Interswitch is Set To Become The First Billion-Dollar Internet Company In Nigeria

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Visa is reportedly paying $200m (₦72,400,000,000) for the acquisition of 20% stake in Nigeria’s Interswitch, hence posing a boost in the net value of the internet company

The Nigeria-based payment platform- Interswitch is expected to list its IPO on the London Stock Exchange sometimes next year, and just ahead of that, it is receiving a payment of $200 million from the payment group, Visa.

According to Sky News who reported the story, bothe Interswitch and Visa are in talks, and will officially state in full details everything about the share acquisition, and how it stands to be of benefit for both companies.

“The deal will see Visa becoming a cornerstone investor in the Nigerian-headquartered company ahead of a prospective initial public offering in London during the first half of 2020,” Sky News reported.

Meanwhile, Interswitch remains one of the largest electronic payment and infrastructure companies in Africa– owning several point-of-sale terminals, online consumer payment platforms and its own card, Verve which has over 19 million cards active on its network. If successful, the new investment by Visa will boost the company’s net evaluation, and at that, likely to become the first billion-dollar internet company in Nigeria.

Beyond financial benefits, the investment by the payment group is also expected to facilitate a strategic partnership to target the fast-growing African digital payment market.

About Interswitch

Founded in 2002 by Mitchell Elegbe, Interswitch is a payment processing company with backings by a group of Nigeria banks. Headquartered in Lagos, Interswitch is Nigeria’s biggest electronic payments company, and it has grown to become one of the largest in Africa, with an established presence in over 23 countries.

 

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