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Interswitch and Azimo collaborate on instant money transfers

European digital money transfer service, Azimo, said it had established a strategic partnership with the African payments business, Interswitch Group, to further enable instant money transfers from 23 countries in Europe to any customer in Nigeria.

In a statement, the Founder and Chief Executive Officer, Azimo, Michael Kent, said that Nigeria’s population made it Azimo’s biggest market.

He said, “A huge and rapidly growing population, coupled with the explosion of smartphone ownership, means that Africa, and Nigeria in particular, is one of the most exciting fintech markets on the planet.

“We look forward to working with fintech leader, Interswitch, to build new digital low-cost financial services that drive inclusion and transform the financial lives of our customers in both the UK and Africa.”

According to the statement, digital money transfers play a significant role in the growth of Nigeria’s economy.

“Remittances to the nation were worth $22bn in 2017 – the equivalent of 5.6 per cent of Nigeria’s GDP and higher than the country’s oil revenues,” it stated.

It added that by reaching millions of customers in Nigeria, Azimo’s partnership with Interswitch would also help to tackle the problem of financial exclusion in a country where 40 per cent of the population had remained unbanked.

Commenting on the new alliance, Group Managing Director and Chief Executive Officer, Interswitch, Mitchell Elegbe, said, “We formed this partnership with Azimo as they are a global leader in cross-border payments with great tech capability and a strong knowledge of our core markets. This agreement is a key milestone in our common strategy to better serve the Nigerians where ever they are located around the world.”