Interswitch
Interswitch is a pan-African integrated digital payments and commerce company operating payment switching, gateway processing, the Verve card scheme (100M+ cards), and the Quickteller consumer platform across 25+ African countries, serving banks, fintechs, governments, enterprises, and consumers.
- Company typePrivate
- Founded2002
- HeadquartersLagos, Nigeria
- Headcount101–250
- GTM typeB2B and B2C
- OfferingSoftware
What Interswitch does
Interswitch is a privately held pan-African integrated digital payments and commerce company headquartered in Lagos, Nigeria, founded in 2002 by Mitchell Elegbe. The company operates a multi-layered payment infrastructure spanning payment switching (Interswitch Purepay), gateway processing (Interswitch Payment Gateway), a domestic card scheme (Verve with 100M+ cards accepted in 185+ countries), and a consumer super-app (Quickteller). Its technology stack supports cards, USSD, QR codes, wallets, and bank transfers across 25+ African markets, with multi-currency capabilities across NGN, UGX, KES, DRC, and USD.
The company serves four primary customer segments: financial institutions (banks and fintechs using Interswitch rails for switching, processing, agency banking, and card issuance), large enterprises and government (e-invoicing, bulk disbursements, citizen portals, healthcare platforms), small and medium businesses (Quickteller Business, payment gateway, POS terminals), and individual consumers (Quickteller bill payments, airtime, transfers, agent banking). Named customers include JAMB, NNPC (Nigerian National Petroleum Company), Lagos State Government, Fidelity Bank, Asaba Airport Company, Moniepoint, OPay, and Sterling Bank. Recent vertical extensions span energy (Digital Forecourt Suite), healthcare (HIMS, eClinic, Smarthealth, Lagos SHIP), mobility (Ticket Vending Platform, Smartfuel), government (FIRS e-invoicing), and aviation (Parking Management Platform).
Interswitch generates revenue primarily through transaction processing fees on its payment switching and gateway infrastructure (over 1.2 billion transactions annually), card issuance and interchange fees on the Verve scheme, platform licensing fees from enterprise clients, API usage fees from developers and fintechs, and revenue share from the 21,000+ Quickteller agent network. Pricing is freemium for API integration (free for businesses of all sizes), quote-based subscription for enterprise deployments, and transaction-based for merchant acquiring. The go-to-market combines enterprise field sales for banks and government, self-serve API marketplace for developers, and agent-led channel distribution for consumers. FY2024 reported revenue of ₦137.5 billion (~USD ~$92M) with 50% YoY growth and ₦23 billion pre-tax profit, representing a turnaround from a 2023 loss.
Interswitch firmographics
Firmographics- Name
- Interswitch
- Legal name
- Interswitch Limited
- Website
- https://interswitchgroup.com
- Company type
- Private
- Founded year
- 2002
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Interswitch is a pan-African integrated digital payments and commerce company operating payment switching, gateway processing, the Verve card scheme (100M+ cards), and the Quickteller consumer platform across 25+ African countries, serving banks, fintechs, governments, enterprises, and consumers.
- Ownership category
- akta.pro rank
Interswitch industry classification
Industry- Product category
- Digital Payments Infrastructure
- NAICS
- Credit Card Issuing (522210)
- SIC
- Services-Computer Integrated Systems Design (7373)
- akta.pro primary industry
- Integrated POS Payments (ISVs & Vertical POS Platforms) (FSAMADAD)
- akta.pro secondary industries
- Cross-Border Card-Based Transfers & Multi-Currency Cards (FSAGAKAE), Cross-Border & FX Payments Platforms (BPAMAFAK), International / Cross-Border BNPL & Multi-Currency POS Financing (FSAGAIAN), Interoperability for Payments (Cross-Chain/Layer-2 Payment Rails) (FSADAIAO)
Keywords
Where Interswitch is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Offices6 records
Markets served
Interswitch business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales
Revenue model
- Transaction Processing Fees: Interswitch earns transaction fees on each payment processed through its switching infrastructure and payment gateway. The company processes over 1.2 billion transactions annually across Nigeria and other African markets, making this a high-volume, recurring revenue stream.
