Fintech Handled Over 1.2 Million Transactions in a Month

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According to Interswitch, 1.2 billion transactions were handled in March 2023. It is the most that the company has ever handled in a single month across the nation. It credited the Federal Government's naira redesign policy with the rise in transactions.

Interswitch Office

Interswitch's founder and group managing director, Mitchell Elegbe, commented on the rise by saying, "We are happy to have handled 1.2 billion transactions in the month of March in Nigeria alone.


"This accomplishment demonstrates the confidence our clients have in us and our dedication to providing cutting-edge, secure digital payment solutions throughout Nigeria and beyond.

"Our proactive investment in cutting-edge technology that genuinely power the financial landscape made this milestone feasible. We remain committed to promoting financial inclusion and assisting organizations and individuals in realizing the full potential of digital technology as we develop and extend our activities.

The company acknowledged that in order to handle the rise in transactions, it had to scale back its operations.


As the Federal Government's redesign policy caused a cash shortage, there has been an upsurge in electronic transactions. 

According to the Nigeria Inter-Bank Settlement System, cashless transactions increased by 45.41% in January 2023 over the same period last year.

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