Interswitch Group, Africa’s leading digital payments and commerce company, thursday, formally recognized First Bank Nigeria Ltd. as the first financial institution in the country to achieve sustained transaction volumes of 100 million transactions, first in December 2015 and again in May 2016.
The record transaction volumes represent the total transactions processed by First Bank’s Front End Processor running on the Interswitch transaction-switching platform, which seamlessly links all financial institutions in Nigeria to facilitate better and quicker transactions across all platforms. In December 2015, First bank was recognized as the first-ever financial institution in the country to achieve this feat. Being able to sustain this in May 2017 is a pointer toward the bank’s desire to promote the CBN cashless policy and boost economic growth via e-payments across Nigeria and the African continent.
In his remarks, Group Managing Director/CEO, Interswitch, Mitchell Elegbe commented “It essentially reflects the strength and development of electronic transactions in Nigeria that a single banking partner can record 100 million transactions in a single month. When this figure is aggregated with that of our other partners, then you can begin to have an idea of the sheer size and demand for electronic financial services in Nigeria. Interswitch is excited by this sustained achievement by FirstBank and we look forward to partnering with the Bank to further consolidate the gains of digital transaction innovation. ”