The
partnership with Multipay Congo effectively signposts Interswitch’s
foray into the Central Africa Region, and is a response to the rapidly evolving
and expanding demands of the DRC market, bringing Interswitch's technology and
expertise to bear in delivering innovative and secure digital payment solutions
to the Congolese market.
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.
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