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Mitchell Elegbe: Celebrating a Visionary Who Transformed Electronic Payments in Nigeria

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Mitchell Elegbe

“Give me my tally number” – This would sound weird to millennials and young adults as the days of ‘tally numbers’ are long gone.

Well, “who is the last person on the queue?” or “your machine has ‘swallowed’ my card”, may sound more familiar as people try to perform electronic payments using Automated Teller Machines (ATM) in the country.

Well, e-payments in Nigeria has arguably taken an innovative turn since one man, Mitchell Elegbe, Founder and Group CEO of Interswitch, took it on himself to champion the vision and a series of strategic interventions over almost 2 decades towards transforming and revolutionizing electronic transactions as we’ve come to know it today.

Interswitch is an Africa-focused integrated digital payments and commerce company that facilitates the electronic circulation of money as well as the exchange of value between individuals and organisations on a timely and consistent basis.

The company envisioned and midwifed by Mitchell, along with a team of young, like-minded pioneers started operations in Nigeria in 2002 as a transaction switching and electronic payments processing company that builds and manages payment infrastructure as well as deliver innovative payment products and transactional services throughout the African continent.

Interswitch Limited, now a pan-African company, provides technology integration, advisory support, transaction processing and payment infrastructure services to governments, banks and corporate organisations and high-net individuals.

Mitch, as he is fondly called, is an Electrical/Electronic Engineering graduate from the University of Benin in Nigeria.

He is an alumnus of the IESE/Wharton/CEIBS Global CEO Programme and he is a Bishop Desmond Tutu fellow of the African Leadership Institute. He had worked as the Group Head for Business Development at Telnet, a fast-growing telecommunications company, and was a Wireline Engineer at Schlumberger.

As a student, Mitch struggled to make ends meet by making a business out of dubbing cassettes he borrowed from friends but an encounter with an ATM seizing his card in Scotland inspired the idea for Interswitch.

One of his ideas as a young engineer working at the telecom firm, Telnet, at the time—modernizing Nigeria’s payment system—grew into Interswitch, which makes life easier for Nigerians of all economic backgrounds to make financial transactions, mostly, cashless.

When he envisioned Interswitch at the turn of the century, the cash that dominated Nigeria’s economy had become worrisome. An example: With banks closing on Friday afternoons, Nigerians withdrew cash to last the entire weekend. This led to crime (robberies) or getting exhausted if more expenses are encountered.

Developing electronic payment in Nigeria required overcoming a strong cultural bias toward cash as Nigerians use cash as a solution to almost any situation including giving cash as gifts at weddings, at burials, at childbirth, and other occasions.

Smartly, Mitchell decided that the best approach is not to eliminate cash but to preach a message that there is a more efficient way to use it.

He also had to overcome skepticism captured in questions such as: ‘How do you run a 24/7 business in a country where power is not constant? In a country where telecom is still very unreliable? When the people you target are predominantly in love with their cash? How do you get the human resources needed for an entirely new area like electronic payment?’ etc.

Mitch knew that electronic payment could be appealing to banks as well as the Nigerian people because transactions are a significant source of banking revenues. He partnered with Accenture to develop a business case and a business plan.

The plan avoided the ‘one-man business’ syndrome but gave ownership to institutions that were needed from a corporate governance point of view to assist in growing the business. Banks owned about 85 per cent of the company, with one or two IT companies to ensure that proper corporate governance was followed.

This close partnership with key players in finance and IT helped Interswitch stay ahead of the competition and to avoid some of the pitfalls of sole ownership.

Even though the company was built on his idea, he began life at Interswitch as an employee with no shareholding. His priority was not ownership of the company, but rather to see out the execution of what he believed was a brilliant idea.

His stellar leadership of the company eventually earned him and his team stakes in the enterprise. With the benefit of hindsight, he is convinced that his decision to forgo ownership of the company at inception was correct and had a significant impact on the company’s stable growth in its early days.

In 2004, Interswitch won a gold medal for innovation at the Computerworld Honors, an international award program which recognizes individuals and organizations whose achievements in ICT have impacted society. Before receiving the award, the company had seven local banks on its network.

Thereafter, the number increased to 13, and the first set of non-banks, including an ATM consortium and Globacom, a mobile telecommunications provider, were added. Today, the company has almost all Nigerian banks and 11,000 ATMs on its network.

Eight years after it was set up, Interswitch’s shareholders decided to tweak the ownership model of the company. With the company valued at over $170 million, a private equity deal was structured and two-thirds of the company was sold to a consortium.

The equity injection bolstered Interswitch’s balance sheet and paved the way for it to begin realizing its ambition for the continent, which was soon reflected by its acquisition of Bankom, Uganda’s leading transaction switching company.