- Payment Gateway Services: Revenue from merchant onboarding and transaction processing through the Interswitch Payment Gateway (IPG), Quickteller Business, and Quickteller SVA platforms for businesses of all sizes.
- Card Issuing and Management (Verve): Revenue from card issuance and management through the Verve domestic card scheme, including issuance fees, interchange, and value-added services for cardholders.
- Platform and Solution Licensing: Licensing fees from enterprise clients (banks, government, corporations) for use of proprietary platforms including banking-as-a-service, healthcare solutions, parking management, and other vertical-specific solutions.
- API Marketplace and Developer Services: Revenue from API usage by developers and fintechs integrating with Interswitch's platform, including the 5for5 referral program where developers earn 5% of revenue for 5 years when onboarding businesses.
- Agent Network Services (Quickteller Paypoint): Revenue share and fees from the Quickteller agent network comprising over 21,000 locations offering bill payments, airtime, and other financial services.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Others | Free API integration for developers and businesses |
| Subscription | Multi-year contract | Enterprise / Custom pricing |
| Transaction based/ take rate | Pay-as-you-go | Transaction-based pricing |
Go-to-market motion3 records
Distribution channels6 records
Marketing channels7 records
Interswitch product offering
Product offeringCore offering
Interswitch is an integrated digital payments and commerce company that operates Africa's largest domestic payment card scheme (Verve with 100M+ cards) and provides multi-channel payment processing infrastructure including the Interswitch Payment Gateway (IPG), switching/processing rails (Purepay), and consumer-facing platforms (Quickteller). The company enables banks, fintechs, merchants, governments, and consumers to process payments via cards, USSD, QR codes, wallets, and bank transfers across 25+ African markets.
Product overview
Interswitch is a pan-African integrated payments and digital commerce company offering a comprehensive platform ecosystem. The core infrastructure includes the Interswitch Payment Gateway (IPG) for multi-channel payment processing and Quickteller as a consumer-facing payment super-app. Supporting brands include Verve (Africa's domestic card scheme with 100M+ cards), and various industry-specific solutions. The product portfolio spans Financial Services (payment processing, disbursements, card issuance, security), Wellness (Smarthealth, eClinic, HIMS), Energy (Contract Management, Wet Stock Tracker, Diesel Delivery), Real Estate (Quickteller Homes), Mobility (Transport Access Control, Smartfuel, Ticket Vending Platform), and Government (e-Invoicing, Citizen Portal). Key platforms include the Developer API Marketplace for integration capabilities and sector-specific solutions for fuel retail, parking, healthcare, and transport. Interswitch operates across 25+ African countries with cross-border presence in UK, USA, Canada, and Gulf regions.
Differentiator
Problem solved
Functional benefit
Brands
- Verve: Africa's premier domestic payment card scheme, created by Africans for Africans. With over 100 million cards issued and acceptance in 185+ countries, Verve enables users to pay and transact across Africa.
- Quickteller
- Interswitch Purepay
- Interswitch Indeco
- Interswitch Inclusio
- Interswitch Systegra
- Interswitch eClat
Products and services
- Interswitch Payment Gateway (IPG) A comprehensive payment processing platform enabling businesses to accept payments via cards, bank transfers, USSD, wallets, and QR codes across multiple channels, with split settlement and multi-currency support (NGN, UGX, KES, DRC, USD).
- Quickteller Consumer-facing super-app platform for bill payments, airtime purchases, money transfers, transport ticketing, and lifestyle services accessible via web, mobile, and 21,000+ agent locations across Africa.
- Verve Card Scheme Africa's premier EMV domestic payment card scheme with over 100 million cards issued and accepted in 185+ countries via Discover Network. Features contactless technology (30M+ contactless cards), tokenization, and digital tokens.
- Banking as a Service Modular, API-driven banking functionalities allowing businesses to embed financial services into existing products without heavy infrastructure investment, including mobile banking and core banking capabilities.
- Digital Forecourt Suite Integrated fuel retail ecosystem with Pay-As-You-Want capability enabling multi-channel fuel payments via cards, transfers, USSD, QR codes, and wallets with real-time transaction processing and retail management features.
