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E-Financial

Interswitch Emerges Most Efficient Payment Processor in Nigeria

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Interswitch Limited, Africa’s leading digital payments and commerce provider has emerged as a multiple award winner at the maiden edition of the Electronic Payment Incentive Scheme (EPIS) Awards organized by the CBN and Nigeria Inter-bank Settlement System (NIBSS).

The transaction-switching and payments processing leader was recognized as the most efficient payment processor, most efficient Payment Terminal Service Provider (PTSP) and most efficient Payment Terminal Application Developer (PTAD).

According to the organizers, the EPIS Awards are intended to identify, reward and celebrate financial institutions, merchants and other stakeholders in the electronic payment space for great work done in promoting and expanding the use of electronic payments in Nigeria.

At the event, Alhaji Suleiman Barau, deputy governor, Operations Directorate, CBN, said, “We are delighted and proud to recognize, encourage, appreciate and reward financial, non-bank and other stakeholders in the EPIS that have been driving the growth of electronic banking channels in Nigeria.”

Also speaking at the event, Adebisi Shonubi, managing director, NIBSS, said that the event marked a memorable point for all the years of commitment put in by industry regulators and other stakeholders that have striven to drive the growth of electronic payment in Nigeria and the eventual transformation into a cashless society.

Commenting afterward, Akeem Lawal, divisional CEO, Switching and Processing, Interswitch, remarked, “At Interswitch, for the last 13 years, we have been at the cutting edge of the electronic transaction revolution in Nigeria. We are always excited about innovations that make transactions more seamless and efficient. This latest recognition is more evidence of our unrelenting resolve to consistently provide best-in-class integrated transaction solutions that are secure, convenient and tailored to the requirements of the market. We are proud to be recognized for our efforts, even as we look forward to continuing to drive social and economic value creation not only in Nigeria, but across the African markets we operate in as well. We also owe our success to our customers and would like to thank all our customers for their continuing contribution to our success”.

It will be recalled that the growth of the e-payment industry in Nigeria has correlated closely with the brand story of Interswitch.

Starting off in the year 2002 at a time when Nigeria’s ICT landscape was still virtually untapped with only an estimated 200,000 Nigerians connected to the internet and banks moving money at high cost and risk, the challenge was to re-define the disposition of Nigerians towards transactions.

Today, the landscape has changed remarkably, with the consistent introduction of new technologies and processes that have exposed Nigerian customers, businesses and governments to the advantages of a cashless system.

Interswitch continues to be central to the provision of electronic exchange of money and transfer of value among all and sundry on a timely and consistent basis across Nigeria and Africa.


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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E-Financial

GTCO to Become First Nigerian Bank to List on London Stock Exchange

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By 8 am on July 9, GTCO Holdings is set to commence trading on the London Stock Exchange.

GTCO to Become First Nigerian Bank to List on London Stock Exchange

As the group is set to list all its shares on the London Stock Exchange, becoming the first Nigerian banking entity to do so.

This is as the group launches a public offer of new ordinary shares to raise approximately $100 million on the London Stock Exchange.

The equity offering, which is an accelerated bookbuild and managed by Citigroup, began on July 2 and is to last until July 31.

On July 31, the group announced that it would cancel the listing of its Global Depositary Receipts (GDRs) on the UK Financial Conduct Authority’s (FCA) Official List.

It will also cancel their admission to trading on the London Stock Exchange (LSE)’s main market.

In place of the GDRs, the group will list all its ordinary shares directly.

aims to admit all its shares to the equity shares category for international commercial companies under a secondary listing on the FCA’s Official List.

The shares will also begin trading on the LSE’s main market for listed securities.

According to a regulatory filing on the London Stock Exchange, the net proceeds from the offering will be used to recapitalize GTBank Nigeria.

Based on the prevailing exchange rate of N1,540 to the US dollar, the targeted $100 million equates to approximately N154 billion.

This capital raise is expected to position the Group to fully meet the N500 billion minimum paid-up share capital required by regulators for banks with international licenses.

As of now, both Zenith Bank and Access Holdings have already met—and exceeded—this threshold.

 


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E-Financial

NAICOM Issues New Licenses to SanlamAllianz Life, General Insurance

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The National Insurance Commission (NAICOM) has handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Ltd at brief ceremony held in Abuja.

Olusegun Omosehin, commissioner for Insurance emphasized the Commission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements. He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.

The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance. He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.

SanlamAllianz recently launched its operations in Nigeria, marking a significant step in the company’s Pan-African expansion.

The launch follows the merger of Sanlam and Allianz’s Nigerian operations, creating a new entity named SanlamAllianz Nigeria.

This joint venture aims to transform the Nigerian insurance landscape by offering enhanced customer experiences, innovative solutions, and improved financial inclusion.


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E-Financial

World Bank Approves Extra $65m for Nigeria’s SPESSE

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World Bank has approved an additional $65 million loan for Nigeria to support the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, increasing the total financing for the initiative to $145 million.

World Bank Approves Extra $65m for Nigeria’s SPESSE

The approval was granted on June 24, 2025, according to details posted on the World Bank’s website, which also indicates that the project’s status has moved to “active” following the approval.

The SPESSE project, initially launched with an $80 million loan approved in February 2020, aims to strengthen institutional capacity for managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.

The World Bank described the project’s development objective as the establishment of sustainable capacity in these areas.

This latest approval is part of a broader wave of financing expected from the World Bank to Nigeria in 2025.

The bank is scheduled to approve loans totalling $1.61 billion over the coming months, supporting various development initiatives.

Among these is a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project,’ expected to be finalised by the end of July.

This project aims to improve access to basic services and economic opportunities for internally displaced persons (IDPs) and host communities in selected local government areas in northern Nigeria.

In September, the World Bank plans to approve four additional loans: a $10.5 million facility to support technical assistance for the Central Bank of Nigeria, a $300 million Health Security Program targeting Western and Central Africa (Nigeria – Phase IV), a $500 million project for building resilient digital infrastructure (BRIDGE), and a $500 million loan under the Nigeria Sustainable Agricultural Value-Chains for Growth project aimed at promoting sustainable growth and job creation within key agricultural sectors.

Earlier in March 2025, the bank approved three financing requests amounting to $1.13 billion.

These funds are directed towards projects focused on enhancing quality education, boosting household and community resilience, and improving nutrition.

Among the approved loans were $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project, $552 million for the HOPE for Quality Basic Education for All programme, and $500 million for the Community Action for Resilience and Economic Stimulus Programme.

In February, the Nigerian government announced expectations of new World Bank loans totalling $2.2 billion for six different projects in 2025. This follows a $1.5 billion loan disbursed in 2024 aimed at strengthening Nigeria’s economic stability and resource mobilisation efforts.


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