The record transaction volumes represent the total transactions processed by First Bank’s Front End Processor running on the Interswitch transaction-switching platform, which links all financial institutions in Nigeria to facilitate better and quicker transactions across all platforms.
In December 2015, First bank was recognised as the first-ever financial institution in the country to achieve this feat. Being able to sustain this in May 2017 is a pointer toward the bank’s desire to promote the CBN cashless policy and boost economic growth via e-payments across Nigeria and the African continent.
FirstBank was one of the foundational shareholders of Interswitch, prior to the company’s acquisition by a tripartite consortium led by Helios Investment Partners, and including the IFC and Adlevo Capital. The company was listed by Deloitte as the fastest growing tech company in Africa with a year-on-year growth rate of over 1500% in 2014.
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