Technology
Visa Buys Stake in Interswitch to Raise Value to $1bn
By Modupe Gbadeyanka
World leader in digital payments, Visa Incorporated, has invested millions of Dollars in leading technology-driven company in Nigeria, Interswitch Limited to raise the valuation of the valuable African FinTech business to $1 billion.
A statement from Interswitch confirmed that Visa is joining its fold as a minority shareholder, with the transactions, expected to close by Q1 2020, subject to relevant regulatory approvals.
There had been reports that Visa invested about $200 million in Interswitch to take 20 percent controlling stake in the Nigerian firm, but Interswitch, which did not confirm this, said the strategic partnership between both organisations will further advance the digital payments ecosystem across Africa.
However, it noted that Visa will join globally renowned investors, Helios Investment Partners, TA Associates and IFC, as shareholders in Interswitch, alongside company management.
The statement said the deal will create an instant acceptance network across Africa to benefit consumers and merchants and facilitate greater connectivity for communities. Both parties will also retain their respective independent solutions, and Interswitch will retain its scheme neutral strategy.
Founder and CEO of Interswitch, Mr Mitchell Elegbe, stated that, “Sub-Saharan Africa is the fastest growing payments market in the world, with growth driven by a young and dynamic population, rapidly evolving consumer behaviour, and an increasing desire for payment solutions that can be accepted across the continent and abroad. I am delighted that Interswitch has formed a partnership with Visa, with whom we plan to drive the next phase of transformation in the African payments landscape.”
On his part, Regional President of CEMEA at Visa, Mr Andrew Torre, said, “Africa is a priority region for us, and we continually seek strategic partnerships with local players to further strengthen our leadership position and enhance the payments ecosystem across the continent.
“This partnership aligns with our global strategy to work with and invest in innovative partners, and we look forward to working with Interswitch to provide new consumer and merchant experiences and support the rapid growth of digital commerce across Africa.”
Co-founder and Managing Partner of Helios, Mr Babatunde Soyoye, noted that, “A strategic investment by Visa, the world’s leader in digital payments, into Interswitch is a substantial endorsement of the Company’s expertise in African payments.
“As an active investor in leading African payments businesses, we see tremendous opportunities to digitise payments across the continent and have worked closely with Interswitch’s management team to build a high quality and scalable platform geared to address some of these opportunities. We look forward to further collaboration with the Company alongside Visa.”
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 percent of transactions by volume, compared to 54 per cent in Europe and 79 per cent in North America. Sub-Saharan Africa is the fastest-growing digital payments market in the world, with electronic payment volume expected to grow at a CAGR of approximately 35 percent from 2018 to 2023 in the region (excluding South Africa). This progress is expected to be driven by the deepening payments infrastructure, population and urbanisation growth, GDP growth above the global average, increased mobile and internet penetration, as well as a supportive regulatory landscape for electronic payments and financial inclusion.
Interswitch’s core market, Nigeria, is the largest economy in Africa with a rapidly growing electronic payments market. Point of Sale (POS) and ATM transactions per adult grew at a CAGR of 94 percent and 59 percent from 2013 to 2018, respectively.
In Nigeria, there were only 11 card transactions per adult per annum in 2018 compared to 92 in markets like South Africa, 126 in Brazil and 465 in the UK. Despite this market under-penetration, POS card transactions in Nigeria are expected to grow at a CAGR of 63 percent between 2018 and 2023.
In addition to its switching and processing services, Interswitch owns Verve, the largest domestic debit card scheme in Africa with more than 19 million cards activated on its network as of May 2019.
The business also operates Quickteller, a leading multichannel consumer payments platform, driving financial inclusion across Nigeria with over 270,000 access points, as of 2018, from which consumers can initiate peer-to-peer transfers, bill payments, airtime purchases, and other e-commerce transactions, processing over 42 million transactions monthly as of July 31, 2019 (equivalent to over N560 billion ($1.5 billion) through direct, indirect and Paypoint channels).
Interswitch’s unique market capabilities and strong consumer proposition, has enabled it to deliver consecutive years of sustainable profitable growth.
By Aduragbemi Omiyale
Applications for a 12-week AI First hybrid programme, designed for Series A startups based in Africa or building Africa-centric solutions with AI and machine learning, have opened at g.co/acceleratorafrica.
This is an initiative of Google and it reenforces the tech giant’s commitment to accelerating AI-driven scientific and technological breakthroughs across the continent.
The programme, known as the Google for Startups Accelerator Africa, is in its 10th edition in 2026 and it is targeted as AI-driven scientific breakthroughs.
Entries for the cohort began today, Thursday, February 5, 2026, and will close on Wednesday, March 18, 2026, with the hybrid programme starting in April 2026 for 12 weeks.
