First Bank Hits 100m Transactions To Break Monthly Record

InterswitchInterswitch Transnational has said that First Bank Nigeria Limited is the first financial institution in the country to hit 100 million transactions in a month. The figure represents the total transactions processed by the bank’s Front End Processor running on the Interswitch transaction switching platform linking all financial institutions in the country.

The achievement has shown the bank’s desire to promote the cashless policy of the Central Bank of Nigeria and boost economic growth through e-payments across the continent.

The Divisional CEO, Switching and Processing, Interswitch, Akeem Lawal, said the figure showed electronic transactions in the country had improved.

“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.

“When you add this figure to 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,” Lawall said.

The milestone by First Bank is another marker of the scale of success recorded by Interswitch since its launch in 2002. It will be recalled that the company in 2014 was listed by Deloitte as the fastest growing tech company in Africa with a year-on-year growth rate of over 1500%. Interswitch has also made considerable inroads into the East African market with the acquisition of Paynet Kenya alongside a strategic partnership with KCB Bank across several East African countries.

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