NAIROBI, Kenya Jun 14 – An expansion of collaboration between two leading fintech companies is set to revolutionize the financial landscape by simplifying payment procedures.
ACI Worldwide, known globally for its advanced payment solutions that optimize operational efficiency, has bolstered its partnership with Interswitch, a leading African player committed to enhancing payment systems and promoting financial inclusivity across borders.
Together, they aim to revolutionize how businesses worldwide execute transactions.
“This partnership will enhance operational efficiency, streamline payment processes, enable cross-border transactions, offer multiple payment options, automate operations, provide insights into real-time payments, and ultimately improve security in processing payments,” stated Santhosh Rao, Senior Vice President ACI in charge of the Middle East and Africa region.
Rao stated that ACI, with 49 years of global knowledge and best practices, is expanding its 22-year partnership with Interswitch beyond Nigeria and Kenya to over 25 countries across Africa.
“By leveraging their expertise, ACI aims to deliver significant value to the continent in line with its specific needs,” he said.
Peter Kawumi, Interswitch’s Managing Director for the East Africa region, stated that their two decades of expertise in the financial sector will drive significant advancements through their partnership.
“Interswitch has been a cornerstone of Africa’s financial innovation for over 20 years, creating tailored payment solutions and expanding access to banking services across the continent. Our strengthened partnership with ACI Worldwide marks a new chapter in enhancing these pioneering initiatives,” Kawumi said.
Kawumi noted that, given the cost challenges of accessing financial services in the region, the partnership aims to develop cost-effective systems for easy accessibility.
This, he said, for instance includes enhancing efficiency by enabling banks to share technologies and infrastructure, providing secure services, reducing fraud, and ensuring compliance with international standards.
He emphasized that the improvements would ultimately benefit financial service users and consumers.
” “While there are similarities between markets, it’s important to recognize their unique challenges. Since 2010, we’ve learned that accessing financial services in East Africa is often costly due to expensive technologies and distant access points,” he said.
Jonah Adams, Managing Director of Digital Infrastructure and Managed Services at Interswitch, emphasized the company’s longstanding vision of seeking top global partners to enhance technology.
He highlighted the recent collaboration that facilitated their expansion into the DRC market, bringing advanced real-time payment systems to the region.
“At Interswitch, we excel in using technology to solve problems. As an African business, we seek top global partners like ACI Worldwide to bring best-in-class solutions to the continent,” Adams said.
Recognizing the critical role of regulations in the financial sector, Interswitch committed to establishing and nurturing trust with regulators.
The commitment is geared towards ensuring adherence to evolving regulatory frameworks encompassing tax, consumer protection, and data privacy.
With plans to strengthen their longstanding partnership, officials from both organizations emphasized its pivotal role in advancing electronic payments, promoting financial inclusion, and fostering economic growth in their respective markets.
