Report: Nigerian Economy Reaping Benefits of Real-time, Digital Banking Transformation
Nigeria’s real-time and digital payments revolution is driving economic growth and financial inclusion at unprecedented levels for the largest African economy, according to the third edition of Prime Time for Real-Time, published by ACI Worldwide, in partnership with GlobalData, a leading data and analytics company, and the Centre for Economics and Business Research (CEBR).
The report reveals Nigeria as Africa’s undisputed real-time and digital payments leader, adding that Nigeria recorded 3.7 billion real-time transactions in 2021, ranking 6th in the league table of the world’s most developed real-time payments markets, behind India, China, Thailand, Brazil, and South Korea.
In recent years, Interswitch has partnered with ACI to deploy cutting-edge technologies that are changing the face of payments in Nigeria. These innovative products include single-issuing platforms for all payment types, digital payment acceptance for acquirers, enterprise payment platforms and secure omni channel payment processing platforms, among others.
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