From 2014 to 2019, Nigeria’s fintech scene took in more than $600m in funding, according to a report by McKinsey, the consultancy. In the past three years, fintech investments in Nigeria almost tripled, while in 2019, Nigerian fintech took in one-quarter of all funding raised by African start-ups, the report said, Interswitch was not left out.

As a leader, Mitch fosters creativity at Interswitch and encourages employees to air their views and to pursue ideas and passions not directly tied to their job description. The company also sponsors a “Hackathon” in which its engineers work on a project for 72 hours and showcase to a panel of judges.

Interswitch has a division dedicated to training their staff, as well as third party individuals in their business operations as Mitch believes that by investing in an employee’s professional development, you are showing them that they can build a future in the company.

Interswitch also has profit-sharing policies that are tied to performance and rewards hardworking employees, allowing them to achieve additional earnings if given targets are met.

In recognition of his stellar attributes and his success with Interswitch, Mitch has won several awards including the CNBC/Forbes All African Business Leader (AABLA) for West Africa and Ernst and Young Entrepreneur of the Year Award among others.

He was named a winner in the African Banker Awards 2019 as the African Banker Icon. He was awarded the Transformational Business Award by the African Leadership Network at the 2013 Africa Awards for Entrepreneurship. The award is in recognition of a notable business leader who has created a significant socio-economic impact in Africa by building a business with revenues greater than US$50m.

Undone, Interswitch also wants to expand and introduce the use of electronic payment into sectors like transportation and health services as he believes Fintech is yet to tap into a tenth of what is happening as far as electronic payments are concerned.

Currently, Nigeria’s economy is dominated by the informal sector and the Nigerian government, which is now promoting a cashless economy, estimates that the direct cost of handling, processing, and managing cash exceeds $1.2 billion as at 2012.

Seeing that banks are a major source of funds used for the country’s development, Interswitch also contributes to the country’s development by working with microfinance banks as all of Nigeria’s microfinance banks are now part of the Interswitch network.

Today, Interswitch is demonstrating how electronic payment can work in Nigeria. In time past, you had to travel to a physical bank branch or office and wait in the queue to obtain money or deposit money or pay a bill.

Now, you can do these things, and more, from whatever location, at your comfort, instantly by cell phone, at an ATM, or through a wide network of merchants. You not only reap the benefits in security but also in productivity and time.

Having seized the opportunity to make a difference within the African business space, using technology and human capital development as a springboard, which is what fuelled the vision that has become ‘Interswitch’ today, he strongly believes that leadership creates opportunities not only to articulate a vision for a generation but also to shape what tomorrow will be.

However, Mitchell has somewhat become disenchanted with successive years of policy failure across sectors of governance and policy in Nigeria (and Africa) that hold the greatest propensity to drive socio-economic impact if executed right; although he currently sits within the private sector, he, however, sees an impending evolution of his roles and responsibilities over the next few years, moving into the forefront of championing public-private sector-driven initiatives, evolving into key policy/advisory/consulting roles supporting the government, whilst not ruling out the possibility of getting actively involved in the mainstream of public sector leadership at some point in the future.

If Mitchell made us love the new face of payment in Nigeria, little wonder what he will bring into public sector leadership.

Guess we can only watch out for this man!!!

Kudos Mitch!!

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Collaboration Made Easy Using a Work Management Platform

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Firas Jadalla Genetec

By Firas Jadalla

Effective collaboration between security operators, teams, and other departments is essential for the smooth functioning of any organization. However, as organizations grow in complexity, it becomes increasingly challenging for teams to coordinate. Factors such as staffing shortages, high turnover rates, and outdated collaboration tools exacerbate these challenges.

When staff rely on multiple disconnected tools for dispatch, reporting, and task tracking, operations often become fragmented, leading to delays and gaps in communication. In critical areas like safety and security, these inefficiencies can have serious consequences.

Work management solutions bridge these gaps by managing, tracking, and documenting activities, streamlining processes, and fostering real-time collaboration. Built specifically for security teams, these solutions enhance communication, boosts productivity, and improves overall operational efficiency through workflow automation.

Organizations in Africa and the Middle East operate in high-security environments where seamless collaboration is essential. A robust work management platform enables swift response and coordination across complex operational landscapes.

This growing need for integration is driving more organizations to align their security and IT departments. According to a recent Genetec report, 78% of end users in the META region indicate that these departments now work collaboratively, reflecting a shift toward a more unified security approach.

