Is Interswitch Still Relevant in 2025? An Honest Review
By Bola Akinwumi
Let me just say this upfront: if you’ve lived in Nigeria long enough, you’ve probably used Interswitch without even realizing it. Whether you’ve paid for electricity tokens, bought airtime, or swiped your ATM card at a POS terminal, Interswitch has likely been in the background making it all happen. They’ve been around since 2002, and for a company to stay relevant in Nigeria’s chaotic business environment for over two decades, you know they must be doing something right. But how good is Interswitch, really? Does it truly live up to its reputation as a pioneer in Nigeria’s fintech space, or is it just coasting on its name at this point? Let me break it down for you.
What Exactly Is Interswitch?
Interswitch is like that uncle who’s been in the tech industry since forever. They’re one of Nigeria’s first fintech companies, and they essentially laid the foundation for digital payments in the country. They started with a focus on switching and processing transactions between banks, and over the years, they’ve expanded into a one-stop shop for all things payments. They’ve got everything: Quickteller for online payments, Verve cards for ATM and POS transactions, and Paydirect for government and corporate payments. It’s like they’re everywhere.
But here’s the thing: being everywhere doesn’t always mean being the best at everything. For me, Interswitch feels like the “jack of all trades, master of none” type of company. Yes, they’ve got a lot of products, but not all of them are as polished or user-friendly as they should be. Let me explain.
The Good Side: Why Interswitch Deserves Its Flowers
First of all, let’s give credit where credit is due: Interswitch revolutionized the way Nigerians handle money. Before they came along, transferring money or paying bills was a whole project. You’d have to go to the bank, fill out forms, and wait for hours. But Interswitch made it possible to do these things with just a few clicks or taps. That alone is a big deal.
I personally use Quickteller a lot. If you’re paying NEPA bills or sending money to someone, Quickteller makes it super easy. The platform is relatively fast, and I like how you can pay for almost anything—cable TV subscriptions, flights, exam registration fees—you name it. It’s like your one-stop shop for payments. And if you’re a business owner, their Paydirect service is a lifesaver. It allows companies to collect payments directly from customers in a seamless way. I know a friend who uses it for her event planning business, and she swears it’s made her life easier.
Then there’s the Verve card, one of Interswitch’s flagship products. It’s a local alternative to international cards like Visa and Mastercard, and it works well for most transactions within Nigeria. What I like about Verve is that it’s widely accepted. From ATMs to POS machines to online stores, you’ll rarely run into issues using it. And because it’s a Nigerian product, the fees are generally lower compared to foreign cards.
One more thing: Interswitch has done a decent job of building infrastructure that powers the financial ecosystem. They process millions of transactions daily, and for the most part, they do it efficiently. Without them, a lot of the things we take for granted—like transferring money between banks—wouldn’t be possible.
The Not-So-Good Side: Where Interswitch Drops the Ball
Now, let’s talk about the problems. First off, their customer service is a headache. If you’ve ever needed help with a failed transaction, you know exactly what I’m talking about. It’s like they’ve trained their support team to frustrate you into giving up. I once had an issue where I was double-charged for an electricity payment on Quickteller. I sent emails, called their helpline, and even tweeted at them, but it took almost two weeks to get my refund. Two weeks! In this day and age, that’s unacceptable.
Then there’s the issue of failed transactions. Let me be real with you: Interswitch’s platforms aren’t the most reliable. I can’t count how many times I’ve tried to make a payment on Quickteller, only to get an error message. And don’t even get me started on their POS terminals. Sometimes, they just won’t connect, and you’re left standing there awkwardly while the cashier gives you side-eye. It’s embarrassing.
Speaking of their products, I feel like some of them are stuck in the past. Quickteller, for example, looks outdated compared to newer platforms like Flutterwave and Paystack. The user interface feels clunky, and it’s not as intuitive as it should be. I’ve also noticed that their mobile app can be slow and buggy at times. For a company that’s been around this long, you’d expect better.
And let’s not ignore the competition. These days, there are so many fintech companies in Nigeria offering similar services—Flutterwave, Paystack, Opay, you name it. These newer players are more innovative and customer-focused, which makes Interswitch look like the tired old player at the party. For instance, Paystack’s dashboard is way more user-friendly than anything Interswitch has to offer. And Flutterwave’s international payment options blow Interswitch out of the water.
Interswitch vs. the New Kids on the Block
Now, this is where things get interesting. Interswitch might have been the pioneer, but the industry has evolved, and their competitors are bringing fresh ideas to the table. For example, Flutterwave offers a more seamless experience for businesses handling international payments. Meanwhile, Paystack is killing it with its easy-to-use APIs and transparent pricing model. These companies are eating into Interswitch’s market share because they’re more agile and customer-focused.
That said, Interswitch still has an edge in one area: scale. They’re big. Like, really big. Because they’ve been around for so long, they have partnerships with almost every bank in Nigeria, and their infrastructure is deeply embedded in the financial system. This gives them a level of reliability and reach that newer companies can’t match—at least not yet.
Is Interswitch Still Worth It?
So, where does that leave us? Is Interswitch still worth using in 2025? Honestly, it depends on what you need. If you’re looking for a reliable backbone for large-scale financial operations, Interswitch is still one of the best options out there. They’ve got the experience, the infrastructure, and the network to handle big transactions without breaking a sweat.
But if you’re a small business owner or an individual looking for a user-friendly platform, you might want to explore other options. Companies like Flutterwave and Paystack are more innovative, and they’re better at meeting the needs of modern users. Plus, their customer service is way better than what you’ll get from Interswitch.
For me, Interswitch is like that old Nokia phone we all used to have back in the day. It was reliable and got the job done, but now there are smartphones that do so much more. Interswitch needs to step up its game if it wants to stay relevant in a market that’s becoming more competitive by the day.
What’s Your Take?
That’s my honest opinion about Interswitch. It’s a company with a rich history and a strong foundation, but it’s starting to show its age. Have you used any of their services recently? What was your experience like? I’d love to hear your thoughts—drop a comment and let’s keep the conversation going!