Press release
Who is Paylogic, the fintech dominating interoperable national switch market in Africa?
After success in the CEMAC economic zone, PayLogic continues its expansion in Africa. The company has implemented national interoperable payment switches in Eswatini (EPS) and Lesotho (LeSwitch), developed a Treasury payment platform in Madagascar, and recently won a contract for national interoperable payment switch infrastructure in Comoros.Image: https://www.abnewswire.com/upload/2025/01/c169c4d2679d67fe4406c45cdebbace8.jpg
National payment switches have emerged as critical infrastructure for advancing financial inclusion and digital payments in developing economies. These systems enable seamless interoperability between banks, mobile money providers, and other financial institutions, allowing transactions to flow effortlessly across different platforms and providers. By pooling infrastructure and distribution networks, switches significantly reduce transaction costs while expanding access to financial services, particularly in underserved rural areas.
The business impact is substantial-financial institutions can offer a wider range of services and expand their geographical reach without requiring physical presence. From a regulatory perspective, switches implement standardized security measures and strengthen customer protection through centralized oversight. Their socioeconomic impact has been transformative, driving financial inclusion by enabling digital payments, government benefit transfers, and essential financial services for previously unbanked populations.
For example, India's NPCI switch has helped drive dramatic growth in digital transactions, with financial inclusion rates rising from 35% in 2011 to over 80% today. As digital payments continue to evolve, national switches will remain crucial infrastructure for building inclusive financial ecosystems that serve all segments of society.
PayLogic, a leading provider of payment technology solutions, has firmly established itself as a dominant force in Africa's interoperable payment switch landscape. Through strategic collaborations and innovative implementations, the company has significantly enhanced financial inclusion and streamlined payment systems across the continent.
GIMAC Collaboration: Enhancing Regional Interoperability
In partnership with the Interbank Electronic Banking Group of Central Africa (GIMAC), PayLogic implemented a fully interoperable payment switch covering six Central African countries: Cameroon, Gabon, Equatorial Guinea, Congo-Brazzaville, the Central African Republic, and Chad. This initiative integrates 11 telecom operators and 54 banks and payment institutions, facilitating seamless mobile transactions across the region.
Image: https://www.abnewswire.com/upload/2025/01/d3dc029766ff0030b51c2ddf5ee2c051.jpg
This groundbreaking move has added mobile transactions to the common financial services and payment methods in the CEMAC economic zone. Bank cardholders, mobile payment account holders, and users of payment systems can now execute payment transactions and fund transfers within the region at reduced costs, without the need for physical presence or cash handling. The mobile penetration rate in these countries is significantly higher than that of traditional banking, making mobile access crucial for serving the widest possible segment of the population.
National Payment Switches: Eswatini and Lesotho
PayLogic's expertise extends to the successful delivery of national Interoperable payment switches in Eswatini and Lesotho. In Eswatini, the Central Bank launched the Eswatini Payment Switch (EPS), enabling real-time processing of payments and promoting a cash-lite economy. This development is expected to enhance financial inclusion by providing more efficient and accessible payment options for the population.
In Lesotho, PayLogic supported the implementation of the National Interoperable Payment Switch, known as LeSwitch, which modernizes the country's electronic payments infrastructure. This initiative aims to enhance financial inclusion by enabling secure, efficient, and interoperable transactions across various payment channels, including mobile and cards.
Public Treasury in Madagascar
Demonstrating its commitment to financial inclusion, PayLogic provided a comprehensive payment platform for the Malagasy Public Treasury in Madagascar. This implementation aims to revolutionize digital payments and financial processes in Madagascar's public sector, addressing the rapidly evolving technologies and consumer needs in Africa. The new payment software is expected to relieve the burden on Treasury agencies, ensure better transaction traceability, optimize reconciliation processes, and significantly improve financial inclusion rates by reducing fees and simplifying usage for all citizens.
Upcoming Projects: Union of Comoros
Additionally, PayLogic was recently awarded the contract to develop the interoperable digital payment switch in the Union of Comoros. This project aims to revolutionize the nation's payment systems and further extend financial services to its population, contributing to economic growth and development.
Impact on Financial Inclusion
These strategic projects by PayLogic are instrumental in advancing interoperable payment systems across Africa, fostering economic growth, and enhancing access to financial services for millions. By implementing cutting-edge technology solutions, PayLogic is playing a pivotal role in transforming the financial landscape of the continent. The company's efforts align with the broader goal of increasing financial inclusion in Sub-Saharan Africa, where account ownership has more than doubled since 2011, reaching 49 percent of adults.
PayLogic's commitment to innovation and collaboration with regional partners underscores its dedication to empowering individuals and businesses through improved access to financial services, thereby contributing to the overall economic development of Africa.
Contact Information for Nimblox Inc.
For inquiries, collaborations, or media requests, please contact:
* Spokesperson: Nathan Tremblant
* Email: PR@nimbloc.com
* Phone: +1 613 816 9055
* Address: 217, 207 Bell Street, Ottawa, ON K1R 0B9
* Twitter: @Nimblox [https://x.com/NimbloxInc]
* Facebook: facebook.com/NimbloxInc [https://www.facebook.com/profile.php?id=61571476861433&sk=photos]
* LinkedIn: linkedin.com/company/nimblox [https://www.linkedin.com/company/nimblox]
Media Contact
Company Name: Nimblox Inc
Contact Person: Nathan Tremblant
Email:Send Email [https://www.abnewswire.com/email_contact_us.php?pr=who-is-paylogic-the-fintech-dominating-interoperable-national-switch-market-in-africa]
Phone: +1 613 816 9055
Address:217, 207 Bell Street
City: Ottawa
State: ON K1R 0B9
Country: Canada
Website: http://www.nimblox.com
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