OVER 1.18 MILLION NIGERIA DEBIT CARDS ISSUED ON THE INTERSWITCH NETWORK

InterSwitch limited, Nigeria’s premier and leading transaction switching and processing company with real-time connection to over thirty banks, reported the issuance of over 1.18 million Nigeria Debit Cards on its network.

Nigeria Debit Cards are debit cards issued by the banks on the InterSwitch network.
Presently, there are about 33 banks on the InterSwitch network and all these banks issues the Nigerian Debit Card. The banks includes, Afribank, Bond Bank, Chartered Bank, Diamond Bank, EIB International Bank, Equitorial Trust Bank, First Bank of Nigeria, First City Monument Bank (FCMB), GT Bank (GTB),Gulf Bank, National Bank, Oceanic International Bank,Platinum Bank, Prudent Bank, Standard Trust Bank (STB),Union Bank of Nigeria, United Bank of Africa (UBA),Universal Trust Bank (UTB),WEMA, Zenith International Bank, Intercontinental Bank, Equity Bank, Access Bank, Continental Trust Bank, Fidelity Bank, First Atlantic Bank, Hallmark Bank, Magnum Trust Bank, FSB International, Citibank, Co-operative Development Bank, Ecobank and Global Bank.

The Nigeria Debit Cards can be used on all ATM, POS terminals and other payment terminals deployed by banks and other members on the InterSwitch network. The Nigeria Debit Card is a single solution to multiple payment needs. These cards can be used on the ATM for cash withdrawals, POS terminals for payment, Mobile Phone for mbanking and internet for online shopping.

Through the first nine months of the year, InterSwitch has achieved substantial growth, leveraging our strength of online integration to 33 banks while successfully working to expand the payment channels on our network. “With the last 2years, over 1,561,109 transactions have been passed through the switch out of which 268,760 are interbank transactions. This indicates that Nigerians are beginning to respond favorably to basic electronic financial transactions.

It would be recalled that InterSwitch is the first switching company , with local manpower that has  successfully connected to the banking applications of these banks within 18months including Flexcube, Globus, Finacle, Equinox, Bank Master, BankMaster RS and a host of others.  The connection required direct integration of InterSwitch Switching Software to the banking software of all the banks on its network.
InterSwitch has developed various solutions which can be deployed by the banks to meet the varying needs of their customers.  Some of the solutions developed and deployable on the switch include: ATM driving, mobile and internet payment. The ATM driving solution has yielded over 500 automated teller machines,(ATMs) in 31 states across Nigeria; Lagos, Oyo, FCT, Edo, Bayelsa, Bauchi, Akwa Ibom, Adamawa, Abia,  Kogi, Borno, Benue, Sokoto, Niger, Kwara, Kebbi, Katsina, Imo, Gombe, Ekiti, Anambra, Cross Rivers, , Osun, Delta,Rivers, Ogun, Rivers, Enugu, Kaduna and Kano.

According to Mr. Akeem Lawal, Group Head Service Delivery, Interconnectivity is what makes our business unique and in order to promote interoperability among the debit cards issued and payment devices deployed by various banks in Nigeria, InterSwitch contracted the world renowned and France-based card technology company, Gemplus to develop a National Debit Card standard for the country.  This card standard has been adopted by the banks on the InterSwitch network.

Soon InterSwitch will be introducing other card products into the market to cater for various market/customer segments as well as serve special purpose functions e.g. loyalty, fleet, Gift Card etc.

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