The economic effects of COVID-19 might delay Africa’s next big IPO– that of Nigerian fintech unicorn Interswitch
If so, it would not be the first time the Lagos-based payments company’s plans for going public were delayed; the tech world has actually been expecting Interswitch’s stock market debut because 2016.
And Interswitch’s stock market debut– when it occurs– could bring more financier attention and less debate to the area’s start-up scene.
What is Interswitch?
TechCrunch connected to Interswitch on the window for listing, but the company declined to comment. The tech company’s path from startup to IPO aspirant traces back to the vision of founder Mitchell Elegbe, a Nigerian electrical engineering graduate whose whole career has pretty much been Interswitch.
Africa’s tech scene is still fairly young, but it does have a timeline with numerous conclusive points. An early one would be the success of mobile cash in East Africa, with the launch of Safaricom’s M-Pesa in2007 Another is the noteworthy wave of VC-backed startups and founders that introduced around 2010.
Interswitch CEO Mitchell Elegbe (Photo Credits: Interswitch)
With Interswtich, Elegbe pre-dated both by a variety of years, establishing his fintech business back in 2002 to connect Nigeria’s mainly disconnected banking system. The company became a leader of the facilities to digitize Nigeria’s economy.
Interswitch created the very first electronic switch where Nigerian banks might communicate and thereby run ATMs and point of sales operations. The company now provides much of the rails for Nigeria’s electronic banking system.
Interswitch has actually because moved into high-volume personal and organisation finance, with its Verve payment cards and Quickteller payment app. The fintech company (which is now well beyond start-up stage) has actually also shaped a pan-African and worldwide reach with a physical presence in Uganda, Gambia and Kenya, selling its items in 23 African countries. In August 2019, Interswitch launched a collaboration that enables its Vigor cardholders to pay on Discover’s global network.
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