Interswitch Group has formally unveiled the 2024 Global Payments Innovation Jury Report, in partnership with The World Bank, and other notable international payment players, namely HPS and Fime.
This latest report titled: “Market meltdown – impacts on infrastructure, regulation and innovation” is the 11th in the series spanning 16 years since the inception of the initiative and is sequel to the last edition published in 2022 to coincide with Interswitch’s 20th anniversary. The report reveals incisive insights from senior decision makers across the global payments industry and outlines global payment leaders’ views on how tumultuous macroeconomic changes over the past two years have affected their sector – for better and worse.
With research undertaken in collaboration with World Bank and supported by Interswitch, FIME and HPS, the 2024 Payments Innovation Jury is the most diverse in its 16-year history. 136 Jurors from all over the world participated in the research, all in senior roles at national payments companies, banks, fintechs, payments policy bodies, central banks and investors. This year, the number of central bank & regulators and investors each increased by 25%, enabling an even more representative picture of the challenges and opportunities ahead. The Jury was also delighted to welcome several Jury members from South and Central America for the first time, making the insights gathered truly global.
John Chaplin, Founder and Chairman of the Payments Innovation Jury, and a Senior Advisor to Interswitch comments: “Looking back on the last two years of market turmoil, it feels like this unique insight from industry leaders has never been more needed. Our Jurors’ deep understanding of the causes and effects of macroeconomic changes and their impact on the long-term direction of the payments industry helps all of us understand how we can best move forward and continue to weather the storm
“I am immensely grateful to each of the 136 members of the Jury for thinking through such complex issues and sharing their views, as well as to the World Bank, Interswitch, FIME and HPS. Their participation and support make the publication of these insights possible, and this report is very much their report.”
According to Mitchell Elegbe, Founder and Group Chief Executive Officer at Interswitch: “It is gratifying to see the Global Payments Innovation Jury home in on such a topical and contextually relevant theme for this current research effort, and we are pleased at Interswitch to be collaborating as a sponsor and contributor once again.
We are grateful for the valuable views and insights of experts and leaders representing the jury who are actively shaping the outlook of global payments industry, as well as the commitment and tireless effort of the publication team in ensuring the continuity of this significant initiative which sets the tone for what is to come in the global payments industry.”
The report offers insight into many aspects of the payments industry that were impacted by the recent period of market turmoil. Key findings include:
Importantly, it is a foundational practice of the Payments Innovation Jury that all members participate on an anonymous basis, as this allows them to speak freely - unencumbered by the commercial priorities of their current organisation.
Download Market meltdown – impacts on infrastructure, regulation and innovation and all previous Payments Innovation Jury reports at innovationjury.com.
13/03/2024
Interswitch Limited, one of Africa’s leading integrated payments and digital commerce companies operating in over 14 countries in Africa and Multipay Congo, a leading integrated payments service provider in the Democratic Republic of the Congo (DRC), have joined forces to enhance the payments ecosystem in the DRC.
The partnership, which is a response to the rapidly evolving and expanding demands of the DRC market, will enable Multipay Congo to leverage Interswitch's technology and expertise to deliver innovative and secure digital payment solutions to the Congolese market, supporting financial inclusion, driving digital transformation, and boosting economic growth in the country.
Multipay Congo is a pioneer financial technology company that launched the first local interbank payment service in the DRC in 2015, called “Multipay”, in collaboration with four major banks, namely: the BCDC (Banque Commerciale du Congo), Equity Bank Congo, FirstBank DRC, and Rawbank. The first two banks have since merged to become the current Equity BCDC. Multipay service enables holders of private (local) cards from these banks to perform transactions at ATMs, point-of-sale terminals, and in bank branches across the country.
Interswitch Limited is an Africa-focused integrated digital payments and commerce company that was established in 2002 in Nigeria. Interswitch, operating in over 14 countries in Africa, facilitates the electronic circulation of money and the exchange of value between individuals and organizations on a timely and consistent basis. The company offers a range of payment products and services such as cards, digital tokens, online stores, and payment platforms, to help businesses and individuals across Africa grow and thrive.
Expressing his enthusiasm for the partnership, Olivier Bueno, the Managing Director of Multipay Congo said:
"We are delighted to partner with Interswitch Limited, another pioneer and leader in the African digital payment space. This partnership will enable us to continue to pursue our ambition to actively participate in the financial inclusion objectives of the Central Bank of Congo by developing innovative, accessible, secure digital financial products and services, adapted to the needs of the population and businesses.”
By working with Interswitch, we leverage our local knowledge and skills to promote financial inclusion and economic empowerment, as well as to support the development of the digital economy in DRC and in the region."
Also describing the partnership as a win-win for both organizations and the people of the Congo, Akeem Lawal, the Managing Director, Payment Processing and Switching (Interswitch Purepay) said:
“We are pleased to enter this partnership with Multipay Congo to bring our transformative payment solutions to the Democratic Republic of the Congo. The partnership aligns with our overarching efforts to expand our footprint across more African regions, developing and deploying innovative solutions until payments are a seamless part of everyday life on the continent.
As part of this partnership, we will strengthen our presence in the DRC, one of Africa's most populous and promising markets, so, we look forward to working with relevant regulators and other financial service providers to jointly provide safe, reliable, and convenient financial services to individuals and businesses in the DRC.”
The partnership is expected to boost financial inclusion, economic growth, and social development in the DRC, which has a population of over 100 million people and a GDP of over $40 billion.
With a strong presence in over 14 African countries, Interswitch is set to solidify its operations in the Democratic Republic of Congo. This partnership with Multipay Congo is a testament to the payment giant's resolve to continue expanding its footprint in Africa and beyond, aiming to improve access to financial services and close the financial inclusion gap on the continent.
About Multipay Congo
Multipay Congo S.A is a leading payment service company that was established in 2013 by four major banks in the Democratic Republic of Congo as an Economic Interest Group. Its vision is to provide and facilitate payment services among financial institutions and to promote financial inclusion in the Congolese market.
Over the years, Multipay Congo has focused on the democratization and development of electronic banking by offering shared payment solutions that enhance operational efficiency and reduce costs through optimized electronic payment infrastructures implementation.
Today, after successfully completing the first phase of the company vision with the launch of its first solution, called Multipay, that has shown constant growth, delivering undeniable and significant value for the network's member banks, Multipay Congo is ready to take on new challenges and build the future with greater ambitions through innovation and partnership.
Multipay Congo aims to continue its quest by delivering value-added services that can create secure, fast, affordable, accessible, and user-friendly digital financial systems solutions, for the benefit of both banked and unbanked customers, and integrate more financial institutions for win-win partnerships.
For more information, please visit: https://multipay.cd
About Interswitch
Interswitch is a leading technology-driven company focused on the digitization of payments in Nigeria and other countries in Africa.
Founded in 2002, Interswitch disrupted the traditional cash-based payments value chain in Nigeria by supporting the introduction of electronic payments processing and switching services.
Today, Interswitch is a leading player with critical mass in Nigeria’s developing financial ecosystem and is active across the payments value chain, providing a full suite of omni-channel payment solutions.
Interswitch’s vision is that of a prosperous Africa, driven by a seamless exchange of value and commerce and its mission is to create technology solutions that connect and empower individuals, businesses, and communities. Interswitch’s broad network and robust payments platform have been instrumental to the development of the Nigerian payments ecosystem and provide Interswitch with the infrastructure to expand across Africa.
For more information, please visit: https://interswitchgroup.com/
24/01/2024