Interswitch Group and global banking software provider Temenos have reaffirmed their commitment to supporting the modernisation of Nigeria’s financial services sector, with both companies engaging the Central Bank of Nigeria (CBN) on the future of digital banking infrastructure.
The engagement took place during a regulatory visit to the CBN headquarters in Abuja, led by Mitchell Elegbe, Founder and Group Chief Executive Officer of Interswitch, and Santhosh Rao, Managing Director for the Middle East and Africa at Temenos.
The discussions focused on the strategic partnership between the two companies and how it can support Nigerian banks and financial institutions in upgrading their core banking systems and developing more customer-focused digital services.
The engagement also forms part of broader efforts by Interswitch and Temenos to deepen their relationship with central banks and financial institutions across Africa as the continent’s banking sector continues to undergo digital transformation.
Interswitch, Temenos Partnership
Interswitch and Temenos announced a strategic partnership in June covering several areas of banking technology, including core banking, digital banking, payments, wealth management and financial crime mitigation.
Under the arrangement, Interswitch will leverage Temenos’ banking technology solutions to provide cloud-hosted and on-premises managed services to banks and financial institutions across Africa.
The companies said the initiative is intended to help financial institutions progressively transform their banking platforms and move towards more customer-centric business models.
The service is initially expected to support key African markets including Nigeria, Ghana, Côte d’Ivoire and Kenya, with plans to extend its reach to other markets across the continent.
For Nigerian banks, the development comes as financial institutions face growing demand from customers for faster, more convenient and increasingly digital financial services.
Modern core banking infrastructure plays a central role in supporting these services because it connects different banking operations and allows financial institutions to manage transactions and customer services across multiple channels.
Focus on Nigeria’s Digital Banking Infrastructure
The meeting with the CBN provided an opportunity for Interswitch and Temenos to discuss how their partnership could contribute to the continued modernisation of Nigeria’s banking technology ecosystem.
The companies explored how Nigerian financial institutions could progressively update their existing core banking platforms rather than relying on outdated infrastructure that may limit their ability to develop new services.
The discussions also focused on the transition towards more customer-centric banking models.
As customers increasingly use mobile applications, online banking platforms, digital payments and other technology-enabled financial services, banks are under pressure to ensure that their underlying infrastructure can support these experiences reliably.
The partnership between Interswitch and Temenos is therefore positioned around providing institutions with access to technology that can support this transition.
CBDC Innovation Also Discussed
Another major area discussed during the engagement was Central Bank Digital Currency (CBDC) innovation.
Interswitch and Temenos explored opportunities to work with the CBN in developing new approaches to CBDC technology, including the use of resilient financial networks and decentralised application platforms to support the issuance and management of digital currencies.
The discussions place digital banking modernisation within the wider development of Nigeria’s digital financial ecosystem, where payments infrastructure, banking technology and emerging financial technologies are increasingly interconnected.
While the material provided does not indicate any specific new CBDC project or implementation agreement with the CBN, it confirms that the companies are exploring opportunities for collaboration in the area.
Building Resilient Financial Infrastructure
Commenting on the engagement, Interswitch CEO Mitchell Elegbe said the partnership with Temenos and continued engagement with the CBN reflect a shared commitment to building financial infrastructure that is resilient and inclusive.
“Our partnership as Interswitch with Temenos and our continued engagement with the Central Bank of Nigeria reflect a shared commitment to building banking infrastructure that is resilient, inclusive, and ready for the next phase of Africa’s financial evolution.”
Elegbe added that Interswitch was pleased to participate in discussions shaping the future of digital banking technology and innovation across key African markets.
The comments highlight the broader ambitions behind the partnership, which extend beyond individual banking platforms to the development of infrastructure capable of supporting Africa’s changing financial services landscape.
What the Partnership Could Mean for Banks
The partnership could provide banks and financial institutions with access to a wider range of banking technology solutions without requiring each institution to independently develop or integrate every component of its digital infrastructure.
Through the combination of Interswitch’s payments and commerce capabilities and Temenos’ banking software solutions, financial institutions could progressively modernise their technology infrastructure while expanding digital services.
The partnership’s initial focus on markets such as Nigeria, Ghana, Côte d’Ivoire and Kenya also reflects the growing importance of Africa’s financial technology market.
Nigeria, in particular, has developed one of Africa’s largest digital payments ecosystems, supported by widespread mobile banking adoption, fintech growth and increasing demand for electronic transactions.
As these trends continue, the ability of banks to maintain reliable infrastructure while introducing new services will remain an important part of the sector’s development.
The engagement between Interswitch, Temenos and the CBN therefore points to a broader effort to ensure that Nigeria’s banking infrastructure keeps pace with technological change.
For Interswitch and Temenos, the partnership provides an opportunity to expand their presence in Africa’s financial technology market. For Nigerian banks, it could offer additional options for modernising core systems and developing more responsive digital services.
The discussions with the CBN also underline the importance of collaboration between regulators, technology companies and financial institutions as Nigeria continues to build the infrastructure required for its increasingly digital economy.