAGER AS SOLE ADMINISTRATOR OF MFM (UK)
News1 day ago
Drama As Man Storms Filling Station With Geepee Tank To Buy Fuel Amidst Scarcity (VIDEO)