Markets & Finance

Interswitch CEO pushes for closer links with banks

Collaboration between banks and the financial technology (fintech) companies will significantly increase value for customers and their bankers, especially in view of the changing landscape.

Newly appointed Interswitch East Africa chief executive Paul Ndichu said Tuesday with banking sector experiencing interest rates capping, collaboration with fintech firms is increasingly crucial in raising value for their customers.

“Banks have been asking us a lot of questions revolving around how they can re-engineer their business, come up with solutions and cheaper ways to service customers and diversify their channels, as well as acquire new customers,” he said.

Interswitch East Africa is an Africa-focused integrated electronic payment and commerce company that facilitates the electronic circulation of money between individuals and organisations.

The company provides technology integration, advisory services and payment infrastructure to governments, banks and corporates.

Mr Ndichu said the firm is at the forefront of creating “intuitive” ways to pay and transact using digital technologies.

In 2014, Nigeria’s Interswitch Transnational acquired Paynet Kenya to create payment infrastructure in East and West Africa, linking financial institutions to a single network.