| Pub. Date | : Dec, 2022 |
|---|---|
| Product Name | : The IUP Journal of Entrepreneurship Development |
| Product Type | : Article |
| Product Code | : IJED041222 |
| Author Name | : Shwetha Kumari and Jitesh Nair |
| Availability | : YES |
| Subject/Domain | : Management Journals |
| Download Format | : PDF Format |
| No. of Pages | : 20 |
Interswitch Group (Interswitch), an Africa-focused integrated digital payments and commerce company, was founded in December 2002 in Nigeria by Mitchell Elegbe. Interswitch was launched as a transaction switching and electronic payments processing company that built and managed payment infrastructure and soon grew to deliver innovative payment products and transactional services throughout the African continent. Over the years, Interswitch had grown through funding and partnerships. By mid-2020, Interswitch was present in Nigeria, Uganda, Kenya, and Gambia, and its services and payment tokens were being used in 25 African markets. However, it was facing increasing competition from fintech startups in Nigeria and across Africa. Startups such as Flutterwave and TeamAPT had already entered some of Interswitch's product territory. Amidst these developments, industry experts wondered whether Interswitch would be able to broaden access to financial services for Africans, driving greater financial inclusion across the continent.
In September, 2021, Interswitch Group (Interswitch), an Africa-focused integrated digital payments and commerce company, announced a new strategic partnership with Codebase Technologies (CBT) to accelerate the digital banking transformation across the African Continent. Digibanc SaaS, hosted by Interswitch, would offer full front-to-back SaaS capabilities to financial institutions in West and East Africa through a rapid and cost-effective deployment model that would allow for economies of scale. Working with CBT was expected to help Interswitch broaden its current digital offering while leveraging Interswitch's brand recognition to increase the reach and visibility of Digibanc SaaS.iv On September 10, 2021, Jonah Adams, Interswitch, Divisional CEO, Digital Infrastructure and Managed Services, stated, "Africa is at the forefront of digitization, with the fintech market across the continent rapidly evolving. There is also an increasing consumer demand for new, more accessible products and services, and for Interswitch, continuing to innovate and enhance our product propositions is critical. We are excited to partner with Codebase Technologies, bringing with them next-generation technological capabilities and expertise, as we continue our mission to increase access to financial services and drive financial inclusion across Africa."