Osinbajo, Obaseki, others laud Interswitch’s role in shaping Nigeria’s payment system

The Vice President of Nigeria, Prof. Yemi Osinbajo, and the Governor of Edo State, Mr. Godwin Obaseki, among others have lauded Interswitch’s pivotal role in shaping and growing Nigeria’s payment system over the past two decades. 
 
Interswitch, an integrated payment, and digital commerce company, has received encomiums from top government functionaries as it wrapped up its 20th-anniversary celebrations in Lagos.
   
In his goodwill message, which was broadcast during the event, Osinbajo said: “It’s incredible that what began as a noble idea, has in barely two decades, become something of an icon of technology and innovation, literally pioneering Africa’s ongoing fintech revolution.
  

“In 2002, only 569 million people were connected to the Internet worldwide, and at that time, Nigeria had less than 200,000 people with Internet access. It is therefore a testament to the quality of the talent and courage of the founders of Interswitch that they saw the future clearly and predicted the potentials of a nascent technology for scale and application.” 
  
Obaseki, who was present to celebrate the milestone, congratulated the organisation on the milestone, applauding Interswitch for being a laudable example of the good that can come out of Nigeria. 

Members of the Board of Directors of Interswitch, led by the Board Chairman and Lord Lieutenant of Greater London, Sir. Ken Olisa OBE were also present to add pomp and pageantry to the celebrations.
   
The anniversary celebration, which kicked off in August 2022 with the launch of a campaign themed, ‘Never Stop’, has amplified Interswitch’s innovative milestones in the digital payment ecosystem, designing products and solutions that have, for two decades, continued to drive prosperity across Africa. 
   
Founder and Group Managing Director, Interswitch, Mitchell Elegbe, shed more light on the fintech  20-year journey, and its outlook for the future. 
 
He said: “Two decades ago, we wondered what singular problem we could solve that would automatically solve other problems. We identified the payment problem and set out to solve it, making a bold move to make commerce easy and trade blossom naturally by eliminating the mystery associated with cash, and the stigma associated with not having it. 
   
“We ensured that cash was available in the exact time and quantity required, and transferrable electronically. We established a new paradigm, dethroning cash and enthroning commerce and connections. 20 years after, the Central Bank of Nigeria is leading Nigeria towards a fully cashless economy, layered on the work we began two decades ago,” he stated.