Premier electronic payment (e-payment) solution provider, Interswitch Limited, has accelerated the deployment of chip and PIN migration of the nation’s Automated Teller Machines (ATM) with Gemalto’s Dexxis Instant Issuance solution.
This was in line with the recent directive issued by the Central Bank of Nigeria (CBN).
Gemalto is the world leader in digital security. Chip and PIN migration is on the rise in the country and Interswitch member banks are expected to replace over 30 million magnetic stripe cards in the next few years.
Chief Executive Officer (CEO), Interswitch, Mr. Mitchell Elegbe said, Gemalto solution would enable member banks to carry out on-the-spot personalization and delivery of chip cards to their customers, directly at their branches.
“With Dexxis Instant Issuance, banking customers leave the branch with their cards in hand and start using it immediately, compared to an average two weeks timeline with conventional issuance,” he said, stressing that all the cards delivered are actually used, making the investment fully productive for all stakeholders.
As part of the contract, he explained that Gemalto supplies the software that allows Interswitch to offer the instant issuance service to its members, in addition to enabling Interswitch to provide member banks with a turnkey solution.
“We are very pleased with the continued business partnership we have established with Gemalto. Gemalto has been assisting us in our transition to chip-and-PIN cards right from the start and Dexxis Instant Issuance will be a valuable asset to boost our migration project,” Elegbe declared, adding that this serves as Gemalto’s 100th installation of a Dexxis personalization solution.
Executive Vice-President for Secure Transactions Business Unit at Gemalto, Mr. Philippe Cambriel, said, they were proud to achieve this milestone with Interswitch.
“Bolstered by our experience in personalization solutions across the world, we have been able to install and qualify the entire solution in just two months, enabling Interswitch to offer the instant issuance service to its member banks in record time. Instant issuance, close to consumers in the regions, will clearly contribute to speeding up chip migration in,” Cambriel said.
In a related development, member banks on Interswitch platform have issued over six million Verve chip & PIN cards within three months of its introduction to their customers.
Unlike the initial magstripe debt cards which took several years for its adoption by card users, the adoption of Verve chip and PIN card was faster, experts said.
On the fast adoption of Verve, Managing Director of Interswitch, Mr. Mitchell Elegbe said it has given the company the courage to do more with Verve. “We have over 6 million Verve card holders presently. We only started the roll out three months ago.
And we are ready to achieve more. If you look at it very well Verve is on its way”.
He attributed this to the right timing and card users’ quest for a secure platform, stressing that this was because of different cases of reported card frauds in the industry.
“Verve is a secure chip card and there is a need to move to a more secure card. And that is what we have done. Card users are concerned about the security of their cards. Banks are also concerned. What Verve has done is to satisfy both parties. That is basically what is driving the adoption of Verve” he said.
Globally, issue of card security has been of major concern, and that was what prompted the CBN to order the banks to upgrade the existing 26 million magstripe debt cards to the more secure chip and PIN platform, which is what Verve offers.
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