The Switch: Expanding the Frontiers of Digital Payments
Interswitch gets Approval-in-Principle from CBN to roll out its Financial Agency Network.
Interswitch has announced that it has been given an approval-in-principle from the Central Bank of Nigeria (CBN) to roll out its Financial Agency Network which will trade as Quickteller Paypoint. The new platform will operate through its subsidiary, Interswitch Financial Inclusion Services (IFIS).
Confirming the CBN’s approval, Divisional CEO, IFIS, Mike Ogbalu said, “We are very happy to confirm that CBN has granted the required authorization for us to operate as a Super Agent. This is an ambitious undertaking and with Quickteller Paypoint, we seek to become the largest and most used agent network in Nigeria by YE 2016. This is the beginning of what promises to be a new chapter in Nigerian financial services and our national development, as a whole new frontier of commercial activities will be opened up through Quickteller Paypoint.”
Adopting the Quickteller brand, which currently has over 5000 merchants and services such as funds transfer, bill payments and airtime recharge, Quickteller Paypoint provides immediate value for the agents who from day one will have a rich bouquet of offerings for customers.
IFIS has a mandate to increase the availability of digital financial services in financially - excluded locations in Nigeria from 44% to over 70% in five years.