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/
As an expert in the field of digital payments and fintech in Africa, I've been closely following the developments and innovations in the industry, particularly within companies like Interswitch Limited and Multipay Congo. Let's break down the key concepts and entities mentioned in the article:
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Interswitch Limited:
- Established in Nigeria in 2002, Interswitch is a prominent player in Africa's digital payments and commerce sector.
- It operates across more than 14 African countries, facilitating electronic money circulation and value exchange between individuals and organizations.
- Interswitch offers a diverse range of payment products and services including cards, digital tokens, online stores, and payment platforms.
- The company's mission is to create technology solutions that connect and empower individuals, businesses, and communities, with a vision of a prosperous Africa driven by seamless exchange of value and commerce.
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Multipay Congo:
- Multipay Congo is a leading integrated payments service provider in the Democratic Republic of the Congo (DRC).
- Established in 2013 as an Economic Interest Group by four major banks in the DRC, Multipay Congo aims to facilitate payment services among financial institutions and promote financial inclusion.
- It launched the first local interbank payment service in the DRC in 2015, called "Multipay", in collaboration with major banks like BCDC, Equity Bank Congo, FirstBank DRC, and Rawbank.
- Multipay Congo focuses on democratizing and developing electronic banking by offering shared payment solutions that enhance operational efficiency and reduce costs through optimized electronic payment infrastructure implementation.
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Partnership between Interswitch Limited and Multipay Congo:
- The partnership aims to enhance the payments ecosystem in the DRC by leveraging Interswitch's technology and expertise.
- Multipay Congo will utilize Interswitch's solutions to deliver innovative and secure digital payment services to the Congolese market, supporting financial inclusion, driving digital transformation, and boosting economic growth in the country.
- The collaboration reflects both organizations' commitment to promoting financial inclusion, economic empowerment, and the development of the digital economy in the DRC and the broader African region.
This partnership signifies a strategic move by both Interswitch Limited and Multipay Congo to capitalize on the growing demand for digital payment solutions in the DRC, ultimately contributing to the country's economic development and the advancement of financial inclusion initiatives.
