WED, JAN 24 2024-theGBJournal|Interswitch Limited and Multipay Congo on Wednesday announced a strategic agreement aimed at enhancing the payments ecosystem in the Democratic Republic of Congo (DRC).
The partnership with Multipay Congo effectively signposts Interswitch’s foray into the Central Africa Region.
According to the companies, 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.”
Bueno is confident that the partnership will enable the company to continue to pursue their 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,” he added.
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 Interswitch is pleased to enter the partnership with Multipay Congo to bring its 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.
Analysts say this partnership with Multipay Congo is a testament to Interswitch 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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