- Ticket Vending Platform (TVP) Digital ticketing platform for transport operators enabling route management, real-time sales tracking, and digital ticketing via web, mobile, and POS channels through the Quickteller ecosystem.
- Parking Management Platform Automated parking and access control system with real-time vehicle analytics, cashless payments, and centralized management for airports and commercial facilities.
- Hospital Information Management System (HIMS) Integrated system centralizing patient data and managing clinical and administrative workflows across hospitals for digitizing healthcare operations.
- eClinic Clinic management solution with tools for appointments, patient records, billing, and inventory management for healthcare providers.
- Interswitch e-Invoicing Certified FIRS Access Point Provider solution for mandatory e-invoicing compliance in Nigeria, also active with Kenya Revenue Authority for similar national e-invoicing initiatives.
- Managed Banking Services (Temenos-powered) Cloud-hosted and on-premises managed banking services covering core banking, digital banking, payments, wealth management, and financial crime management for African financial institutions, powered by Temenos technology.
- NR Fuel App Digital fuel payment platform for NNPC service stations enabling card, QR, transfer, and USSD payments across Nigeria's downstream petroleum sector.
- Quickteller Homes Property platform connecting tenants, landlords, and agents for property searches, rental payments, and lease management.
- API Marketplace and Developer Platform Self-service API integration platform enabling developers and businesses to access payment capabilities including payment processing, collections, disbursements, and card issuance. Free integration with documentation, SDKs, and sandbox testing.
- Interswitch Smart POS Portable point-of-sale terminal accepting diverse payment methods with real-time transaction processing capabilities for merchant acquiring.
- Lagos Smart Health Information Platform (LAGSHIP) Health information exchange platform digitizing patient records across Lagos State healthcare facilities for real-time access and coordinated care.
Quantifiable outcome
- Interswitch processes over 1.2 billion transactions annually across its payment infrastructure
- +3 more outcomes
Companies that use Interswitch
Customer profileNamed customers12 records
Segments8 records
Ideal customer profiles7 records
Interswitch technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
AI capability5 records
Feature13 records
Interswitch partnerships and signals
Strategic signalPartnerships
23 partnerships are on record, tiered core and minor.
- Hamilton TelecomcoreInterswitch partnered with Hamilton Telecom to integrate Paxtel airtime and data services into the Quickteller agent network in Uganda, making telecom top-ups accessible at more than 21,000 Quickteller locations nationwide.
- TemenoscoreInterswitch partnered with Geneva-based Temenos to expand from payments into full-scale banking technology services across Africa. The deal integrates Temenos' core banking, digital banking, payments, wealth management, and financial crime systems into Interswitch's offerings, targeting Nigeria, Ghana, Côte d'Ivoire, Kenya, and other African markets with cloud-hosted and on-premises managed services.
- Asaba Airport CompanycoreInterswitch partnered with Asaba Airport Company to deploy its Parking Management Platform at Asaba International Airport, automating vehicle entry/exit, enabling real-time parking analytics, and strengthening airport revenue management.
- JAMB (Joint Admission and Matriculation Board)coreInterswitch facilitates UTME and Direct Entry ePIN payments for JAMB through Quickteller and Interswitch Payment Gateway integrated into the JAMB website, enabling secure nationwide payment access.
- FIRS (Federal Inland Revenue Service)coreInterswitch named FIRS Access Point Provider for mandatory e-invoicing in Nigeria, joining ongoing work with Kenya Revenue Authority on similar national e-invoicing network initiatives.
- YouTube (Google)minorVerve partnered with YouTube to simplify payments experience for premium subscribers, enabling Verve cardholders to subscribe to YouTube Premium.
- Fidelity BankcoreInterswitch partnered with Fidelity Bank to power the NR Fuel App with NNPC, integrating Interswitch's payment infrastructure to enable seamless digital transactions across NNPC service stations supporting Verve cards, QR codes, bank transfers, and USSD.
