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.
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Visa is in talks to acquire 20% of Interswitch, Nigeria's largest merchant acquirer, for $200m
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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.”
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