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The concept of setting up a nationwide Electronic Funds Transfer and Transaction Processing & Switching entity has been a subject for discussion for years in many quarters. However, the process that lead to the formation of InterSwitch Limited started in early 2001 when Telnet Nigeria Limited invited some banks to share its vision of setting up a national payments switch.
Telnet invited Accenture in early 2001 to work with its Business Solutions Architects to develop a business case for a national switch. The outcome of the business case led to the expansion of the original contract to cover a full business plan for InterSwitch. This business plan was completed in Q1 2001.
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One of the key success factors identified in the course of developing the business plan was the need to get the buy-in of banks that shared the same vision. These banks were contacted and the first All-Parties meeting to set up a national switch was held at Eko Hotel Le Meridien in December 2001. Three committees comprising a Business Track, Technical Track, Operations & Settlement Track, as well as a Core Project Team were set up to work towards making the InterSwitch dream a reality.
The company started operation in December 2002, and achieved the first interbank ATM transaction in Nigeria in October 2003. |
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