Interswitch has announced that it will support Google Pay on its Interswitch Payment Gateway platform.

In a statement, the firm noted that the initiative would enable businesses and individuals in the country to benefit from the simplicity and security of contactless payments and digital storage.

It added that merchants would now be able to store payment details within Google Wallet and the integration would facilitate a smoother checkout process on the Interswitch platform.

The firm stated that the collaboration would enable the acceptance of international cards on its payment gateway.

The Managing Director of Digital Commerce and Merchant Acquiring at Interswitch, said, “We are proud to align with Google Pay, as it exemplifies our commitment to delivering cutting-edge payment solutions that facilitate seamless transactions for businesses and their customers.

“By integrating Google Pay into our Payment Gateway, we are empowering businesses to harness the potential of a global customer base while ensuring secure and reliable payments.”

Meanwhile, Interswitch has stressed the need for financial institutions and stakeholders to form strategic alliances to deepen the viable prospects of digitisation in the country.

The Regional Head, South-West at Interswitch, Tunji Ashiru, stated this at the TechConnect 3.0 edition, held in Ibadan, Oyo State, recently.

Speaking at the event, which had the theme ‘Adapting, Scaling, and Advancing with Fintech’, Ashiru said, “In today’s rapidly evolving digital landscape, collaboration and innovation form the bedrock of progress. Together with all stakeholders, we are poised to chart a course towards a future where digital payments are more than just transactions; they are instruments of empowerment, progress, and connectivity.”

He further stated that Interswitch TechConnect 3.0 demonstrated the technology firm’s commitment to driving the growth of the payment ecosystem.

The regional head said, “Interswitch has been at the forefront of enabling innovation in the financial industry, facilitating payments, and leveraging advanced technology solutions to shape the future of Africa.”

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TECHDIGEST – In a bid to nurture innovation and creativity among its employees, Interswitch has successfully concluded the second edition of its Technovation competition with various teams winning N1,000,000, N750, 000 and N500, 000 respectively.

The Technovation competition initiative showcases Interswitch’s commitment to fostering innovation and creating impactful solutions that address diverse challenges across the African continent.

The competition, which spanned several weeks, provided a unique platform for Interswitch employees to explore their problem-solving capabilities and devise innovative solutions to real-world problems. With a strong focus on technology-driven advancements, this program provided participants with the necessary tools, mentorship, and a platform to develop groundbreaking ideas and transform them into viable prototypes.

Following a review of numerous entries, five teams were shortlisted to compete at the grand finale. The chosen teams include Paystars, The Innovators, Team Spark, Team Flash, and The Pioneers who pitched solutions focused on healthcare, food and financial technology.

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At the end of the keenly contested pitch session which took place on Friday, July 7, 2023, at the Radisson Blu Anchorage Hotel, Victoria Island, Lagos, Team Flash emerged winner of Technovation 2.0, receiving N1,000,000. Team Spark followed closely behind in second place, winning N750,000 and Team Paystars emerged in third place, winning the sum of N500,000.

Interswitch recognizes the immense potential within its workforce and is dedicated to unlocking the creative genius of its employees. By providing a conducive environment for innovation, the company continues to harness the collective brilliance and expertise of its staff members to drive positive change in various sectors, including finance, e-commerce, healthcare, oil and gas and transportation, among others.

Speaking on the successful completion of the Technovation 2.0, Akeem Lawal, Managing Director, Payment Processing & Switching (Interswitch Purepay) emphasized the significance of empowering employees to design solutions that address Africa’s unique challenges.

He said, “At Interswitch, we firmly believe that the key to driving meaningful change in Africa lies in nurturing and empowering our talented people. The Technovation 2.0 competition is a testament to our commitment to innovation and our unwavering belief in the transformative power of technology. By supporting our staff members in their pursuit of groundbreaking solutions, we aim to create a brighter future for Africa.”

Throughout the competition, participants were encouraged to avidly explore novel approaches to tackle complex problems. Leveraging Interswitch’s extensive industry expertise and cutting-edge technologies, the developers devised ingenious solutions that hold the potential to revolutionize various sectors and improve the lives of millions of people across Africa.

The grand finale ended on a high note as participants and other Interswitch employees were treated to an exciting after-party.

As an organization deeply rooted in Africa, Interswitch understands the unique challenges facing the continent and is dedicated to playing a pivotal role in developing solutions to these challenges and driving the growth and development of the continent. The Technovation competition serves as a testament to Interswitch’s unwavering commitment to creating innovative solutions that address Africa’s most pressing needs, ultimately contributing to the continent’s overall advancement.

