Interswitch Targets More African Markets

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By Ojo Maduekwe

Nigeria’s integrated payment and transaction processing company, Interswitch, has said that it intends to extend its presence into more African countries in the years ahead.

Chief Executive Officer of the company, Mr. Mitchell Elegbe, made this known during a recent outing in Lagos to mark its 10th Anniversary.  He said Interswitch is the first Nigerian company to provide technology integration, advisory services, transaction processing and payment infrastructure to government, banks and corporate organisations.

“We are a Nigerian financial services powerhouse, and with over 70 per cent of government and 90 per cent of private companies that rely on us for their monetary transactions, the company looks poised to venture into other African countries”, he said.

He added, “Interswitch, through its Super Switch,  provides online, real-time transaction switching that enable businesses and individuals have access to their funds across the 20 banks in Nigeria and across a variety of payment channels such as Automated Teller Machines (ATMS), Point of Sale (PoS) terminals, Mobile Phones, Kiosks, Web and Bank Branches.”

He stated that, courtesy of the company, there are over 12,000 Point of Sale locations, 400 online merchants, and over 10,000 ATMs throughout the country, adding that there are several other individuals that make use of Interswitch products and services.

“This level of success in offering world-class financial automated payment products and services is what the company wants to reproduce on the African continent”, he added.

According to Elegbe, “Interswitch’s presence is now in Uganda, and we’re making progress at partnering the Central Bank of The Gambia.”

While the company looks at capturing new African markets, already, the Director Payment Solutions, Charles Ifedi, has been appointed to oversee Verve International Limited, a subsidiary of the company, in accordance with a recent CBN directive.

He said Interswitch, which began with a capital of N200 million, is now valued at over N30 billion, “And this is from a pioneer staff of only 9 persons, that has increased to over 200 employees.”