- AmdocscoreInterswitch subsidiary Systegra Technologies (Tier-5 MVNE licensee) collaborated with Amdocs to offer best-in-class mobile services to Nigerian market, enabling Tier 1, 2, and 3 MVNOs to offer mobile services.
- PCI Security Standards Council (PCI SSC)minorVerve International became a member of PCI Security Standards Council, contributing to global payment security standards development.
- NEXO StandardsminorVerve International became a member of NEXO Standards community, aligning with international payment transaction standards.
- NIBSS (Nigeria Inter-Bank Settlement System)coreInterswitch announced strategic partnership with NIBSS to further enhance the efficiency and reliability of payment transactions across Nigeria, strengthening the national payment infrastructure.
- MultiPay DRC (Multipay Congo)coreMultiPay DRC partnered with Interswitch to build an interoperable electronic transactions network capable of serving DRC's population exceeding 100 million, delivering improved system reliability, faster transaction processing, stronger fraud controls, and broader ATM and POS acceptance.
- Lagos State Government (LAGSHIP)coreLagos State Government signed concession with Interswitch through its subsidiary Interswitch eClat to develop and manage the Lagos Smart Health Information Platform (LAGSHIP), digitizing patient records across the state.
- OPaycoreInterswitch and OPay forged strategic partnership to enhance digital payment experience, urging customers and merchants to embrace transformative payment features.
- ACI WorldwidecoreInterswitch consolidated its 20+ year strategic partnership with ACI Worldwide to drive payments modernization, offering new innovative products and services in Nigeria and 31 other markets in Sub-Saharan Africa.
- Sterling BankcoreVerve partnered with Sterling Bank to launch Verve's first credit card, deepening financial inclusion and facilitating access to credit in partnership with card issuers.
- adidascoreadidas partnered with Verve for VerveLife fitness series (6th, 7th, and 8th editions), Africa's biggest fitness festival, with adidas serving as co-headline partner for grand finale events.
- CBN (Central Bank of Nigeria)coreInterswitch partnered with CBN to sponsor the 2nd International Financial Inclusion Conference, supporting regulatory efforts to advance financial inclusion in Nigeria.
- Google PaycoreInterswitch launched Google Pay support on its Payment Gateway in Nigeria, enabling merchants to accept Google Pay payments and exemplifying commitment to cutting-edge payment solutions.
- MastercardcoreInterswitch offers Mastercard acceptance through its payment infrastructure with test card support in sandbox environment.
- MoniepointcoreVerve and Moniepoint partnered to launch Moniepoint Verve Debit Card, expanding access to financial services for Nigerians.
- GooglecoreNigerians can now pay locally on Google Play Store with Verve cards, with Google processing Verve transactions within Nigeria in Nigerian Naira as local transactions.
- Paynet Group (Kenya)coreInterswitch expanded into East Africa by acquiring Kenya's Paynet Group, establishing presence under Central Bank of Kenya regulation.
Scale indicators9 records
Recent moves6 records
Expansion highlights7 records
Interswitch competitors and assessment
Company assessmentDirect peers
- Flutterwave: Pan-African payment infrastructure provider offering payment gateway, cross-border, and API services to businesses across Nigeria, Kenya, and other African markets. Directly competes with Interswitch's IPG and merchant acquiring business with similar API-first, multi-country positioning.
- Paystack: Nigerian-origin payment gateway (acquired by Stripe) providing card and bank payment acceptance for African businesses. Directly competes with Interswitch Payment Gateway in the Nigerian online merchant acquiring space with a similar developer-first, single-integration model.
- OPay: Nigeria- and Egypt-focused mobile payments and merchant acquiring platform. A named Interswitch partner for digital payments, but also a direct competitor in Nigerian consumer payments, agent banking, and merchant POS, with significant Chinese backing and aggressive customer acquisition.
- Moniepoint: Nigerian fintech providing agency banking, POS, and payment processing to SMBs, and a partner in launching the Moniepoint Verve debit card with Interswitch. Competes in agent banking and merchant acquiring while also leveraging Interswitch's Verve rails.
- Cellulant: Pan-African digital payments platform offering payment gateway, mobile money, and bank-to-wallet interoperability across 35+ countries. Directly comparable to Interswitch in scope, multi-country payment infrastructure, and enterprise/government distribution.
