Interswitch Nigeria Limited, a transactions switching and electronic payment firm, has achieved MasterCard acquiring and issuing capability, which would enable Nigerian banks on its secure network to issue MasterCard EMV debit and credit cards to their customers.

The solution would also empower the banks to accept local and international MasterCard transactions on their e-payment channels which include ATMs, PoS terminals and Web. The solution leverages the banks Postilion Front-End-Processor for the issuance of MasterCard debit cards.

Interswitch’s MasterCard Credit and Prepaid card solution is a hosted service, whereby Interswitch performs card management and transaction processing role, thereby reducing the banks huge investments in software, hardware, maintenance of the solution and infrastructure.

It would be recalled that in 2008, Interswitch was appointed as a MasterCard Member Service Provider (MSP), which allows Interswitch to provide Third Party Processor (TTP) and Independent Service Organisation (ISO) services to the banks to meet all their MasterCard processing needs.

With this latest development, Interswitch has become the only payment switching platform in the country that processes more than one card scheme. Interswitch platform accepts transactions from Verve card, Freedom card and MasterCard.

Mr. Mitchell Elegbe, Managing Director/CEO of Interswitch said the attainment of MasterCard acquiring and issuing capability is part of Interswitch’s way of creating more value for its partner banks as well as providing more choices for the cardholders in the country.

“This platform will provide our partner banks with additional sources of revenue through merchant charges and discounts. It will also enable these banks to accept both domestic and international cards on their ATMs and at merchant locations like hotels, restaurants and online shops,” he said.

He also informed that the MasterCard EMV cards issued by Nigerian banks on Interswitch platform would be accepted across over one million ATMs in over 210 countries and territories worldwide. The cards will allow bank customers to have access to either their Naira or Dollar accounts from within and outside Nigeria.

Nigerian banks that have already taken advantage of the cost effective hosted service for issuance and acquiring of MasterCard payment services include GTB, BankPHB, First Bank, Skye Bank, Ecobank and Unity bank among others.
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Governor of Cross River State, Liyel Imoke and Jibril Aku, Managing Director, Ecobank Nigeria during a coutesy call on the governor in calabar.