Interswitch has entered the race to modernise Africa's banking technology infrastructure through a partnership with Temenos, a Swiss provider of banking software. The collaboration will allow Interswitch to offer managed banking services—including core banking, digital banking, payments, wealth management, and financial crime management—using Temenos' cloud-native platform. These services will be available in both cloud-hosted and on-premises formats, targeting financial institutions across Africa that are upgrading outdated systems. The initial rollout will focus on Nigeria, Ghana, Côte d'Ivoire, and Kenya. Jonah Adams, managing director for Digital Infrastructure and Managed Services at Interswitch, described the move as a pivotal step in expanding beyond payments into broader digital banking solutions. Six Nigerian banks collectively spent ₦268.7 billion ($171.5 million) on IT infrastructure in 2024, including core banking upgrades, highlighting growing demand for modern systems. Interswitch, founded in 2002, previously built its reputation on payment platforms like Quickteller and the Verve card scheme, which reached 100 million issued cards by December 2025. The new offering positions it against local competitors such as CWG Plc, which distributes Infosys' Finacle core banking software to major Nigerian lenders including First Bank and GTBank. For Temenos, the deal expands its footprint in Africa through Interswitch's established presence in the region's financial sector. William Moroney, Chief Revenue Officer at Temenos, called Interswitch an important new partner that extends the company's reach and strengthens its ecosystem. The partnership comes after Temenos lost Sterling Bank in 2024, when the Nigerian lender switched to SEABaaS, a custom-built core banking solution. The banking-as-a-service market in the Middle East and Africa is projected to reach $27.10 billion by 2026, according to Mordor Intelligence.
Interswitch is repackaging foreign banking software as its own managed service while positioning itself as a homegrown tech enabler, even though the core technology comes entirely from a Swiss firm. The company's shift from payments to full banking infrastructure relies on Temenos' platform rather than internally developed systems, raising questions about the depth of its technological independence. Nigerian banks spent over $171 million on IT in 2024, yet much of that investment flows to foreign vendors or local firms reselling their tools. Interswitch's role as a distributor rather than a builder may limit its ability to innovate beyond what Temenos allows.
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