According to a Nigerian paper Leadership, InterSwitch Limited, West Africa’s leading transaction switching and payment-processing company has announced the integration of Standard Chartered Bank to its network.
This new development makes InterSwitch the only transaction-switching network to have 100 per cent of Nigerian banks connected to it and the only Nigerian e-payment company to have real-time online connections to all the 24 banks in Nigeria. The banks on Interswitch’s network are: First Bank, United Bank of Africa, Zenith Bank, GTBank, Oceanic Bank, Skye Bank, IBTC Chartered Bank, Afribank, Wema Bank, Bank PHB, FCMB and Diamond Bank. Others include Union Bank, Access Bank, Intercontinental Bank, ETB, Ecobank, Fidelity Bank, Citi Bank, First Inland Bank, Sterling Bank, Spring Bank, Unity Bank and Standard Chartered Bank.
The paper reports that over 21 million debit cards have been issued by member banks, and over 4,100 ATMs, and 7,500 POS terminals deployed nationwide, as at February 2008.
Other competing payment transaction networks in Nigeria include ValuCard, Etranzact.