Interswitch: The Africa-Oriented, Technology-Driven Payments Ecosystem

Interswitch is a prominent African fintech company that specialises in the provision of electronic transaction switching and payment processing solutions. It has become one of the largest fintech companies in Africa, with a presence in over 23 African countries and over 11,000 ATMs on its network. Founded in 2002, Interswitch aims to connect financial institutions, businesses, and consumers across Africa, facilitating seamless and secure electronic transactions.

Headquarters: Lagos, Nigeria

Founder: Mitchell Elegbe

Industry: Fintech, Financial Services, Payments

What They Offer

Payment Gateway: Interswitch has a payment gateway that supports various payment methods, including debit and credit cards, mobile money, and bank transfers.
Quickteller: A consumer-focused platform that allows users to make payments, send and receive money, and purchase airtime, among other services.
Verve Card: A widely accepted payment card (debit, credit, and prepaid) that operates across Nigeria and other African countries.
Interswitch Smartgov: A suite of solutions for government agencies to streamline revenue collection, automate processes, and improve transparency.
Interswitch Lending Services: A platform that offers loans and credit services to individuals and businesses.

Big Wins

In 2019, Interswitch became Africa’s second unicorn after a minority investment from Visa valued the company at $1 billion. In 2022, the company secured a $110 million investment from Tana Africa Capital and LeapFrog Investments, and aims to scale its services across Africa and promote financial inclusion. In March 2023, Interswitch processed 1.2 billion transactions, a new record for the company.

Competitors

Paystack, Flutterwave, Paga, and other payment service providers in the African market.

News

Interswitch Partners Credit Bank of Kenya, IFAD to Deepen Remittance

Elegbe, Interswitch boss, bags EY Entrepreneur of the Year Award

Interswitch Reaches A Milestone of 1.2bn Transaction Volume Per Month

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Naqsh Haque

Naqsh Haque is an accomplished content strategist and digital editor with a talent for marketing and innovation. She has experience working in diverse sectors including public policy, global health, and publishing.

Managing Editor