Interswitch has announced that First Bank of Nigeria Ltd. is the first financial institution in the country to process up to 100 million transactions in a single month. I think that’s massive, to be honest. First Bank achieved this record transaction volume in December 2015, and it’s slightly surprising, since they have just 8 million customers (which isn’t the largest around).
“It really says something about the strength and development of electronic transactions in Nigeria that a single banking partner can record 100 million transactions in a single month…” said Akeem Lawal, Divisional CEO, Switching and Processing at Interswitch. He continued, “When you add this figure to that of our other partners, ten you can begin to have an idea of the sheer size and demand for electronic financial services in Nigeria.”
We remember that at Africabeta earlier this year, Ope Adeoye from Interswitch said that there are 97 million Nigerians online, but only around 200,000 active debit cards. This says that obviously, a large chunk of all those transactions were fulfilled off the internet.
There is still a lot of work to be done.