InterSwitch demonstrated the go live of its connection to Cards Technology Limited to switch MasterCard transactions during the dinner party recently held in honour of its immediate past Chairman, Dr. Evans Woherem. A memorandum of Understanding (MOU) to work together to achieve two way unhindered interconnectivity between InterSwitch and Cards Technology was midwifed by Dr Evans Woherem during his tenure as Chairman of InterSwitch last year.

The demonstration of this successful interconnection was led by the Managing Director of Access Bank plc, Mr. Aigboje Aig-Imoukhuede who after a successful cash withdrawal using a MasterCard on an ATM on the InterSwitch network said “…only a company like InterSwitch can make the Managing Director of Access Bank use an Mastercard issued by First Bank of Nigeria to withdraw cash from a United bank for Africa ATM”.

The interconnect was completed in May and presently live on all First Bank of Nigeria (FBN) and United Bank for Africa (UBA) Automated Teller Machine (ATMs) as well as Point-of-Sale (POS) terminals acquired by these banks via InterSwitch.  The roll-out for all the other banks on the switch has commenced. By this connection, the Nigeria Debit Cards issued by banks on the InterSwitch network can be used on all payment terminals (ATMs, POS etc) deployed by banks connected to Cards Technology Limited (CTL) and vice versa. In addition, banks connected to Interswitch who issue MasterCard cards would be able process their MasterCard transactions through Interswitch and Cards Technology.

The connection of the two switches gives international cardholders the ability to make withdrawals in Naira at all Automated Teller Machine (ATM) and Point-of-Sale (POS) deployed on the InterSwitch network. The terminal (POS, ATMs) identifies the MasterCard at the time it is swiped, and the transaction amount is converted into naira, in real-time.

"The connection to InterSwitch is very strategic because it will go a long way in achieving the present government’s goal of connecting Nigeria to the global information highway as well as benchmark Nigerian banks as major players in international finance. The partnership will astronomically multiply the benefits to be derived from the just concluded banking system consolidation being championed by the CBN,” says Mr. Ayo Arise, CEO, Cards Technology Limited.
Commenting on the interconnect, Mr. Adedotun Sulaiman, Chairman, InterSwitch Limited, said: "The InterSwitch team is hugely enthusiastic about this connection and look forward to leveraging it to deliver even greater value to our customers."

According to the Managing Director of InterSwitch, Mitchell Elegbe, “this interconnect opens up a new vista for our organizations, our member banks and their customers.  I commend the staff of both InterSwitch and CTL that worked tirelessly to bring this interconnect to fruition”. Elegbe went on to say that the term ‘Inter’ in the company’s name came from International, Interconnecting and Interactive  and that the company is only being true to its name by the completion of this interconnect with CTL.

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