Interswitch Profile – About, Employees, Net Worth, Founders, And All You Need To Know.
Introduction
Interswitch is a payment processing company in Nigeria. It is known for the services they offer to banks in Nigeria. They have been in existence for a while and have shaped the financial technology and payment processing sector for good. It is also worthy to note that some brains behind major financial technology companies like TeamApt, were previous staff of Interswitch.
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About
Interswitch company was established in the year 2002 by Mitchell Elegbe. He studied Electrical and Electronics Engineering at the University of Benin. He is also an alumnus of the IESE/Wharton/CEIBS Global CEO Program. He was employed by Telnet, a telecommunications company in Nigeria.
The idea for Interswitch came to him after his first encounter with an Automated Teller Machine in Scotland. There was no Automated Teller Machine in Nigeria at that point. The machine seized his card and he began to think up ideas to create a system that will enable electronic payments in Nigeria.
He shared the idea of the transaction switch to his boss at Telnet after he returned to Nigeria. He was authorized to execute it, but unfortunately, the process did not go according to plan. He began by selling the software for switching but most people he sold to were not interested and this led him to create Interswitch to meet his targets.
With the aid gotten from Accenture, Mitchell Elegbe and his team were able to establish Interswitch. Interswitch was thus created four years after his National Youth Service Program (NYSC).
Interswitch Limited has been in operation as an integrated payment and transaction processing company. The company also provides services like technology integration, advisory support, digital payments, financial inclusion, payment infrastructure services, and a host of other services. Interswitch is not only limited to Nigeria, as they also serve customers in Africa.
Location
Interswitch Limited Company has its headquarters in Lagos and has two other offices located in different cities in Nigeria.
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Headquarters is located at 1648C Oko Awo St, Victoria Island, Lagos State Nigeria.
The Abuja office is located at Churchgate Tower, 473 Constitution Ave, Central, Abuja, Nigeria.
Employees
Interswitch Company Limited has about a thousand and fifty staff under its employees across its branches.
Salaries
The average salary at Interswitch Limited Company is about two hundred and forty-four thousand Naira. (#244,000) per month.
An application developer earns Seventy-nine thousand Naira (#79,000) per month.
A Computer Analyst earns One hundred and five thousand Naira (#105,000) per month.
A Corporate Sales Executive earns Three hundred eighty-one thousand Naira (#381,000) per month.
A Database Administrator earns about Two hundred and sixty-three thousand Naira (#369,000) per month.
Executives
Some key executives in Interswitch Limited Company include
- Mitchell Elegbe – Chief Executive Officer and Founder
- Kenneth Aphunezi Olisa – Chairman
- John Maguire- Chief Financial Officer
- Babafemi Ogungbamila- Chief Information Officer
- Vincent Ogbunude- Chief, Business Incubation
- Oremeyi Akah- Chief Core Operations Officer
- Cherry Eromosele- Chief Product and Marketing Officer
- Tolulope Agiri- Chief Human Resources Officer
- Chinyere Don-Okhuofu – Chief Executive Officer of Networks
- Titiola Shogaolu – Chief Executive Officer of Interswitch Financial Inclusion Services
- Chinomso Victoria Nwachukwu – Controller.
- Gbenga Haastrup- General Counsel and Chief Compliance Officer
- Wale Olayisade- Chief, Group Service Delivery
- Griffith Ehebha- Chief Risk Officer
- Francis Chukwunyem- Chief Software Architect
- Ndifreke Nkose- Chief Strategy Officer
- Stephen Farry- Group Head, Corporate Finance.
- Romana Rajpout- Country General Manager, Interswitch Kenya
- Peter Kawumi- Country General Manager, Interswitch Uganda.
Other executives and board members include
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- Kenneth Aphunezi Olisa of Interswitch Limited
- Babatunde Temitope Soyoye of Helios Investment Partners LLP
- Naveen Wadhera of TA Associates Management LP
- Alykhan Nathoo Helios Investment Partners LLP
- Max Cancre of TA Associates Management LP.
Net worth
Interswitch Limited Company is estimated to be worth about one billion dollars ($1,000,000,000). They have received about Ten million, five hundred dollars in an entire funding round. The investors in Interswitch include Visa, TA Associates, Helios Investment Partners, Adlevo Capital Partners.
Competitors
Interswitch Limited Company is not without its competition. Some of their top competitors include Harland Clarke, PassKit, Playrix, and Chase Merchant Services.
Services provided
Verve was founded in 2009, as a subsidiary of Interswitch Limited. It became an autonomous business entity in the year 2013.
Verve offers ATM cards and card products in Nigeria. They were reported to have “over 20 million cards in circulation and access over 119,631 points of sale, 11, 287 ATMs and over 1,000 online merchants by the year 2013.
By the year 2013, Verve grew so much and partnered with Discover Financial Services that facilitated the acceptance of the cards all over the Discover global network. It covered 185 countries and territories at the time of the agreement.
In the year 2015, a media report wrote and said:: “Verve is issued by 40 banks in Africa with more than 30 million payment tokens in circulation.” In October 2015, Verve launched its entry into the East African payment market with a strategic partnership with Kenya Commercial Bank (KCB). This was done to expand Verve Card acceptance and payment services in six key East African markets. The countries are Kenya, Tanzania, Burundi, South Sudan, Rwanda, and Uganda.
Expansion
Interswitch has expanded further into the health-technology space by purchasing eClat. eClat Healthcare Limited is a specialist in helping healthcare service providers to plan, design, and operate their unique practices through the deployment of its trendy healthcare technology platform, designed specifically for the healthcare environment in Africa.
eClat’s healthcare technology platform consists of a core e-Clinic software. It includes electronic billing, immunization, ante-natal, and other care pathway functions, in addition to a variety of additional specialist modules. Before the acquisition of the platform, eClat’s platform had already become a leading Electronic Health Record (EHR) platform used in over 250 public and private healthcare facilities in Nigeria.
The purchase of eClat has helped them remain relevant and position themselves for the future.
Conclusion
Interswitch Limited Company besides being an employer of labor has charted a course in the financial technology sector and is set to even do more.
