Interswitch Expands Beyond Payments with Strategic Banking Technology Partnership
Nigerian payments giant Interswitch has formed a strategic partnership with Geneva-headquartered banking software provider Temenos to deliver managed banking services across Africa. The deal positions Interswitch to compete in the continent's rapidly expanding banking technology sector.
The partnership enables Interswitch to adopt Temenos' comprehensive banking technology suite spanning core banking, digital banking, payments, wealth management, and financial crime management. These services will be offered as both cloud-hosted and on-premises solutions to financial institutions across the continent.
Strategic Move Targets Modernization Spending
The timing aligns with significant technology modernization efforts across African banking. Six Nigerian banks alone spent ₦268.7 billion ($171.5 million) on IT infrastructure, including core banking system upgrades, in 2024.
"This is a pivotal moment for Interswitch as we accelerate our expansion beyond payments and reimagine digital banking for Africa," said Jonah Adams, managing director for Digital Infrastructure and Managed Services at Interswitch.
The service will initially target Nigeria, Ghana, Côte d'Ivoire, Kenya, and other African markets. Interswitch plans to leverage its existing continental footprint to help banks upgrade critical systems without managing complex technology deployments internally.
Competitive Landscape Intensifies
The move positions Interswitch against established players like CWG Plc, which partners with Indian multinational Infosys to distribute the Finacle core banking application to major Nigerian banks including First Bank and GTBank.
Founded in 2002, Interswitch built its reputation through payment products such as Quickteller and Verve, its domestic card scheme that surpassed 100 million payment cards issued in December 2025. The company now seeks to capture a larger share of banks' technology spending through this expanded service offering.
Mutual Benefits for Both Partners
For Temenos, the partnership strengthens its African presence through a partner with established banking relationships. The Geneva-based company recently lost Sterling Bank as a customer in 2024 when the Nigerian tier-2 bank switched to SEABaaS, a custom-built core banking application.
"Interswitch is an important new customer and partner for Temenos in Africa," said William Moroney, Chief Revenue Officer at Temenos. "Interswitch's strong presence across the continent also extends our reach and further strengthens our ecosystem and partner network."
Adams emphasized the strategic value of Temenos' technology stack, noting that adopting the cloud-native, composable platform provides "the flexibility and scalability to accelerate its next phase of growth and deliver banking services that meet the needs of African markets."
The partnership represents a significant evolution for Interswitch as it transitions from a payments-focused company to a comprehensive banking technology provider. This expansion could position the company to capitalize on the continent's digital banking transformation and compete more effectively with global banking technology vendors entering African markets through our AI and fintech coverage.