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13 Awesome Facts About Africa's Transaction Switching Giant

1.Interswitch is currently Africa’s fastest growing Tech Company According To Deloitte
Naija represent! According to the Deloitte technology Fast50 Africa initiative award, which recognises the continent's fastest growing technology companies in terms of revenue, Interswitch emerged in 2014 as the number one fastest growing tech company in Africa, beating competition from Kenya and South Africa.

2.Interswitch is the first West Africa company to attain CMMI level 3 rating
CMMI is a process improvement framework that provides organisations with the essential elements of effective processes that improves performance. Interswitch was recently appraised at maturity level 3 on the CMMI institute's Capability Maturity Model {CMMI} framework. GMD Mitchell Elegbe also indicated recently that they're not done yet, with a target rating of level 5.

3.You can now make requests and transfer funds/airtime over BBM thanks to Interswitch
Interswitch recently entered into an agreement with Blackberry's BBM to launch an integration of their Quickteller services via a new app called Quickteller Mini. You can now transfer money to your loved ones instantaneously while chatting with them on BBM. Neat huh?

4. You can now withdraw cash from the ATM and even make payments via POS without needing physical possession of your ATM card
If you find yourself in need of cash but without your ATM card, or you are at the point of payment and you realize your card is not with you, you're covered as long ad you have the <Verve World app.> This app allows customers to withdraw cash from enabled ATM terminals and make payments on POS terminals using their smart phones with a useful feature called <Paycode>

5. Interswitch’s Verve Card was Nigeria’s first chip and pin card:
Interswitch was at the forefront of the worldwide change in card security from magnetic strip to chip-and-pin by creating Verve Card, Nigeria’s first chip and pin card – Verve card. The widespread adoption and acceptance of Verve card in Africa's largest card market was an important factor in the global push for a uniform chip-and-pin standard.

6. Interswitch is owned by Africans and operates in the interest of Africans :)
Interswitch is one of the few African-owned firms that explicitly sets out African economic integration and advancement as a core part of its agenda. A recurring point of reference in everything stated or accomplished by Interswitch is the economic growth of Africa and the economic empowerment of Africans to harness their status as residents on the world's fastest growing continent.

7. Interswitch created Nigeria's first central transaction switch.
And if you don't know what that means, just think of a switch as an item of financial infrastructure that enables the exchange of financial information across electronic networks - basically the Holy Grail of e-Commerce, e-Banking, ATMs and any other type of networked electronic transaction system.

8. Interswitch has solutions that cut across Banking, Oil and Gas, Government and everything in between.
Whether it's solutions for revenue collection, disbursement, industry-specific business to business transaction platforms or personal banking and finance, there are tailor made products for every possible use.

9. Interswitch is at the vanguard of CBN's "cashless Nigeria" policy.

10. Interswitch believes in a vision called "intuitive exchange".
What this means is that Interswitch wants to create a financial technology framework that is so seamless that you can literally make things happen by just thinking about them (refer to point 3 for an example of this)

11. Interswitch was founded with half of its projected capital requirements.
According to GMD Interswitch, Mitchell Elegbe, the company was founded with N200m sourced from a CBN fund, which was less than half of the projected N400m+ capital requirement projections. It has been profitable since its second year of operation.

12. Interswitch gives back to Nigeria
Interswitch has set aside $10m for its e-payments growth fund which seeks to deepen financial participation in Nigeria by sponsoring startups with the potential to create avenues for inclusion and economic growth.

13. Interswitch recently refreshed it’s corporate brand identity this year
Interswitch embarked on its 4th and current brand refresh in September 2015. The consumer brands ‘Verve’ and ‘Quickteller’ were also refreshed with new identities and campaigns to present them as bold, simpler and more contemporary; three (3) concepts that reflect the very heart of Interswitch’s business.
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