Interswitch Powers Up Cross-Border Payments: New Approvals Boost Remittance Reach in Nigeria and Kenya

Written By: Flipbz.org

In a strategic leap forward for Africa's digital finance landscape, Interswitch has broadened its remittance services through fresh regulatory nods in Nigeria and Kenya, positioning the tech giant as a key player in streamlining public sector operations.

The expansions center on pivotal partnerships with major revenue bodies. In Nigeria, Interswitch has been designated as an Access Point Provider and System Integrator for the Federal Inland Revenue Service's (FIRS) Monitoring, Billing, and Settlement (MBS) e-invoicing platform. Rolled out in August for large taxpayers, this system promises to tackle tax evasion head-on while enhancing revenue transparency. Complementing this, Interswitch earned approval from the National Pension Commission (PenCom) to operate a dedicated platform for corporate pension remittances, simplifying contributions for businesses.

Across the border in Kenya, Interswitch steps up as the technology partner for the Kenya Revenue Authority's (KRA) electronic Tax Invoice Management System (eTIMS), set to launch in 2024. This integration will empower companies to automate invoicing processes, minimize manual errors, and deliver real-time compliance reporting, fostering a more efficient tax ecosystem.

These moves underscore Interswitch's growing influence in digitizing financial services continent-wide. By providing robust tools for seamless transactions, the company is helping governments and enterprises navigate complex remittance challenges, from pensions to taxes, in an increasingly cashless economy.

Muyiwa Asagba, Managing Director for Commercial Inclusion at Interswitch, highlighted the significance of these milestones. "These accreditations reaffirm our commitment to driving transparency and efficiency across Africa’s financial ecosystems," he remarked, emphasizing the firm's role in building inclusive, tech-driven solutions.

As Interswitch continues to innovate, these enhancements are poised to accelerate financial inclusion, reduce operational bottlenecks, and support broader economic growth in Nigeria and Kenya—two of Africa's fastest-emerging markets.