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    Tuesday, April 4, 2023

    Fintech Processed 1.2 Million Transactions in One Month

    Olufemi Adeyemi 

    Interswitch has announced that it processed 1.2 billion transactions in March 2023.

    According to the firm, it is the highest it has ever processed in a single month in the country.

    It attributed the increase in transactions to the Federal Government’s naira redesign policy.

    Commenting on the increase, the Founder and Group Managing Director of Interswitch, Mitchell Elegbe, said, “We are thrilled to have processed 1.2 billion transactions in the month of March in 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.

    “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.”

    The firm disclosed that it had to scale its operations to handle the increase in transactions.

    There has been an increase in electronic transactions since the Federal Government’s redesign policy resulted in the scarcity of cash.

    In January 2023, cashless transactions rose by 45.41 per cent year-on-year, according to the Nigeria Inter-Bank Settlement System.

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