First Bank records 100 million transactions in a month via online payments platform

folarin okunola

February 17, 2016 10:33 AM

The record transaction volume which was achieved in the month of December 2015 and represents the total transactions processed by First Bank’s Front End Processor running on the Interswitch transaction switching platform

Mitchell Elegbe, founder and group managing director, Interswitch

According to media reports, First Bank of Nigeria has been recognised by Interswitch Transnational as the first Nigerian financial institution to achieve a transaction volume of 100 million transactions within a month.

Innovation Village reports that the record transaction volume which was achieved in the month of December 2015 and represents the total transactions processed by First Bank’s Front End Processor running on the Interswitch transaction switching platform which links all financial institutions in Nigeria to facilitate better and quicker transactions across all platforms.

In a statement, Akeem Lawal, Divisional CEO, Switching and Processing, Interswitch, said, “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.”

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The First Bank achievement is another marker of the scale of success recorded by Interswitch since its launch in 2002. The company was listed by Deloitte in 2014 as the fastest growing tech company in Africa with a year-on-year growth rate of over 1500%.

Interswitch has also made sizeable forays into the East African market with the acquisition of Paynet Kenya as well as a strategic partnership with KCB Bank across several East African countries.

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