Interswitch, a Nigeria-based operator of an electronic payment transaction switch, plans to expand into the east and west African markets using new investor funds it received earlier this month.
The company sold a 67% equity stake to private equity firms Helios Investment Partners and Adlevo Capital last week for an undisclosed amount, a spokesperson for the company tells PaymentsSource.
Interswitch’s goal is to become a Pan-African electronic payments processing company to enable individuals and businesses to access their funds across banks via a variety of payment channels, the spokesperson says.
Just before the equity sale, the company acquired a controlling stake in Bankom Ltd., Uganda’s only licensed interbank switch.
“The company has also won a bid to partner with the central bank and Bankers Committee of Gambia and Sierra Leone to design, implement and manage the national switches in these countries,” the spokesperson adds.
The company has various payment services and products in Nigeria, including Paydirect, a payment-collections service; Verve, a domestic chip-and-PIN payment card; and MasterCard Verve, a cobranded payment card.
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