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.

Read this next
More From TC
Internet, Politics, Technology
19th December 2018

The vice presidential debate is over and Nigerian Twitter is awash with comments about how smart some of the candidates’ responses were and how some others simply fell hand. Anticipation ahead of the elections is building just as is excitement around the potential usefulness of blockchain technology across various fields. Sadly, some of us may not even get the chance to cast a vote next year.

TC Townhall: The State of Healthtech in Nigeria will convene some of the leading healthcare innovators, investors and policymakers to discuss the challenges and opportunities in the sector. As well as put together proposals that policymakers can implement to support the rapid growth of the sector.

Features, Gadgets, Technology
15th December 2018

As far as I can recall, I’ve owned seven phones in the last nine years, four of which forcefully ended up with people who needed them more than I did. Out of the remaining three, I recall handing one down to a younger sibling and disposing another in a waste bag during spring cleaning. I haven’t given much thought to where my current phone will end up when it no longer serves its purpose. Until now.

TechCabal is a Big Cabal Media brand

Copyright © 2019
All rights reserved

Privacy & Terms