This follows an earlier announcement by the CBN regarding new licensing categories for participants in the Nigerian payments system. Owing to the development, which was formally communicated recently, Interswitch essentially became one of the inaugural licences by the CBN in this category.
The activities of each of the PSHC subsidiaries operating within those respective licensing regimes are delineated, for clearer accountability, effective risk management and the enablement of better regulatory oversight by the CBN. This development interestingly coincides with Interswitch’s 20th-anniversary commemoration, which has seen the company cement its position as a pioneering and integral enabler that has actively supported the growth and development of fintech and payments progressively across Africa over the last 20 years.
Commenting on this development, Interswitch’s Founder and Group CEO, Mitchell Elegbe, noted: “Twenty years ago, we placed a bet on the latent potential we saw in the introduction of e-payment channels at the time, particularly ATMs for the delivery of cash just-in-time,