Overcoming barriers to effective collaboration

Over time, many organizations accumulate a patchwork of databases, spreadsheets, and standalone systems to communicate, create reports, and track activities. Some still rely on outdated paper-and-pen processes, which aren’t only time-consuming but also prone to errors. These disjointed methods hinder information sharing and coordination.A digital work management platform consolidates these fragmented systems, offering teams a unified view of activities accessible on both desktop and mobile devices. To take full advantage of their security system data, security teams need to consider more than a generic work management solution.

An ideal work management solution for security teams should accommodate security activities such as guard tours, patrols, and maintenance inspections. It should also seamlessly integrate with existing security systems. For instance, a video operator should be able to create a work request with an attached camera snapshot and route it to the appropriate team in just a few clicks. To ensure trustworthy audits and reporting, the work management system should be built with strong cybersecurity measures and ensure that data can’t be manipulated after the fact by applying blockchain principles.

Benefits of work management systems

Implementing a work management system can transform security operations in several ways:

  • Improved Communication: Teams gain real-time visibility into task progress, responsibilities, and pending assignments. Updates and alerts can be shared seamlessly to request assistance or provide situational awareness.
  • Enhanced Collaboration: Every team member contributes to shared goals rather than isolated tasks. Custom API integrations can connect with other systems, such as employee apps, further fostering teamwork.
  • Time Savings: Built-in reporting tools automate activity logs and compliance audits, freeing up time for other critical tasks.
  • Operational Efficiency: Routine tasks, incident management, and resource tracking are streamlined. Tasks are assigned to personnel with the appropriate skills, tools, and knowledge, ensuring readiness and precision.
  • Workflow Automation: Automations simplify recurring tasks, such as setting reminders, generating reports, or notifying team leads when new requests are added.
  • Resource Optimization: Features like work ticketing and asset management enable efficient resource allocation and management of internal and external requests.
  • Mobile Support: Field officers benefit from mobile apps that enhance situational awareness, communication, and access to standard operating procedures on the go.

Today, governments in Africa, for instance, are heavily investing in smart security solutions as part of their national digital transformation strategies. A centralized work management platform not only supports these efforts but also helps businesses align with evolving security regulations, ensuring compliance and streamlining reporting processes.

Tips for successful implementation

Every organization has unique workflows, so selecting a customizable work management system is crucial. It’s important to choose a solution that’s customizable and intuitive to minimize the need for extensive training.Integration is another key factor.

A platform that deeply integrates with your existing security ecosystem provides a cohesive view of operations and eliminates the need for manual data transfers or redundant processes.A well-designed work management system can break down silos, empower teams, and boost efficiency. To ensure a successful deployment, adopt a lean and agile approach: start small and gradually incorporate more features as your team becomes comfortable with the platform.

With initiatives like Kenya’s Konza Techno City, Nigeria’s Eko Atlantic City and Abuja Centenary City, organizations are increasingly integrating AI-driven security and IoT-enabled monitoring into their operations. A work management platform with automation capabilities supports these advanced security frameworks.

Firas Jadalla is the regional director for Middle East, Turkey & Africa at Genetec Incorporated

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From Struggle to Stability: How FinTech is Helping Nigerian SMEs Overcome Cash Flow Challenges

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From Struggle to Stability

When Mrs Agbaje started her school in Ibadan twelve years ago, she didn’t envision a tech-enabled future. Her dream was simple—provide affordable, quality education to children in her community. For the most part, she made it work. But as the school grew, a new challenge took root. It wasn’t infrastructure. It wasn’t teacher retention. It was something far more basic: getting paid.

Each new term brings the same pattern. Parents promise to pay fees “by next week.” Some follow through. Many don’t. As the term wears on, Mrs Agbaje finds herself juggling spreadsheets, reminder texts, and awkward conversations in car parks or at school gates. Meanwhile, salaries must be paid, books restocked, diesel bought. More often than not, she dips into personal savings to keep things running.

Her story is common across Nigeria. Small businesses—whether they’re schools, salons, logistics firms, or cooperative groups—are constantly navigating the emotional and financial toll of delayed payments. And it’s not just a matter of inconvenience. A recent study by MacTay Consulting found that Nigerian SMEs wait between 60 to 120 days on average to receive payment for services or products already delivered. That kind of delay is more than a hiccup. It threatens livelihoods. It blocks growth. It’s a silent killer.

For Chuks, who runs a car hire service in Enugu, the issue is tied to his bigger corporate clients. They insist on “net 30” or “net 60” terms—industry-speak for “we’ll pay you in a month or two.” That might be manageable for a large fleet with strong cash reserves, but for someone like Chuks, every week matters. With fuel prices rising and maintenance bills stacking up, he’s often forced to park cars because he doesn’t have the cash to fix them—even when work is lined up.

