September 29, 2020 All Things Fintech in Africa

Top 10 Interesting facts about Interswitch Nigeria

Top 10 Interesting facts about Interswitch Nigeria

Today many payment processing companies exist, but Interswitch Nigeria has made an incredible impact during its 17 years of existence. Here are some of the most amazing reasons why Interswitch continues to be the biggest and fastest growing tech company in Africa.


1. For Africans

Interswitch is owned by Africans and solely focuses on the interests of Africans. They provide payment portals for just about any kind transaction including bill payments, POS withdrawals, airtime and all kinds of funds transfer.  Interswitch Nigeria is the leading pioneer of Nigeria’s cashless policy.


2. Founded by a genius

Mitchell Elegbe founded Interswitch in 2002. But today the company has a wide range of partners, acquisitions and mergers.


3. Geared to grow

Interswitch was the first West African company to reach level 3 rating of the CMMI framework. The Capability Maturity Model (CMMI) is a framework that offers organizations the essential attributes that push towards all-around exceptional performance.


4. A holy grail of e-commerce

Interswitch crafted the first central transaction switch in Nigeria. This means they crafted the core financial infrastructure that enables financial information exchange across electronic networks.


5. Initiators

Interswitch owns Verve which is Nigeria’s first and most used payment card. However, verve was launched in Kenya and presently holds the spotlight as there are over 18 million verve cards out of 25 million debit cards circulating in Nigeria.


6. Variety and Spice

Interswitch also owns VANSO (mobile banking, SMS and security), Selcom ( mobile tech for banks), Retailpay (mobile business management platform), Smartgov (e-platform for state governments) and Quickteller( online payment platform). Interswitch Nigeria provides a wide range of financial solutions that cut across the government, banking and even the oil & gas sector.


7. Empowers SMES  

Interswitch Nigeria now has a lending platform called Interswitch lending services. The digital payment pioneer is working in partnership with six banks and three startups to proffer short term micro-loans with ease to Nigerians.


8. Connects the economy

Interswitch Tax, a financial concept still very much in its infancy will help the Nigerian banking sector create an organized outlook of businesses and place a tax on commodities efficiently.

9. Invigorates the young mind

In 2018, Interswitch created its SPAK National Science competition. A platform that rewards excellence in technology, mathematics, engineering and science at the foundational levels.


10. Still geared towards more growth

Because the supply chain financing module is dynamically changing in the world, Interswitch is at the leading position especially here in Africa. In partnership with Microsoft Corporation, Interswitch announced the launch of its blockchain-based supply chain financing service in 2018. This platform will help small businesses finance and execute supply contracts seamlessly.

The bottom line

Interswitch is not just fast-growing but far-reaching. There’s almost no financial problem in Africa that they do not have a solution in the works for it. This is why they continue to remain leaders in not just in the private financial sector, but as pioneers in technological and digital commerce operations across  Nigeria and Africa.


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