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TECHDIGEST – Interswitch has stated that it was ready to close the gap in the payment ecosystem.

This was disclosed by the Chief Information Officer, Interswitch, Babafemi Ogungbamila, when the firm recently hosted developers and other tech ecosystem stakeholders to a session in Lagos tagged ‘The Coded Meetup.’

He noted that the current realities of the fintech ecosystem in the country presented opportunities for developers to explore, design products, improve offerings, and provide better user experience to customers.

He said, “At Interswitch, we remain committed to closing the gap in the payment ecosystem, this is why we organised The Developer Connect Series to empower and equip developers with our APIs and enable them to thrive.”

According to the firm, its Developer Connect Series is a catalyst for collaboration, innovation, and growth within the developer community.

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It said that attendees, consisting of developers, product designers, product managers and those just starting their tech careers, enjoyed immersive learning, gained valuable insights, and were able to network.

The firm further stated that it showcased its APIs and use-cases, demonstrating how it could be used to integrate payment solutions, value-added services, and other financial services into client’s applications.

The Group Head of Product Management, Interswitch, Oluwakemi Nwogu, said, “We believe that our API Platform will play a crucial role in facilitating digital transformation and provide an ecosystem that connects financial institutions, fintech, and innovators to service providers.

“The Interswitch API Platform currently carries an extensive catalogue of Interswitch APIs and will extend to include a wide range of APIs from other reliable providers. The platform also has a user-friendly interface for developers to manage their API integration, analytics, and support resources in one place.”

PUNCH

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TECHDIGEST – The five biggest funding deals in the tech ecosystem in 2022 were dominated by investors from the United States of America and other countries mostly based outside the African continent.

For the local venture capital market, which had played second-fiddle to its foreign counterparts before now, this means no respite as foreign investors in the tech ecosystem continue to be robust. But the local investors’ market was not all quiet in top deals as before. There was significant activity from local investors in 2022 which did not make the top five lists.

The companies that secured the most significant funding tickets include Flutterwave, Interswitch, Moore, TeamApt, and Ventures Platform. Nigerian investors recorded their presence as participants in some of the deals.

Prior to now, foreign investors have led almost 100 percent of the biggest tickets in Nigeria. In recent times local investors have started to increase their stakes in the tech ecosystem. Here’s how the investors dominated.

Flutterwave’s record making $250 million

In February, Nigeria’s fintech unicorn closed a $250 million Series D round. It was temporarily the largest Series D round by an African tech company before Kenyan-based startup Sun King displaced it by closing a $260 million Series D round. Nonetheless, it catapulted Flutterwave to the position of the most valuable startup in Africa with a $3 billion valuation.

Importantly, the funding was led by B Capital Group, a US private equity company. Other participants include Altak Park Capital (US hedge fund), Whake Rock Capital (US venture capital firm), and Lux Capital (US venture capital firm), among others.

Interswitch’s 15% sell-down

In May, Interswitch investors including Helios, Visa, and others decided to sell down 15 percent of their total holdings in the company worth $110 million to Leapfrog Investments and Tana Africa Capital.

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Leapfrog Investments is a South African-based private equity firm founded by Andrew Kuper and Jim Roth.

According to the company, the selldown is to expand the investor base and not a loss of confidence by the private equity firm Helios.

Moove’s equity and debt round

Moove, which prides itself as the world’s first mobility fintech, raised $105 million in an oversubscribed Series A2 round consisting of equity and debt.

The funding was led by existing investors, Speedinvest, Left Lane Capital, and thelatest.ventures, with participation from new investors including AfricInvest, MUFG Innovation Partners, Latitude, and Kreos Capital.

Speedinvest is a Vienna, Austria-based venture capital firm, while Left Lane Capital is a US-based venture capital firm, and Thelatest.ventures is a Dubai-based venture capital firm.

TeamApt’s pre-Series C round

TeamApt’s more than $50 million pre-Series C round in March was led by QED Investors, a U.S. fintech-focused venture capital firm. Existing investors from TeamApt’s Series B last year, Novastar Ventures (co-lead), Lightrock, and Bil also participated in this round.

Ventures Platform’s oversubscribed fund

Venture Platform announced in December the final close of its early-stage and intercontinental fund at $46 million, surpassing its initial $40 million target.

