Interswitch and Visa enter into strategic partnership

  • Visa to acquire a significant
    minority equity stake in Interswitch
  • Partnership expected to expand
    the digital payments ecosystem across Africa, the world’s most underpenetrated
    market
  • Interswitch and Visa share a
    vision to drive financial inclusion across the African continent

Interswitch Limited (“Interswitch” or the
“Company”), a leading technology-driven company focused on the digitisation of
payments in Nigeria and other countries in Africa, and Visa Inc. (“Visa”), the
world leader in digital payments, today announced a strategic partnership that
will further advance the digital payments ecosystem across Africa.

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As part of the agreement, Visa will acquire
a significant minority equity stake in Interswitch. The investment makes Interswitch
one of the most valuable African FinTech businesses with a valuation of US$1
billion. Visa will join globally renowned investors, Helios Investment Partners,
TA Associates and IFC, as shareholders in Interswitch, alongside Company
management.

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Founded in 2002, Interswitch disrupted the
traditional cash-based payments value chain in Nigeria by introducing
electronic payments processing and switching services. Today, Interswitch is a leading player in
Nigeria’s developing financial ecosystem with omni-channel capabilities across
the payments value chain, processing over 500 million
transactions per month in May 2019.

In 2018, electronic payments in Africa
accounted for only 12 per cent of transactions by volume, compared to 54 per
cent in Europe and 79 per cent in North America. Sub-Saharan …read more

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Source:: MediaCraft

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