On Tuesday, August 30, 2022, Interswitch, a pioneer in the fintech sector, hosted a press conference to celebrate their 20th anniversary.
In addition to Cherry Eromosele, Executive Vice-President for Group Marketing and Communications at Interswitch, other notable top executives included Mitchell Elegbe, Group Managing Director and CEO of Interswitch, Akeem Lawal, Managing Director of Payment Processing and Switching at Interswitch, Chinyere Don Okhuofu, Managing Director of Industry Ecosystems at Interswitch, Jonah Adams, MD of Digital Infrastructure and Managed Services at Interswitch, and Mitchell Elegbe gave a welcome address to start off the event before telling the Interswitch tale.
Today, as we flag off our celebrations, there is quite a lot of excitement within Interswitch, but also some deep reflection as we look back on the journey of the last two decades – 20 years of transforming Africa’s digital economy. Interswitch was founded to solve a social problem – to make people’s lives easier when it came to payments, transactions and accessing their funds. We saw a way to do this by developing products and services with the consumer at the heart, leading with technology and innovation.
According to Elegbe, the availability of cash was the first issue the fintech pioneer chose to address. They made the decision to always have cash on hand because the automated teller machine was the only technology available at the time (ATM).
“We made a bet to build a real-time online channel for transactions and after the ATMs, POS took off after,” Elegbe remarked, adding that the firm had built an infrastructure ahead of its time.
The CEO claimed that this resulted in an open infrastructure business model that enables entrepreneurs to expand on it and compete with their service.
Elegbe complimented the banks for taking a risk and permitting a third party to link with them, saying, “Interswitch as a company wouldn’t have been successful without the banks.” In addition, he commended Nigerians and their partners for using the site. He said, “At Interswitch, we believe in growing sustainably,” after mentioning that the company has been profitable. When you can expand as you go, you have truly succeeded.
He discussed the company’s future ambitions while expressing optimism for the future and pointing out that despite the advancements made, difficulties still exist. There is still a long way to go until the entire economy is digital.
He revealed plans for a project that was in progress but withheld too many specifics so that it might be announced at a later time. Elegbe said that this project, led by Jonah Adams, entailed offering cybersecurity services to other fintechs.
Adams said that the project was started to combat fraud and that people should anticipate a third-generation security as a service solution.
Interswitch has also established an academy to educate individuals and get them ready for the growing talent shortage that would result from the exodus of skilled workers from the nation. He thinks that the academy will also produce talent for the fintech sector as a whole.
The company plans to gradually introduce a lineup of brand ads, commemoration events, and thought-leadership activities focused on this important corporate milestone on a Pan-African level over the course of the next six months.
Interswitch is a key actor in the modern financial ecosystem of Africa, engaged throughout the payments value chain, and offering a comprehensive range of omnichannel payment solutions.
With solutions and services that are secure, convenient, and offer real value for consumers, as well as improving operational efficiency and fostering sustainable revenue growth for businesses, Interswitch continues to develop and facilitate technology solutions and platforms that support a variety of industry ecosystems that help commerce evolve, businesses grow, and individuals thrive.
In order to support its dedication to looking ahead with a distinct vision for future growth, Interswitch has launched the #NeverStop campaign as it continues to grow.