The oversubscribed fund sees new participation from global investors cutting across commercial banks, corporates, DFIs, global institutional investors, and High Net-worth Individuals (HNIs). These include Standard Bank (South Africa); International Finance Corporation (IFC); British International Investment; A to Z Impac (US)t; Proparco with FISEA (France); AfricaGrow, a fund of funds backed by BMZ (German Ministry for Economic Cooperation and Development, DEG and Allianz, managed by Allianz Global Investors), and others.

Source: BusinessDay

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TECHDIGEST – Integrated payments and digital commerce company, Interswitch has demonstrated its commitment to women’s participation in technology at the just concluded “WeTech Conference”, tagged, “WeTech 2022”

The programme, said to be largest tech conference for women in Nigeria, had over 1,000 women in attendance who rubbed minds on prospects in tech sector and benefits for growth in their individual career pursuits, as well as scalability of women-run tech startups.

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The conference featured panel discussions, keynote addresses and talks from leading women in the Nigerian tech industry, sharing valuable insights into how they can break into the tech scene in Nigeria, and demystifying the future of fintech in Nigeria.

Interswitch, which was a silver sponsor of the event, was also on ground to enlighten women on different innovative tech solutions useful to their business growth. 

Speaking on the programme, Executive Vice President, Group Marketing and Communications, Cherry Eromosele, noted that the organisation maintained a keen focus on empowering players in the tech ecosystem, adding that its sponsorship of the Conference was one of the channels to express its commitment. 

She said, “We are excited to have collaborated with the WeTech 2022 Conference as it aligns with our vision of a more inclusive space for women in the Nigerian tech ecosystem.

“Through this initiative, women are always furnished with the knowledge needed to boost their careers in tech, it also holds a dually beneficial purpose for women-run startups. The conference serves as an opportunity for these women to receive insights that will enhance scalability.”

Also commenting, Chief Human Resources Officer of the firm, Franklin Ali, reiterated the organisation’s dedication to creating a diverse and equitable workplace by espousing a gender-balanced hiring process.

He said, “Our resolve to provide our employees with an equitable workplace that fosters teamwork can be gleaned from the recent Hofstede report that ranked Interswitch among the top five leading companies in Diversity, Equity, and Inclusion (DEI) in Nigeria. We look forward to bringing more women on board to drive the company’s goal of a more inclusive workplace”

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TECHDIGEST – Over the weekend, more than 1,000 women gathered in Lagos to discuss ways to increase the participation of women in the Nigerian tech sector.

They met at the Landmark Centre, Lagos on Saturday, August 27, 2022, for the WeTech Conference, the largest tech forum for women in Nigeria, which had Interswitch as one of the sponsors.

The event featured panel discussions, keynote addresses and talks from leading women in the Nigerian tech industry, sharing valuable insights into how they can break into the tech scene in Nigeria, and demystifying the future of fintech in Nigeria.

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Interswitch used the occasion to educate women on ways to develop innovative tech solutions. There were recruitment opportunities for interested participants who wished to join the tech giant in creating a prosperous Africa.

Speaking on the sponsorship, the Executive Vice President, Group Marketing and Communications, Ms Cherry Eromosele, noted that Interswitch maintained a keen focus on empowering players in the tech ecosystem and that its sponsorship of the WeTech Conference is one of the channels it is tapping into to express this.

“We are excited to have collaborated with the WeTech 2022 Conference as it aligns with Interswitch’s vision of a more inclusive space for women in the Nigerian tech ecosystem.

“Through this initiative, women are always furnished with the knowledge needed to boost their careers in tech, it also holds a dually beneficial purpose for women-run startups. The conference serves as an opportunity for these women to receive insights that will enhance scalability,” she said.

Also commenting was the Chief Human Resources Officer, Franklin Ali, who highlighted the tech firm’s dedication to creating a diverse and equitable workplace by espousing a gender-balanced hiring process.

Ali said, “Our resolve to provide our employees with an equitable workplace that fosters teamwork can be gleaned from the recent Hofstede report that ranked Interswitch among the top five leading companies in Diversity, Equity, and Inclusion (DEI) in Nigeria.

“We look forward to bringing more women on board to drive the company’s goal of a more inclusive workplace.”

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TECHDIGEST – The Adamawa State Government has hired the service of Interswitch, an integrated payments and digital commerce company to digitize its revenue collection process leveraging Paydirect, Interswitch’s Collections Solution.