What links these stories is the reality that small businesses operate in a system where money is constantly in motion but rarely on time. Customers often mean well, but their own financial instability creates a domino effect. And the existing tools to manage payments—handwritten ledgers, POS machines, WhatsApp reminders—were never designed for structure. They’re patched solutions to a systemic problem.

Even digital banking, for all its advancement in Nigeria, hasn’t solved this issue. Many SMEs still operate informally, managing finances through personal bank accounts or apps not tailored to business needs. The result is a messy web of follow-ups, reconciliations, and emotional strain. Business owners become debt collectors, chasing down what they’ve already earned, time and time again.

What’s often missed in conversations about entrepreneurship is just how deeply this problem cuts. Payment delays mean rent can’t be paid on time. It means holding off on hiring a new staff member, or letting go of a part-time assistant. It means saying no to growth opportunities, not because they’re not viable, but because the cash flow isn’t predictable enough to take the risk.

And when you zoom out, the implications are national. Small businesses make up over 90% of enterprises in Nigeria. They contribute nearly half of the country’s GDP and employ a significant portion of the workforce. Yet, their greatest enemy isn’t market competition—it’s irregular income. This is a structural inefficiency that deserves far more attention than it gets.

Slowly, however, change is beginning to show. A quiet revolution is underway—one where technology is stepping in not as a trend, but as a tool for financial stability. More SMEs are beginning to explore digital solutions that streamline payments and reduce friction between businesses and customers.

Among these solutions is PaywithAccount, a new tool launched by Nigerian fintech company OnePipe. Designed specifically for businesses with recurring payments—schools, cooperatives, service providers—it allows them to automate collections directly from customers’ bank accounts. With full consent and transparency, payments can be scheduled, reducing the need for repeated follow-ups or awkward reminders.

For Mrs Agbaje, this has made a significant difference. Parents receive structured payment plans, reminders go out automatically, and debits happen based on prior agreement. She now spends less time tracking who has paid and more time planning curriculum upgrades and engaging with teachers.

The benefit isn’t just financial—it’s emotional. When business owners don’t have to chase payments, they gain time, clarity, and confidence. They can plan ahead, restock inventory, or finally invest in that expansion they’ve put off for years. And for customers, the experience feels more professional, more trustworthy. Everyone wins.

Technology won’t solve every problem for Nigerian SMEs. But smart, well-designed financial tools are starting to remove some of the biggest roadblocks—quietly and effectively. And that’s the point. The best systems aren’t flashy. They work in the background, reducing stress, restoring dignity, and enabling business owners to focus on what truly matters.

For Ope Adeoye, founder of OnePipe, the issue is personal. “Every Nigerian knows someone who runs a business—a cousin, a friend, a neighbour. When they suffer from late payments, it affects whole families and communities. Fixing this isn’t just a business goal—it’s a social one.”

In a country as dynamic and entrepreneurial as Nigeria, the challenge is rarely about lack of ideas. It’s about systems that help those ideas survive. And one of the most overlooked systems is the way money flows—or fails to.

As more SMEs embrace tools that put payment on autopilot, a future of stability—rather than constant survival—starts to feel possible. And in a nation powered by small businesses, that kind of shift could move mountains.

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How AI is Revolutionizing Sales and Business Development for Future Growth

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Olubunmi aina

By Olubunmi Aina

Many experts have highlighted the growing impact of Artificial Intelligence (AI) across the financial industry, and I would like to share my perspective on a key functional area that typically drives business growth and profitability— sales and business development professionals and how AI is impacting their work.

Sales and business development professionals are often regarded as the engine room of an organization, thanks to their eye for business opportunities, ideation and conceptualization, market engagement and penetration expertise.

AI is enabling sales and business development professionals to automate tasks, take meeting notes, analyze data, and personalize customer experiences, all of which are embedded within CRM (Customer Relationship Management) systems. A CRM with an AI tool is what forward-thinking businesses are leveraging to manage leads, customer data, customer interactions, notify and remind professionals to take action when due, drive growth and profitability.

This is why it is crucial for these professionals to invest heavily in AI knowledge to remain globally competitive. This can be achieved through self-study, attending industry events, or consulting with leading technology companies that have embraced AI, such as Interswitch Group, AI In Nigeria, and Revwit.

Most importantly, to maximize the potential of AI, sales and business development professionals must pay close attention to customer interactions. and ensure they collect high-quality data. Feeding the data repository or CRM Systems with valuable insights and data from real customer engagement is key to getting AI to produce near accurate insight for effective results.

AI will continue to be a key driver of business growth and decision-making in the years ahead. If you are yet to embrace it, now is the time. Keep learning!

Olubunmi Aina is the Vice President, Sales and Account Management at  Interswitch Group

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