Emma Okonji
Nigeria’s real-time and digital payments revolution is driving economic growth and financial inclusion at unprecedented levels for the largest African economy, according to the third edition of Prime Time for Real-Time, published by ACI Worldwide,in partnership with GlobalData, a leading data and analytics company, and the Centre for Economics and Business Research (Cebr).
ACI Worldwide is a global leader in mission-critical, real-time payments software.
The report, which tracks real-time payments volumes and growth across 53 countries, includes an economic impact study for the first time, providing a comprehensive view of the economic benefits of real-time payments for consumers, businesses, and the broader economy across 30 countries.
The report reveals Nigeria as Africa’s undisputed real-time and digital payments leader, adding that Nigeria recorded 3.7 billion real-time transactions in 2021, ranking 6th in the league table of the world’s most developed real-time payments markets, behind India, China, Thailand, Brazil,and South Korea.
In recent years, Interswitch has partnered with ACI to deploy cutting-edge technologies that are changing the face of payments in Nigeria. These innovative products include single-issuing platforms for all payment types, digital payment acceptance for acquirers, enterprise payment platforms and secure omni channel payment processing platforms, among others.
Managing Director, Digital Infrastructure and Managed Services, Interswitch Systegra, Mr.Jonah Adams, said: “As more Nigerians continue to adopt real-time and digital payments, we have seen a commensurate increase in the need for backend infrastructure that enable these transactions.
“Interswitch and ACI are committed to driving digital transformation across Africa via the deployment of relevant digital, innovative Infrastructure and solutions that optimize business efficiency and drive customers’ growth and profitability.”
