- Website: www.interswitchgroup.com
- Industry: Technology
- Country of operations: Nigeria
On the money
If you make an electronic payment in Nigeria, there’s a decent chance it will involve Interswitch. The company has built up a nationwide multi-channel payment network, while its Verve chip-and-pin payment card is the country’s second largest card scheme.
“We believe in a world where technology is seamlessly integrated in our lives, facilitating transactions in a clear, convenient and intuitive manner,” says CEP Mitchell Elegbe. “Our mission statement is to create social, environmental and economic value across Africa by securely enabling the electronic circulation of money on a timely and continuous basis.”
“We believe in a world where technology is seamlessly integrated in our lives”
It’s an approach that has seen the Lagos-based company become one of Africa’s fastest-growing payment services providers. The firm’s services cover all consumer channels and it has also developed payment solutions for a range of industries and for government institutions. “These platforms are used by most state governments in Nigeria, promoting transparency and efficiency for the collection of internally generated revenue and taxes,” says Mitchell.
Interswitch has been quick to recognise that a number of major socio-economic trends – such as the growth of digital commerce and pan-African trade, alongside rising levels of financial inclusion – are contributing to a greater need for effective payments services.
- 2020 - The year by which Interswitch aims to have a pan-African payment processing service
To help it take advantage of such trends, Interswitch has drawn up an ambitious growth strategy. “We have a clearly defined roadmap for regional processing centres in West Africa, East Africa and in the Central Africa region,” says Mitchell. “We will also seek to develop strategic partnerships in northern and southern Africa to enable us to deliver seamless transaction switching and payment processing services across Africa by 2020.”