Interswitch joins race for Africa’s banking technology market with Temenos deal

From Surulere to Spotify's Top 10: How Interswitch Became the Payments Giant You Never Knew

As I sit in my Lagos apartment, sipping a cold bottle of Guinness, I couldn't help but think of the countless times I'd walked past the Interswitch office in Surulere, never giving much thought to the giant that lay within. Founded in 2002 by a group of visionary entrepreneurs, Interswitch has grown from a humble payments company to a tech behemoth with ambitions to disrupt the banking sector. And now, with its latest deal with Temenos, the Swiss banking software provider, Interswitch is making its move into the lucrative banking technology market.

The Payments Giant That Almost Wasn't

In 2002, Interswitch was just another startup in a crowded industry, trying to make a name for itself in the cutthroat world of payments. But with the launch of Quickteller, their online payment platform, Interswitch began to make waves. Verve, their domestic card scheme, was another game-changer, crossing the 100 million payment cards issued mark in December 2025. Today, Interswitch is one of Africa's largest payments companies, with a reputation for innovation and reliability.

The Banking Technology Market: A $27.10 Billion Opportunity

The banking-as-a-service market in the Middle East and Africa is projected to reach $27.10 billion in 2026, according to Mordor Intelligence. And with its partnership with Temenos, Interswitch is positioning itself to capture a significant share of this market. By combining Temenos' software with its existing footprint across the continent, Interswitch is offering managed banking services to financial institutions across Africa. This move signals Interswitch's ambitions to become a broader banking technology provider, capturing a larger share of banks' technology spend at a time when lenders on the continent are modernising ageing technology systems.

The Competition Heats Up

But Interswitch isn't the only player in this game. CWG Plc, another Nigerian company, has a partnership with Infosys to distribute the Finacle core banking application to top Nigerian banks, including First Bank and GTBank. The competition is heating up, and it remains to be seen who will come out on top. One thing is certain, however: the future of banking technology in Africa is bright, and Interswitch is leading the charge.

Key Facts:

• Interswitch has partnered with Temenos to offer managed banking services to financial institutions across Africa.
• The partnership will see Interswitch adopt Temenos' banking technology across core banking, digital banking, payments, wealth management, and financial crime management.
• The deal signals Interswitch's ambitions to become a broader banking technology provider.
• Six Nigerian banks spent ₦268.7 billion ($171.5 million) on IT infrastructure, including core banking system upgrades, in 2024.

I Predict a Bright Future for Interswitch

As I finish my Guinness, I'm convinced that Interswitch is on the cusp of something big. With its partnership with Temenos, Interswitch is poised to disrupt the banking sector in Africa, offering a new level of innovation and reliability that will change the game for financial institutions across the continent. And as a Nigerian, I'm proud to see our homegrown companies making waves on the global stage. Interswitch's future is bright, and I predict it will be a major player in the banking technology market for years to come.

The Banking Technology Revolution in Africa

The partnership between Interswitch and Temenos is a significant development in the banking technology market in Africa. It signals a shift towards a more digital and innovative approach to banking, and I predict that we'll see more companies like Interswitch making their move into this space. The future of banking in Africa is exciting, and I'm eager to see how this revolution will shape the industry. One thing is certain, however: the days of outdated banking systems are numbered, and Interswitch is leading the charge into a new era of banking technology.