Interswitch Could Become First Billion-Dollar Tech Company In Africa

Sources have confirmed that Nigerian digital payments company, Interswitch, will likely go public on the London Stock Exchange (LSE) in 2016.

Founded in 2002, Interswitch’s product platforms process the bulk of the country’s growing volume in electronic bank, government, and corporate financial transactions. In personal finance, 32 million consumers use the company’s Verve chip and PIN cards, while its Quickteller digital payment app processed $2.4 billion in transactions.

According to TechCrunch, Interswitch CEO and founder Mitchell Elegbe confirmed, “a dual-listing on the London and Lagos stock exchange is an option on the table. But “It’s not the only one,” he explained, “to facilitate potential exits” by the company’s private equity investors. “We are also looking at a possible trade sale,” Elegbe said

Interswitch continues to build digital finance market share in Nigeria and broader Africa. It operates in five African countries and recently launched its Verve payments product on Safaricom’s home turf after acquiring Kenya’s Paynet. Interswitch CEO Elegbe said a possible IPO would also support the company’s plans to expand into additional African countries.