History of Interswitch

Interswitch is a Nigerian-based company that has played a significant role in the development of electronic payment processing and financial technology in Africa. Here’s a brief history of Interswitch:

Interswitch was founded in 2002 by Mitchell Elegbe in Lagos, Nigeria. The company initially started as a transaction switching and electronic payments processing company. At the time, Nigeria, like many other African countries, was heavily reliant on cash transactions, and there was a need for a more efficient electronic payment system.

In 2003, Interswitch launched its first product, the “Interswitch Payment Gateway,” which allowed banks and financial institutions in Nigeria to process electronic transactions securely. This marked the beginning of the company’s journey into revolutionizing payment systems in Nigeria and beyond.

ATM and Debit Card Services (2006): In 2006, Interswitch introduced its own branded debit card called “Verve.” This move aimed to promote cashless transactions and reduce the reliance on cash in Nigeria. Verve cards became widely accepted across the country, and the company continued to expand its offerings.

Throughout the 2010s, Interswitch expanded its payment processing services beyond Nigeria’s borders. The company ventured into other African markets, establishing itself as a leading payment solutions provider on the continent.

In 2016, Interswitch launched a fintech division known as “Quickteller,” which focused on providing various digital financial services such as bill payments, airtime recharge, and more through mobile and web platforms. Quickteller became a popular platform for Nigerians to carry out everyday financial transactions.

Interswitch continued its expansion across Africa, targeting countries with untapped potential for electronic payment systems and financial technology. The company aimed to bridge the digital divide and promote financial inclusion on the continent.

Over the years, Interswitch has attracted significant investment and partnerships. In 2019, it was reported that the company was valued at over $1 billion, making it one of Africa’s prominent tech unicorns. Partnerships with global payment giants, such as Visa, have further strengthened its position in the industry.

In the lead-up to my knowledge cutoff date in September 2021, there were reports that Interswitch had plans to go public through an initial public offering (IPO). This move was seen as a significant step in the company’s growth and expansion strategy.

Interswitch has been instrumental in transforming the payment landscape in Nigeria and across Africa, driving the adoption of digital payments and fintech services. Its evolution reflects the broader trend of technology-driven financial innovation on the African continent.