Interswitch Collections Solution is a platform that enables government agencies and corporate organizations to collect and monitor revenue across various channels such as banks, Point of Sales (PoS) terminals, Internet banking, and the Quickteller (web, mobile, ATM, and USSD) platform.

The use of this platform by the state government will ensure transparency in revenue collection, and bills payment while checking revenue leakages.

Adamawa State Government will also benefit from the ease of use the platform offers as well as centralized view of all revenue collected by its agencies and online real-time reporting and monitoring.

To support the state government’s drive to engender open governance, accountability and strategic planning, the payment platform will reduce reconciliation issues, improve efficiency, and ensure access to detailed business intelligence reports for effective decision-making.

Speaking on the partnership, the Managing Director, Interswitch Industry Ecosystems, Chinyere Don-Okhuofu, stated, “This strategic collaboration aligns with our overarching goal of facilitating safe, secure, and seamless payment options for Nigerians through our digital payment platforms. The robust payment platform was designed to help the governments to achieve strong economic growth and foster sustainable development for Nigeria”.

Also speaking about the alliance, the Regional Head of Sales, North, Interswitch Group, Thomas Ezeh, said “Interswitch is committed to empowering the Adamawa government to collect Internally Generated Revenue efficiently and effectively. Our goal, among other things, is to help governments at all levels and agencies to achieve their revenue targets.

“We encourage all government agencies to come on board as we believe that digital revenue collection and payment have the potential to attract investments and boost economic growth.”

Due to the trust in Interswitch’s robust payment solutions, Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), Joint Admissions Matriculation Board (JAMB), Kaduna and Kano States have partnered with the African payment giant for seamless filing and payment of tax, duties and examination registration.

This attests to​​ Interswitch’s commitment to delivering robust and efficient payment solutions that align with global standards.

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TECHDIGEST – In line with its efforts to support Science, Technology Engineering and Mathematics (STEM) education in Nigeria, Africa’s leading integrated payments and digital commerce company, Interswitch, has announced plans to donate IT equipment to students in 10 tertiary institutions across Nigeria.

The initiative, which is being implemented in collaboration with multinational technology company, Cisco, will see Interswitch donate IT equipment including routers and switches to the Cisco Networking Academies in these institutions.

The donations are expected to support the students of the Cisco Networking Academies as they explore their passion in the field of STEM and learn to develop solutions to everyday problems faced by Africans.

Beneficiary institutions include Igbinedion University Okada; Lagos State Polytechnic, Ikorodu; Covenant University, Ota; Federal University of Technology Akure; Obafemi Awolowo University, Ile-Ife; University of Maiduguri; Ahmadu Bello University, Zaria.

Others are Lagos State University; University of Port-Harcourt and University of Nigeria, Nsukka. Each of the listed institutions currently run the Cisco Networking Academies, an all-embracing platform where individuals and communities use tech tools to create impact.

Interswitch’s donation aligns with its long-standing efforts to encourage more African students to take up STEM courses in school.

The company has actively encouraged the uptake of STEM courses by students through its various initiatives such as the Interswitch SPAK National Science Competition which is held annually in Nigeria and East Africa.

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Speaking about the donation, Cherry Eromosele, Group Chief Marketing and Communications Officer, Interswitch Group, said that Interswitch is committed to improving learning, especially in STEM courses.

“We understand that the study of Science, Technology, Engineering and Mathematics courses is not a walk in the park, however, going through the rigors of studying STEM subjects without basic tools such as a computer can be unnerving. This is why we are donating the IT equipment to the networking academies with the belief that more students will be equipped to hone their skills in STEM and consequently pursue careers in STEM.”

Commenting on the collaboration with Interswitch, to further equip the networking academies, Sebastine Nzeabine, Country Lead Cisco Nigeria, said, Cisco Networking Academy transforms the lives of learners, educators and communities through the power of technology, education and career opportunities. Critical to this is creating connections through access to infrastructure, forging opportunities by investing in people to help create a skilled economy and inclusion of all citizens to give them efficient technology solutions to address their unique local needs.

Also commenting on the collaboration with Cisco, Eromosele said: “We are delighted to be partnering with Cisco on this initiative, which is borne out of our shared belief in the revolution that lies ahead of Nigeria and Africa through technology, a revolution we do not only want to be part of, but lead. With synergies such as this between Cisco and Interswitch, we are confident we are building an army of competent scientists, engineers and problem solvers to whom we can entrust the future of the continent.”

