Interswitch Launches Account Based Money Transfer in Nigeria

Interswitch, recently finalised a deal with Western Union to introduce an account-based money transfer service into the Nigerian market.

This deal allows customers to receive money transfers from Western Union directly into their bank accounts. The service eliminates the need to visit a physical bank branch and there is no additional charge to the receiver of funds for using the service.

This new service is also in compliance with the Central Bank regulations which stipulate that all money coming into the country must be linked to a bank account.

Interswitch is an integrated payment and transaction processing company which provides transaction processing and payment infrastructure to government, banks and corporate organizations in Nigeria.

Interswitch also came out winners at the ACI Excellence Awards recently, for their work in the payments field. They won the award for Retail Payments Excellence for their Verve Chip and PIN card, as well as the award for Product and Service innovation for Quickteller.

According to ACI Verve Chip and Pin has been instrumental in the emergence of electronic payments in Nigeria. “With the introduction of the Verve Chip and PIN card, both individuals and organizations have adopted electronic payments for their everyday transactions, and over 20 million Verve cards have been issued in Nigeria. Verve is the country’s most dominant card brand with a growing 60 percent market share.”

Quickteller is a Value Added Service (VAS) platform that provides customers convenient and secure access to vital services via Web, ATM and Mobile and offers services that include funds transfers, bill payments and airtime recharge, in addition to seamless online ticket purchase.