- M-Pesa (Vodacom/Safaricom): Africa's largest mobile money platform operated by Safaricom/Vodacom with 50M+ users across Kenya, Tanzania, and other markets. A direct competitor to Quickteller in consumer mobile payments and agent banking, with unmatched scale in East Africa where Interswitch is actively expanding.
- Network International: UAE-based payment processor (LSE-listed, now taken private) operating across the Middle East and Africa with merchant acquiring, card processing, and switching. A direct competitor in payment processing infrastructure serving African banks, with overlap on Interswitch Purepay-style services.
- DPO Group (PayU): Pan-African payment processor (acquired by PayU/Naspers) offering online payment acceptance across multiple African countries. A direct competitor in cross-border e-commerce payments and gateway services for African merchants.
Broad incumbents
- Visa: Global card network and Interswitch's largest strategic investor ($200M, 2019). A broad incumbent in payments whose network and acceptance footprint underpins much of Africa's card ecosystem and whose Verve acceptance partnership extends Interswitch's reach to 185+ countries.
- Mastercard: Global card network and a named technology partner integrated into Interswitch's payment gateway (with sandbox test card support). A broad incumbent shaping the same African card acceptance and cross-border remittance space where Interswitch competes.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Interswitch social profiles
Digital presenceInterswitch compliance and trust
Trust signalCompliance4 records
Interswitch financial estimates
Financial estimateRevenue estimate
Valuation estimate
Interswitch leadership team
Management profileNumber of profiles
Profiles18 records
Interswitch subsidiaries and ownership
Company hierarchySubsidiaries11 records
Interswitch funding detail
Funding detailFunding overview
Funding rounds4 records
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Interswitch M&A and investment
M&A and investmentM&A3 records
Investments5 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Interswitch
What does Interswitch do?
Interswitch is an integrated digital payments and commerce company that operates Africa's largest domestic payment card scheme (Verve with 100M+ cards) and provides multi-channel payment processing infrastructure including the Interswitch Payment Gateway (IPG), switching/processing rails (Purepay), and consumer-facing platforms (Quickteller). The company enables banks, fintechs, merchants, governments, and consumers to process payments via cards, USSD, QR codes, wallets, and bank transfers across 25+ African markets.
Is Interswitch a public or private company?
Interswitch is a private company. It is classified as venture growth investor backed and is currently operating.
When was Interswitch founded?
Interswitch was founded in 2002. It employs 101 to 250 people.
Where is Interswitch based?
Interswitch is headquartered in Lagos, Nigeria, in the Africa region.
How does Interswitch make money?
Six revenue lines are on record. Transaction Processing Fees are the primary driver. The others are payment Gateway Services, card Issuing and Management (Verve), platform and Solution Licensing, API Marketplace and Developer Services and agent Network Services (Quickteller Paypoint).
Who are Interswitch's main competitors?
Direct peers on record are Flutterwave, Paystack, OPay, Moniepoint, Cellulant, M-Pesa (Vodacom/Safaricom), Network International and DPO Group (PayU). Broad incumbents are Visa and Mastercard.
Does Interswitch have an API?
Yes. Interswitch offers a comprehensive API Marketplace and Payment Gateway APIs enabling developers and businesses to integrate payment processing, collections, disbursements, card issuance, and other financial services. The APIs support multiple payment channels including cards, USSD, wallets, and QR codes. Integration is free for businesses of all sizes. Documentation, SDKs, and plugins are available at the developer portal. Test credentials and sandbox environment are provided for testing. Supported currencies include NGN, UGX, KES, DRC, and USD. Developer documentation is at docs.interswitchgroup.com/docs/overview.
What industry is Interswitch in?
Interswitch's product category is Digital Payments Infrastructure. Its primary akta.pro industry code is FSAMADAD, Integrated POS Payments (ISVs & Vertical POS Platforms), with a secondary code of FSAGAKAE, Cross-Border Card-Based Transfers & Multi-Currency Cards. Its NAICS code is 522210 and its SIC code is 7373.