Interswitch

Interswitch
Private
Industry Technology
Founded 2002
Headquarters Lagos, Nigeria
Key people
 Mitchell Elegbe (Group Managing Director & Chief Executive Officer)[1]
Website www.interswitchng.com

Interswitch is a payment processing company headquartered in Lagos, Nigeria.

History

Interswitch was founded in 2002 by Mitchell Elegbe.[2]

In 2010 two thirds of the company was sold to a consortium led by Helios Investment Partners.[3][1] In 2011 Interswitch took a 60 per cent stake in Bankom in Uganda.[1]

In 2013 Interswitch entered into an agreement for payment processing with Discover Financial Services.[4]

In September 2014 the company acquired a majority shareholding in Paynet Group, an East-African payments provider.[5]

In 2015 Interswitch launched a $10m investment fund for African start-ups in the payments sector.[6]

Operations and subsidiaries

Interswitch uses a ‘switching' infrastructure to connect the different banks in Nigeria and provides technology for ATM cards.[2] The company has 11,000 ATMs on its network.[3]

Interswitch is the owner of Verve, Nigeria’s most used payment card, accounting for 18 million of the 25 million cards in circulation in the country.[2]

Interswitch also owns Quickteller, an online payments platform; Retailpay, a mobile business management platform; and Smartgov, an identity management and e-payment infrastructure for state governments.[7][8][9]

References

  1. 1 2 3 Onu, Emele (11 August 2011). "Nigeria’s Interswitch Plans African Buys After Uganda Deal". Bloomberg. Retrieved 31 March 2015.
  2. 1 2 3 Rice, Xan (18 August 2013). "Boom in plastic money as Nigeria spends, spends, spends". Financial Times. Retrieved 31 March 2015.
  3. 1 2 Idem, Charles (November 2013). "Spreading tentacles across Africa" (PDF). Forbes Africa. Retrieved 22 April 2015.
  4. ↑ "Yours To Discover: How Discover Financial Services Is A Direct Play On The U.S. Recovery". Seeking Alpha. 13 October 2014. Retrieved 22 April 2015.
  5. ↑ Akingbolu, Raheem (22 September 2014). "Interswitch Enters Partnership with Paynet Group". This Day. Retrieved 22 April 2015.
  6. ↑ "E-payment: Interswitch Nigeria launches a specialized investment fund". Jeune Afrique. 26 February 2015. Retrieved 31 March 2015.
  7. ↑ Rice, Xan (15 December 2013). "Nigeria embraces cashless revolution". Financial Times. Retrieved 31 March 2015.
  8. ↑ Akingbolu, Raheem (13 November 2014). "Retailpay as a New Positioning Tool for Interswitch". This Day. Retrieved 22 April 2015.
  9. ↑ Akingbolu, Raheem (15 January 2014). "Interswitch Smartgov to boost Cross River’s revenue". This Day. Retrieved 22 April 2015.
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