Interswitch, Providus Bank Launch Tokenisation Solution

Nume Ekeghe

As part of efforts to foster a safer, more inclusive payments ecosystem, Interswitch, in collaboration with Providus Bank, has emphasised the need for heightened focus on security in the payments ecosystem by launching a tokenisation solution.

This submission was made at the official unveiling of the tokenization solution jointly developed by Interswitch, Providus Bank, Mastercard, and Thales, where industry experts also gathered to discuss current and future trends in the payments space.

In his opening remarks, Managing Director, Digital Infrastructure and Managed Services, Interswitch Group, Mr. Jonah Adams, explained that the collaboration that birthed the tokenization was crucial, as it opened up realms of possibilities in the payments ecosystem, not only within Nigeria but in Africa as a whole.

He noted that the tokenisation solution was a first-of-its-kind solution in West Africa and the sub-Saharan region, with everyday transactions happening at the speed of thought, and posited that it would transform the payment space and merchant acquiring space.

 Speaking during the panel session on the need for timely solutions such as tokenization, Group Head, Business Development, Interswitch Purepay, Babatunde Okufi, also emphasised the need for fintechs and financial institutions to design more innovative and intuitive solutions that keep the funds and data of end users safe.

 Divisional Head, eBusiness, Providus Bank, Frank Atat, who was also a panelist, proffered that partnerships between key stakeholders remain crucial in helping to improve payment convenience and reduce cyber threats through the deployment of cyber tools.