Interswitch, one of Africa’s leading integrated payments companies, has partnered with Geneva-headquartered banking software provider Temenos to offer managed banking services to financial institutions across the continent, deepening its push into banking technology.
The partnership will see Interswitch adopt Temenos’ banking technology across core banking, digital banking, payments, wealth management, and financial crime management, enabling it to provide cloud-hosted and on-premises managed services to lenders on the continent.
The deal signals Interswitch’s ambitions to become a broader banking technology provider and capture a larger share of banks’ technology spend at a time when lenders on the continent are modernising ageing technology systems. Six Nigerian banks spent ₦268.7 billion ($171.5 million) on IT infrastructure, including core banking system upgrades, in 2024.
“This is a pivotal moment for Interswitch as we accelerate our expansion beyond payments and reimagine digital banking for Africa,” Jonah Adams, managing director for Digital Infrastructure and Managed Services at Interswitch, said in a statement on Thursday.
The service will initially target Nigeria, Ghana, Côte d’Ivoire, Kenya, and other African markets.
