CBN Recognizes Four Interswitch Partners As A Way Of Intimating It's Cashless Economy Policy Drive..

Four Interswitch clients have won in their categories at the Central Bank of Nigeria Payment System Awards, held at the Transcorp Hilton, Abuja recently. All four have been recognised by the Central Bank of Nigeria (CBN) for adopting an end-to-end ePayment solution to run their businesses. The awards were given to organisations in recognition of the successful adoption and implementation of ePayment services by the CBN Governor, Sanusi Lamido Sanusi, at the maiden edition of the International Conference on Payment System.

According to a statement, Cross River State won in the State Category as the best state to have adopted end to end epayment solution and Igabi Local Government Area in Kaduna State won in the Local Government Area category. Halogen Security Limited, a security company that provides total and integrated security solutions, won in the Small Business Enterprise (SME) category, while the Federal Inland Revenue Service (FIRS), was recognised in the Special Category. Adopting Autopay (an end-to-end ePayment solution from Interswitch) has helped these award winners address various operational challenges that stem from the use of the conventional cash-based system.

Autopay delivers higher operational efficiency by enabling immense savings on costs and time. In addition, human resources are able to focus on core business needs and less of payment processing. As the leading payment disbursement solution, Autopay has been designed to enable organizations initiate, pay and monitor payments electronically. Launched in 2003, over 500 leading organisations depend on Autopay for the automation of payments across multiple banks. These payments range from staff salaries, allowances, travel expense, petty cash to vendor and supplier-related expenditure all irrespective of the benefi ciary’s bank. It also supports both one off and recurring direct credit transactions.

Commenting on the awards, the Group Managing Director and Chief Executive Officer, Interswitch Transnational, Mr. Mitchell Elegbe, said, “We are absolutely delighted that four organizations that use our Autopay platform, have won awards at the CBN’s Payment System Awards. “The cost of operating a cash-based system goes beyond financials; it also has to do with managing available human resources. The gains of adopting ePayment solutions are enormous and we are glad and encouraged by the growing level of adoption.” - National Mirror