Interswitch Signs Strategic Alliance with UnionPay

Interswitch Transnational, a leading pan-African integrated payments company with operations in Nigeria and a growing presence in West and East Africa, announces that its Switching and Processing division (“Interswitch S & P”) has completed an acceptance and acquiring third party payment processing integration with UnionPay International.

As a result of this integration, UnionPay cardholders from all over the world can now use their cards at more than 70,000 merchants to make payments and withdraw cash from more than 11,000 ATMs across Interswitch partner banks in Nigeria, Uganda and very soon in Gambia.

The agreement marks the start of a strategic partnership between Interswitch and UnionPay and opens an electronic payments corridor linking Nigeria and China.

Mr. Akeem Lawal, Managing Director, Interswitch Switching and Processing, said:

“We are delighted to welcome UnionPay cards to the Interswitch network. The agreement is an important step for Interswitch and brings us one step closer to offering our service to cardholders from all of the major card brands.”

Mr. Mitchell Elegbe, Group Managing Director and Chief Executive Officer, Interswitch Transnational, said:

“This agreement opens a new vista electronic payments between Nigeria and China. UnionPay cardholders now have more convenient access to their money through the Interswitch network when they visit Nigeria. In addition Nigerian banks will benefit from increased transactions from UnionPay cardholders using their ATMs and POS infrastructure while merchants will benefit from increased sales from a larger pool of cardholders.”

Cai Jianbo, CEO of UnionPay International, said:

“More and more UnionPay cardholders are visiting Africa for business and pleasure. To meet this growing demand we have been working closely with local partners to increase acceptance of UnionPay cards across the continent. To date, UnionPay cards can be used in more than 40 countries and regions in Africa, and provide a convenient and safe payment service to cardholders and merchants.

“UnionPay International’s partnership with Interswitch enables both businesses to better pursue their pan-African growth plans and for UnionPay to continue to grow acceptance footprint.”