Are you looking for a reliable payment processor for your business? You are in the right place because this post explores two excellent options for Nigerians. eTranzact and Interswitch are leading platforms with various services, including transactions, airtime top-up, and customer support.
This article compares their security measures, transaction processing, integration processes, customer support, and pricing. Ultimately, you’ll understand which payment processor meets your business needs.
What is eTranzact?
eTranzact is a Nigeria-based fintech company that processes all kinds of electronic payments within the country. It offers various financial services, from online transfers to remittances and bill payments.
This entity partners with many Fintech platforms and banks like UBA and GTBank, ensuring seamless and fast transactions for users, financial institutions, and businesses.
What’s Interswitch?
Interswitch is a popular payment-processing company that provides fast and secure payment-processing services.
Founded in 2002, Interswitch is a go-to platform for big firms, top organizations, and established entrepreneurs in Nigeria and beyond.
Like eTranzact, Interswitch partners with other famous brands in Africa for better banking and trading experience all over the continent.
History and customer base
eTranzact history
eTranzact was founded in September 2003 by Valentine Obi, a passionate young Nigerian. Since its inception, the award-winning payment processing company has completed numerous transactions.
While there is no specific number, it has a large customer base in five countries. These include Nigeria, Ghana, Kenya, Zimbabwe, Côte d’Ivoire, and the UK.
Interswitch history
Founded in 2002 by Mitchell Elegbe, Interswitch is one of the pioneers of the rapid-growing Internet banking in Africa. A few months after its inauguration, the company launched Interswitch Payment Gateway — a perfect alternative to the rampant cash transfer in Nigeria at the time.
Interestingly, the one-nation brand has developed into an international platform, providing payment processing services to over 185 countries globally. In essence, Interswitch has a larger customer base and more supported countries than eTranzact.
Products and services
As switching and transaction processing institutions, eTranzact and Interswitch fast-track payments and transactions through their secured switching technology and services.
eTranzact Products and services
Below are the services rendered by eTranzact:
- Point of Sale (POS): eTranzact lets you withdraw money from your bank account through its POS machines. Visit any eTranzact agent near you and withdraw the amount you need. Apart from withdrawing money through this service, you can become an eTranzact agent as a side hustle.
- Bankit: eTranzact partners with Bankit so users can settle their bills via their Bankit wallet. Access your BankIt account through eTranzact and complete any transaction.
- Payoutlet/ Payoutlet.Net: This is another product supported by the eTranzact company. With this product, you can pay fees, purchase airtime, and transfer money directly from your Payoutlet account.
- Pocketmoni: Like Bankit, this partnership allows users to pay bills or transfer money through their Pocketmoni wallet.
- Remittances: eTranzact facilitates domestic and international money transfers through the products or partnerships above. However, you must grant eTranzact access to all the third-party accounts before transactions can be completed.
Interswitch Products and services
Here are some services and products provided by Interswitch
- Remittance: Here is the main service offered by Interswitch. It receives, monitors, and directs every payment to the right channel. With this service, businesses and employees can receive payments from their clients from 185 supported countries.
- Verve Card: Though Verve is a famous payment card in Nigeria, only a few Nigerians know it’s one of Interswitch’s subsidiaries. Interestingly, different platforms support the Verve card, making it one of the most effective payment cards in the world.
- Quickteller: Quickteller is another service offered by the payment processing company. What began as a Telecommunication airtime vendor is now a secured platform where users purchase airtime, pay TV cable subscriptions, and transfer funds.
Reliability and security
The rapid growth of digital banking in Nigeria and Africa at large has led to more online fraudsters in recent years. Therefore, the security of funds and personal information is a major factor to consider.
eTranzact reliability and security
eTranzact has put in place different security measures to protect users’ data and funds. The entity has ISO certification and follows the maximum security standards endorsed by the Central Bank of Nigeria.
Although the company was alleged to be involved in a money laundering scandal with the NNPC in 2018, the authorities acted swiftly to put the issue to sleep by fortifying their internal controls and replacing some key executives. Aside from the scandal, eTranzact has been a reliable platform for Nigerian business moguls, organizations, and financial institutions.
Interswitch reliability and security
Unlike eTranzact, Interswitch hasn’t experienced any scandal or incident that could tarnish its image and reputation. In its 23 years of operation, Interswitch has overseen more than 50 million payments without any issues or errors. Also, this entity is verified and approved by the Central Bank of Nigeria and other necessary bodies.
Supported payment outlets and charges
Interswitch and eTranzact support multiple payment outlets, including POS, mobile phone, Web, automated teller machines, and bank branches. In terms of fees, Interswitch charges N100, N50, N25, or N10 (plus 7.5% VAT), depending on the amount. Unfortunately, we couldn’t get accurate figures for eTranzact.
Customers care
A customer support system can’t be overemphasized as it determines how and when a problem will be solved. eTranzact has designated accounts where it attends to customers’ plights on Facebook, X, and Instagram. A live chat feature is available on its website where visitors and customers can find answers to common issues.
Meanwhile, Interswitch has active verified social media accounts for customers. You can reach them via “InterswitchGroup” on all social media platforms.
Both entities offer readily accessible and available customer services to users.
Wrapping Up
The question of which payment processor is more reliable cannot be answered directly because both companies are doing exceptionally well in the financial technology industry. Interswitch has a broader presence in Nigeria and West Africa and is popular for its prominent and efficient product — Quickteller. eTranzact, on the other hand, is often a go-to for individuals, small businesses, and even large corporations for its multi-channel payment platform.
Sources
https://medium.com/@samuelchima/history-of-interswitch-8e4fa4a1c6fc
https://nairametrics.com/2019/09/30/about-etranzact-plc/
https://en.wikipedia.org/wiki/Interswitch
https://www.interswitchgroup.com/about-us
