Fintech and digital payment solution provider Interswitch Group has announced a new partnership with open API banking solution provider Codebase Technologies (CBT) to bolster digital banking services in Africa.

According to the companies, the partnership will enable financial institutions in East and West Africa with full front-to-back SaaS capabilities.

This will be driven through CBT’s Digibanc SaaS platform and Interswitch’s existing payments and digital banking offering.

A statement released to the media reads, “Digibanc SaaS, hosted by Interswitch, will enable financial institutions in West and East Africa with full front-to-back SaaS capabilities through a rapid and cost effective deployment model, allowing true economies of scale. Working with the Codebase Technologies team, will help Interswitch to broaden its current digital offering, whilst leveraging Interswitch’s brand recognition to increase the reach and visibility of Digibanc SaaS in Africa.”

Jonah Adams, Interswitch’s Divisional CEO for Digital Infrastructure & Managed Services, commented, “Africa is at the forefront of digitisation, with the Fintech market across the continent rapidly evolving. There is also an increasing consumer demand for new, more accessible products and services, and for Interswitch, continuing to innovate and enhance our product propositions is critical. We are excited to partner with Codebase Technologies, bringing with them next-generation technological capabilities and expertise, as we continue our mission to increase access to financial services and drive financial inclusion across Africa.”

Codebase Technologies' Commercial Director and Africa MD, Paul Nilsen, stated: “We look forward to working with Interswitch Group and launching this new, cutting-edge technology that will redefine user-centric, financially inclusive financial services and help spur innovation, economic growth, and increased access. This partnership will capitalise on the Interswitch Group’s in-depth knowledge of the current needs and direction of financial institutions across the Continent, as well as the progress they have made in the banking and financial services space.”