Interswitch recognises First bank Nigeria for sustaining 100 mln monthly transactions

The record transaction volumes represent 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 December 2015, First bank was recognised as the first-ever financial institution in the country to achieve this feat. Being able to sustain this in May 2017 is a pointer toward the bank’s desire to promote the CBN cashless policy and boost economic growth via e-payments across Nigeria and the African continent.

FirstBank was one of the foundational shareholders of Interswitch, prior to the company’s acquisition by a tripartite consortium led by Helios Investment Partners, and including the IFC and Adlevo Capital. The company was listed by Deloitte as the fastest growing tech company in Africa with a year-on-year growth rate of over 1500% in 2014.