Nigeria’s push towards a more modern financial system received another boost after Interswitch and global banking technology company Temenos deepened their partnership with the Central Bank of Nigeria (CBN) to support core banking upgrades and future digital currency innovation.
The discussions, held during a high-level visit to the CBN headquarters in Abuja, focused on helping banks build stronger technology infrastructure, improve protection against financial crime and prepare for the next generation of digital financial services.
For millions of Nigerians, the conversations go beyond technology. As banks replace ageing systems with more advanced platforms, customers are expected to benefit from faster transactions, improved service reliability, stronger security and digital banking products that better reflect the way people now save, transfer money and make payments.
The visit followed the strategic partnership announced earlier this year between Interswitch and Temenos. According to Brandspur Banking News Desk, the alliance is designed to help financial institutions across Nigeria, Ghana, Côte d’Ivoire and Kenya modernise their operations through cloud-based banking solutions covering core banking, payments, digital banking, wealth management and financial crime mitigation.
Another key issue on the table was the future of Central Bank Digital Currency (CBDC) technology. Both companies discussed opportunities to work with the CBN on solutions that could strengthen Nigeria’s digital currency ecosystem as the country continues to expand electronic payments and financial inclusion.
The delegation was led by Interswitch Group Chief Executive Officer Mitchell Elegbe and Temenos Managing Director for the Middle East and Africa, Santhosh Rao, alongside senior officials from the Central Bank’s Information Technology Department.
Elegbe said the continued engagement reflects a shared determination to build banking infrastructure that is resilient, inclusive and prepared for the next phase of Africa’s financial evolution. He noted that close collaboration between technology providers, regulators and financial institutions will be critical to shaping the future of digital banking across the continent.
The latest engagement underscores the growing role of technology partnerships in reshaping Africa’s financial sector, with regulators and fintech companies increasingly working together to build safer, smarter and more efficient banking systems for businesses and everyday customers alike.
