Mr. Mitchell Elegbe, Group Managing Director and Chief Executive Officer, Interswitch Transnational, said: “We are absolutely delighted that four organizations that use our Autopay platform, have won awards at the CBN’s Payment System Awards. The cost of operating a cash-based system goes beyond financials; it also has to do with managing available human resources. The gains of adopting ePayment solutions are enormous and we are glad and encouraged by the growing level of adoption.
“We work with our customers to understand the varying business challenges, and then develop best of breed solutions that would address those challenges while also delivering the overall corporate objectives. So, these awards are a true reflection of our commitment to the success of our customers.
“This achievement would not have been possible without the support of our partner banks who have been strong advocates of our Autopay solution and with whom we will continue to work closely to drive forward the CBN’s cashless policy.”
All four have been recognized by the Central Bank of Nigeria (CBN) for adopting an end-to-end ePayment solution to run their businesses. The awards were given to organizations in recognition of the successful adoption and implementation of ePayment services by the CBN Governor, Mallam Sanusi Lamido Sanusi, CON at the maiden edition of the International Conference on Payment System.
Cross River State won in the State Category as the best state to have adopted end to end epayment solution and Igabi LGA (In Kaduna State) won in the Local Government Area Category. Halogen Security limited; a security company that provides total and integrated security solutions, won in the Small Business Enterprise (SME) category, while the Federal Inland Revenue Service (FIRS), was recognized in the Special Category.
Using Autopay (an end-to-end ePayment solution from Interswitch), the firms have addressed various operational challenges that stem from the use of the conventional cash-based system. Autopay delivers higher operational efficiency by enabling immense savings on costs and time. In addition, human resources are able to focus on core business needs and less of payment processing.
Autopay, used by over 500 leading organizations has been designed to enable organizations initiate, pay and monitor payments electronically. Launched in 2003, Autopay automates payments across multiple banks such as staff salaries, allowances, travel expense, petty cash to vendor and supplier-related expenditure all irrespective of the beneficiary’s bank. It also supports both one off and recurring direct credit transactions.