Visa, one of the global leaders in digital payments is partnering with Interswitch, Nigeria’s leading technology-driven company. The partnership will see Visa acquiring a significant minority equity stake in Interswitch. According to reports, the goal of the strategic partnership is to further advance the digital payments ecosystem across the continent.
About the Partnership
As Visa has acquired the tech digital payment company, they join globally renowned investors. These investors include TA Associates, Helios Investment Partners, and IFC, as shareholders in Interswitch. Many believe that this new partnership with Visa will make Interswitch one of the most valuable African FinTech businesses with a valuation of not less than US$1 billion.
Not a lot of information is available about what the partnership will entail. But we know that though the agreement has been signed, it is still subject to the relevant regulatory approvals and is expected to close by the first quarter of 2020.
Interswitch Speaks about the Partnership
Mitchell Elegbe, Founder and Chief Executive of Interswitch spoke about the partnership. He talked about how Sub-Saharan Africa is the fastest-growing payments market in the world. According to Elegbe, its growth is driven by a young and dynamic population, rapidly evolving consumer behaviour, and an increasing desire for payment solutions that can be accepted across the continent and abroad. Elegbe shared the brand’s delight to be partnering with Visa. He explained that the partnership will see them drive the next phase of transformation in the African payments landscape.
Visa Speaks on the Partnership
Andrew Torre, Regional President CEMEA, Visa also spoke about the partnership. He talked about how Africa is a priority region for them, and how they will continually seek strategic partnerships with local players to further strengthen their leadership position and enhance the payments ecosystem across the continent. Torres stated that the partnership aligns with its global strategy to work with and invest in innovative partners. He stated that they look forward to working with Interswitch to provide new consumer and merchant experiences and support the rapid growth of digital commerce across Africa.