Interswitch Group, one of Africa’s leading providers of integrated payment and fintech solutions, has been granted a Payment Services Holding Company (PSHC) license from the Central Bank of Nigeria (CBN).
This follows an earlier announcement by the CBN regarding new license categories for participants in the Nigerian payment system. By virtue of this development, which was formally communicated on Friday, January 13, 2023 by the main bank, Interswitch essentially becomes one of the inaugural CBN licensees in this category.
According to the regulator, the PSHC regulation requires companies with existing or future operations in multiple license categories to establish a Payment Services Holding Company (PSHC). The activities of each of PSHC’s subsidiaries operating within the respective license regimes are clearly delineated, for clearer accountability, effective risk management, and enabling better regulatory oversight by the CBN.
Interswitch’s statement also notes that Interswitch’s Group Holding Company retains ownership of PSHC in Nigeria, as well as its other subsidiaries outside of Africa.
This recent development interestingly coincides with Interswitch’s 20th anniversary commemoration, which has seen the company cement its position as a pioneering and comprehensive enabler that has actively supported the growth and development of fintech and payments progressively in Africa over the past 20 years. years. It also serves to reinforce Interswitch’s forward-thinking perspective as a company that pushes the frontier and continues to push boundaries to facilitate the creation of new ecosystems that help businesses and individuals scale and prosper, in line with its purpose of inspiring Africa. to greatness through innovation and value creation. and excellence.
Commenting on this development, Interswitch Founder and Group CEO Mitchell Elegbe commented, “Twenty years ago, we bet on the latent potential that we saw in the introduction of electronic payment channels at that time, particularly ATMs. systems for just-in-time cash delivery, and today, we are pleased to see how much financial technology and payment systems have grown in Nigeria.After receiving this additional license, we remain firmly committed to working closely with the Central Bank of Nigeria to facilitate the delivery of the Vision of Payments (2025) and, of course, the National Strategy for Financial Inclusion.
Elegbe further reiterates Interswitch’s determined focus on its overall mission to continue championing technology solutions that connect and empower people, businesses and communities across the continent.