Overview
Interswitch is Nigeria’s premier digital payment ecosystem that facilitates electronic transactions across Africa. The platform creates and sustains a payment ecosystem that helps commerce evolve, businesses grow, and individuals thrive.
Founded in 2002, Interswitch serves individuals, businesses, and financial institutions with comprehensive payment solutions, including bill payments, money transfers, merchant services, and digital wallet functionalities.
The platform is ideal for Nigerian consumers, small businesses, enterprises, and anyone needing reliable digital payment services across West Africa.
Key Features
Bill Payment Services
Pay utilities, subscriptions, and government services
Money Transfer
Send and receive funds domestically and internationally
Merchant Payment Gateway
Accept online and offline payments for businesses.
Verve Card Services
Issue and manage local debit cards
Quickteller Platform
Comprehensive payment portal for consumers
API Integration
Developer-friendly payment processing solutions
Pros & Cons
Advantages
- Extensive merchant network across Nigeria
- Strong regulatory compliance and security
- Multiple payment channels (web, mobile, USSD)
- Supports local and international cards
- Pioneer in the Nigerian fintech ecosystem
Limitations
- Limited international presence
- Occasional system downtime during peak periods
- Customer service response times can be slow
- Transaction fees can be high for some services
- The interface could be more user-friendly
Security Features
PCI DSS Compliance - Meets Payment Card Industry Data Security Standards
SSL Encryption - End-to-end encryption for all transactions
Two-Factor Authentication - Transactions are secured with two-factor authentication
Fraud Monitoring - Real-time transaction monitoring and risk assessment
Regulatory Compliance - Licensed by the Central Bank of Nigeria (CBN)
Data Protection - Compliant with Nigeria Data Protection Regulation (NDPR)
Pricing & Fees
| Service | Fee | Details |
|---|---|---|
| Bill Payments | ₦50 - ₦100 | Flat fee depending on the service provider |
| Fund Transfer (Local) | 0.5% | Minimum ₦10, Maximum ₦50 |
| Merchant Transaction | 1.5% - 2.75% | Based on transaction volume |
| Card Processing | 1.25% + ₦15 | Per successful transaction |
| USSD Services | ₦20 per transaction | For code-based transactions |
Getting Started
Detailed Ratings
Final Verdict
Interswitch remains Nigeria’s most established payment platform with robust infrastructure and comprehensive services. While fees can be competitive and the user interface needs modernization, its reliability and extensive merchant network make it invaluable for Nigerian users.