The Interswitch Story: Visa, Verve, and IPO?

In the fourth episode of Africa Built, we conclude our two-part series on Interswitch.

Part One ended in December 2010, when Helios bought two thirds of the company from the founding banks. This episode picks up the story from there and runs to today.

Revenue went from ₦39 billion to ₦137.5 billion in four years, while Verve, once the local alternative, became the card most Nigerian banks issue. Visa's 2019 investment made Interswitch a unicorn. Three years later, a new round implied $750 million. Come October, the company repays a ₦23 billion bond it borrowed when the naira was worth three and a half times what it is now.

We look at what the naira does to that growth, how Verve won even as WebPay lost web payments to Paystack and Flutterwave, why two IPO windows closed before the company could list, and what became of the Pan-African plan in Gambia and Kenya. There is a ₦30 billion chargeback fraud that left the leadership in place. Then we follow the Interswitch alumni into Moniepoint and PAPSS, and ask what Interswitch has to build if the next ten years are going to look different from the last ten.

Main Topics

• The 2022 round, the $750 million price, and the unicorn label
• Naira growth and the dollar problem
• How Verve became the card most Nigerian banks issue, and the pricing fight that followed
• eClat, VANSO, M-Kudi, OkHi, Shuttlers and ACE Logistics
• Two IPO windows, a possible sale, and Visa's 2019 investment
• Gambia, Kenya, and the limits of Pan-African expansion
• WebPay, PayDirect, Quickteller, and pricing as strategy
• The ₦30 billion chargeback fraud
• The Interswitch alumni network, and PAPSS
• Government collections and the Remita contest
• The next ten years: contactless, QR, cross-border, and the case for a bank

If Interswitch was listed on the NGX, they would be in the top 20 most profitable banks in Nigeria, and their CEO would be in the top 10 highest paid CEOs in Nigeria

Our Next Episode

This time we sit with the Godfather of Nigeria's Internet

Note: The analysis here is based on publicly available data, market reports, and expert commentary. This content is for entertainment and educational purposes only and should not be taken as financial or legal advice. We’d love to hear from you — email africabuiltpod@gmail.com with feedback and commentary. Thank you.