The partnership sees Interswitch leveraging Cisco Networking Academies as existing communities in tertiary institutions across the country and donating the computers to the academies, while Cisco prepares the students for industry-recognized certifications and entry-level information and communication technology careers through the equipment donated.

There are over 200 Cisco Networking Academies in Nigeria, the highest number in Africa, creating a hub for future innovators who desire to change the African narrative through technological solutions.

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TECHDIGEST – The healthcare system in Nigeria will begin to experience improved service delivery, Interswitch has assured with the relaunch of its e-Clinic, innovative health-tech solutions that will effectively address challenges associated with medical records management.

The e-Clinic is being relaunched by Interswitch through its subsidiary, eClat Healthcare Limited and will provide Nigerians with access to improved quality healthcare services.

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Speaking on the relaunch of e-Clinic, Dr. Wallace Ogufere, Chief Executive Officer, Interswitch eClat, said that the introduction of the improved health-tech solution to the healthcare system in Nigeria, would facilitate efficiency and enhance the trust between patients and their healthcare providers, as patients are guaranteed of their safety and the safety of their medical records.

Dr. Wallace said, “The infusion of technology into the healthcare system in Nigeria is one that will certainly increase efficiency, save costs and entrust trust between patients and their healthcare providers. Ultimately, this is the goal of eClinic, among other benefits.

e-Clinic is a specially designed patient-focused healthcare service product that transforms the familiar analogue system of record-keeping to a digitalized process, where patients’ records are kept secure and easily accessible.

The e-Clinic platform centralises all records of patients, ensuring their data is within reach of health workers, opening avenues for swift analysis, efficiency, and thoroughness of healthcare professionals in the country.

As a flexible tool, e-Clinic was created to serve a range of healthcare providers, from small, single care providers to multi-specialist facilities, making it a well-rounded platform tailored to the varying needs of healthcare providers, and complementing existing systems.

The solution was designed with three layers of care providers in mind: the e-Clinic Primary Health Care, which was designed for primary care providers, and the e-ClinicPlus, designed for secondary and tertiary care institutions, reducing cost for health service providers and retaining data integrity and security.

With the relaunch, the e-Clinic solutions have new features integrated into it, such as inventory and stock keeping, patient appointment and queue management, medical and insurance billing, assets management, integration to third-party systems via API, quick messaging and notification, medical coding, backup and multi-location support, among others, patients are assured of an improved healthcare delivery process when they walk into their preferred care provider.

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TECHDIGEST – Interswitch, payment solutions and digital commerce company, has announced its support for the ongoing National Privacy Week organised by the National Information Technology Development Agency (NITDA), which ends tomorrow.

While focused on its goal of building a prosperous Africa through the provision of digital payment solutions, Interswitch is also deliberate about prioritizing data protection standards, and as such, has aligned itself with this program to promote widespread awareness on the importance of data security among Nigerians, taking into cognizance the dangers present in today’s digital world.

The theme for the week-long activities is ‘Data Economics in a Digital Economy: Charting Nigeria’s Data Strategy’. This year’s event is the second major awareness campaign following the issuance of the Nigeria Data Protection Regulation (NDPR) in 2019, created to ensure Nigerian businesses are consistent with global standards on data protection and privacy.

Driven by the need to embed data protection standards that keep customers’ data safe, Interswitch’s operations are underpinned by world-class standards and certifications, such as the Payment Card Industry Data Security Standard (PCI DSS), Management System (ISO 27001), Management System (ISO 9001), among others.

While speaking on the company’s support of the National Data Privacy Week, Griffith Ehebha, Group Chief Risk Officer, Interswitch Group, said that Interswitch remains committed to applying stringent measures that preserve the safety of customers’ personal information.

He said, “There is no doubt about the existential threat of cyber-attacks across the world. Indeed, it is reported as one of the top 5 highest rated risks, as the attacks become more frequent, targeted, and complex. At Interswitch, data protection and regulatory compliance are critical to customer confidence and sustainable business growth.”

“Our support of NITDA’s National Data Privacy Week stems from our commitment to raise awareness and promote privacy and data protection best practices”, he added.

The National Privacy Week also features activities including a health privacy workshop titled ‘COVID-19 and Privacy: Navigating Data Privacy Rights in a Pandemic’ and data privacy advocacy sessions at secondary schools. There will also be a quiz session to stimulate the minds of students on the importance of keeping information safe while surfing digital platforms.

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