First Bank Nigeria Plc has been recognized as the first financial institution in Nigeria to achieve a volume of N100 million transactions in a month by Interswitch Transnational, Africa’s leading integrated payment and transaction processing company.
Confirming this development, Interswitch’s Divisional CEO, Switching and Processing Akeem Lawal said:
“It really says something about the strength and development of electronic transactions in Nigeria that a single banking partner can record N100 million transactions in a single month. When you add this figure to that of our other partners, then you can begin to have an idea of the sheer size and demand for electronic financial services in Nigeria.”
First Bank achieved the record transaction volume in the month of December 2015, being the total transactions processed by the bank’s Front End Processor running on the Interswitch transaction switching platform.
This achievement represents a step in the right direction towards promoting the cashless policy of the CBN initiative and boost economic growth via e-payments across Nigeria and the African continent. First Bank is one of Nigeria’s largest financial institutions with over 8 million customers.
Also, the milestone is another success step for Interswitch. Since its launch in 2002, the company in 2014 was listed by Deloitte as the fastest growing tech company in Africa with a year-on-year growth rate of over 1500%.