Interswitch sets new record in NIgeria – 1.2 billion transactions per month

African Payments Unicorn, Interswitch, announced that it set a new record in transaction volume processing, hitting over 1 billion transactions in a month, precisely the month of March 2023.

This represents 58% growth over the previous month’s total transaction volumes processed. To put it in the right context, for the whole of the year 2019, Interswitch processed 2.7 billion transactions in the entire 12 months!

This is coming 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 higher volume of transactions.

According to Mitchell Elegbe, Founder and Group Managing Director, Interswitch, “the company’s focus on innovation has been key to their 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.”

He said “We are thrilled to have processed 1.2 billion transactions in the month of 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 further said “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.”

He 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.

Interswitch 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.

Though the company did not say the reason for the increase in transactions, it might not be unconnected with the paucity of cash which has affected Nigeria since it changed higher currency denomination. This has led to a phenomenal increase in digital transactions.