A statement from the organisers disclosed that participants will benefit from access to Google’s AI expertise and technical resources, alongside mentorship from seasoned AI professionals and invaluable networking opportunities.
Since its inception in 2018, the Google for Startups Accelerator: Africa program has supported 180+ startups from 17 African countries. Collectively, these startups have raised over $350 million in funding and created more than 3,700 direct job opportunities in the region.
“Africa’s tech landscape is seeing a vibrant shift toward deep-tech innovation. For Class 10, we are focusing on the potential of AI to drive health and societal benefits, providing the infrastructure and expertise to turn these startups into the research labs of the continent,” the Head of Startup Ecosystem for Africa, Folarin Aiyegbusi.
By Adedapo Adesanya
Redtech Limited, a Nigerian financial-technology company backed by Nigerian businessman, Mr Tony Elumelu, is considering to raise about $100 million in the next two years to expand its footprints across Africa.
This comes as it announced processing N30 trillion ($20.6 billion) in total transactions over the 2025 financial year, over 100 per cent more than the N12 trillion achieved in 2024, placing the company among the highest-volume processors in Nigeria.
The milestone was driven by strong growth across its payment platform, RedPay – including POS network, merchant collections, and digital payment channels.
According to the firm’s chief executive, Mr Emmanuel Ojo, the milestone marks a decisive shift from capability building to operating at national scale, reflecting sustained trust in Redtech’s infrastructure under high-volume conditions, alongside consistent adoption across sectors.
“This milestone reflects trust from businesses that rely on us to collect and move money at scale, and from partners who expect reliability every single day. We have built Redtech around durability, strong governance, and regularity alignment, so SMEs, enterprises, and regulated clients can grow on our rails without worrying about downtime or friction. With that foundation in place, we are ready to take this approach into more African markets,” he said.
According to a statement, the firm’s transaction volumes have been driven by a mix of SMEs, enterprise customers, and financial institutions across retail, hospitality, insurance, energy, public-sector-linked services, and banking. This highlights Redtech’s ability to support complex transaction flows, including batch processing, reconciliations, and always-on uptime across different sectors.
Redtech plans to expand beyond Nigeria into 29 African countries by January 2027, building towards an Africa-wide payments capability that can support businesses operating across borders, sectors, and payment types.
The company will then consider the Series A funding round, Mr Ojo told Bloomberg.
The startup has so far deployed more than 30,000 point of sale devices and started a payment gateway which helps businesses move money at scale through secure, reliable, and scalable systems that reduce payment failures, downtime, and reconciliation failures while meeting the compliance needs of enterprises and regulated sectors.
By Modupe Gbadeyanka
From Wednesday, January 28 to Friday, January 30, 2026, several experienced and budding innovators were at the inaugural Innovation Product Demo Day put together by one of Africa’s leading integrated payments and digital commerce companies, Interswitch.
The event was organized as a celebration of ingenuity and a catalyst for collaboration, as well as the company’s renewed commitment to building scalable digital solutions and infrastructure that power Africa’s evolving digital economy.
The programme brought together product managers, software engineers, and developers from across the Interswitch ecosystem, alongside student innovators from select tertiary institutions, to spotlight ideas, experiments, and early-stage solutions shaping the company’s next frontier of growth.
They all converged on the Interswitch Innovation Lab Co-Working Space in Lagos. The firm used the occasion to showcase how innovation is built at Interswitch, through structured experimentation, rapid iteration, and cross-functional collaboration.
Over the course of three days, teams unveiled a wide range of working prototypes, new product features, and emerging concepts, engaging in open dialogue that encouraged idea exchange, integration opportunities, and customer-centric problem solving.
The event also featured student innovators from Landmark University and Redeemer’s University, who presented solutions developed through the Interswitch Discovery Series, an initiative designed to nurture future-ready technical talent and strengthen Africa’s innovation pipeline. The students showcased products built from the skills and insights gained through the programme, underscoring Interswitch’s long-term investment in talent development and ecosystem sustainability.
Each presentation opened the floor for robust discussion, with participants offering feedback, asking critical questions, and sharing perspectives on how solutions could be refined, strengthened, and scaled. This collaborative environment reinforced Interswitch’s approach to innovation as a continuous learning process, grounded in execution, accountability, and real-world impact.
“The Interswitch Product Demo Day is more than a showcase. It’s a space where our teams can test ideas, learn from one another, and see the real-world impact of their work. It strengthens collaboration, builds technical capability, and inspires both our people and the wider tech community to keep shaping the future of technology,” the Chief Innovation Officer, Interswitch, Ms Adaobi Igwe-Okerekeocha, said.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn