Visa is executing on its strategic global ambitions by acquiring 20% of Interswitch ahead of its expected IPO. Based in Nigeria, Interswitch operates across 20 markets on the African continent with services ranging from powering online payment platforms to a debit card network with 19 million active cards.
Visa’s investment in Interswitch changes the fintech landscape “significantly” and confirms the strategic interest of global payment giants in Africa’s financial services industry says, Victor Asemota, a veteran tech investor. “We were once talking about validation but we have moved way past that now to strategic positioning by major players. It is no longer a case of “let’s see where this is going.” It is now a case of jumping on the bandwagon.”