Interswitch Group
Interswitch Group is Africa's first homegrown technology unicorn, providing digital payments infrastructure — including the Verve card scheme (100M+ cards), Quickteller consumer platform, and Interswitch Payment Gateway — to banks, fintechs, merchants, governments, and enterprises across 25+ African countries, with expanding vertical solutions in healthcare, energy, mobility, and government.
- Company typePrivate
- Founded2002
- HeadquartersLagos, Nigeria
- Headcount1,001–5,000
- GTM typeB2B
- OfferingSoftware
Interswitch Group firmographics
Firmographics- Name
- Interswitch Group
- Legal name
- Interswitch Group
- Website
- https://interswitchgroup.com
- Company type
- Private
- Founded year
- 2002
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Interswitch Group is Africa's first homegrown technology unicorn, providing digital payments infrastructure — including the Verve card scheme (100M+ cards), Quickteller consumer platform, and Interswitch Payment Gateway — to banks, fintechs, merchants, governments, and enterprises across 25+ African countries, with expanding vertical solutions in healthcare, energy, mobility, and government.
- Ownership category
- akta.pro rank
Interswitch Group industry classification
Industry- Product category
- Digital Payments Infrastructure
- NAICS
- Credit Card Issuing (522210), Activities Related to Credit Intermediation (5223)
- akta.pro primary industry
- Cross-Border Payouts & Mass Disbursements (Pay-outs) (FSAMAIAJ)
- akta.pro secondary industries
- Cross-Border Card-Based Transfers & Multi-Currency Cards (FSAGAKAE), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)
Keywords
Where Interswitch Group is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Offices6 records
Markets served
Interswitch Group business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Supply Chain
Revenue model
- Payment Processing and Transaction Fees: Transaction-based fees charged on digital payments processed through Interswitch infrastructure including card payments, USSD, mobile money, and QR transactions
- Payment Gateway and API Services: API access fees and transaction commissions from merchants and businesses using Interswitch Payment Gateway for online collections
- Agency Banking Services: Revenue from enabling financial access through agent networks in shops, kiosks, and communities across Africa
- Verve Card Scheme: Interchange fees and card management services from Africa's leading domestic payment card scheme with 100M+ cards
- Enterprise Software Solutions: SaaS-style solutions for enterprises including Corporate 360, Payroll Management, Lending Service, and Contract Management
- Healthcare Technology Solutions: Platform fees from Smarthealth, eClinic, and Hospital Information Management System deployments to healthcare providers
- Banking as a Service: Modular API-driven banking functionalities enabling fintechs and other businesses to embed financial services
- Developer and Aggregator Platform: Revenue from API marketplace, Quickteller Business integrations, and Fintech-in-a-Box solutions for developers and aggregators
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | Free API integration for developers and businesses |
| Transaction based/ take rate | Multi-year contract | Enterprise pricing varies by solution and volume |
Go-to-market motion4 records
Distribution channels7 records
Marketing channels10 records
Interswitch Group product offering
Product offeringCore offering
Interswitch Group operates Africa's largest integrated digital payments and commerce infrastructure, providing payment switching, card processing, payment gateway, collections, disbursements, banking-as-a-service, and agency banking to banks, fintechs, merchants, governments, and enterprises. The company owns the Verve domestic payment card scheme (100M+ cards) and the Quickteller consumer payment platform, and extends into vertical-specific platforms for healthcare (Smarthealth, eClinic), energy (Smartfuel, Wet Stock Tracker), mobility, real estate (Quickteller Homes), and government (e-Invoicing, Citizen Portal) across 25+ African countries.
Product overview
Interswitch Group operates as a platform-plus-modules architecture providing digital payments infrastructure across Africa. The core ecosystem consists of Interswitch (the main technology backbone), Verve (Africa's domestic payment card scheme with 100+ million cards), and QuickTeller (consumer-facing payment platform). Financial Services include Agency Banking, Banking as a Service, Payment Gateway (IPG), Collections (Paydirect), Disbursements (AutoPay), and Security solutions. Healthcare offerings through Smarthealth, eClinic, and Hospital Information Management Systems serve the wellness sector. Energy solutions encompass Contract Management, Wet Stock Tracker, and Diesel Delivery Service. Mobility products include Smartfuel fleet management, Car Access, Inter-State Transport, and Cross-Country logistics. Real Estate solutions feature Quickteller Homes for property management. Enterprise offerings provide APIs for developers, E-Invoicing, Corporate 360, Payroll Management, and Lending Services. Government solutions include Citizen Portal, Revenue Assurance, and Social Security modules.
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.
- Quickteller
- Interswitch Payment Gateway (IPG)
- AutoPay
- Paydirect
- Smarthealth
- eClinic
- Hospital Information Management System
- Smartfuel
- Wet Stock Tracker
- Diesel Delivery Service
- Quickteller Transport
- Quickteller Homes
- Interswitch Transport (Access Control)
- Interswitch e-Invoicing
- Fintech-in-A-Box
- Interswitch Loyalty Platform
Products and services
- Verve Africa's premier domestic payment card scheme with over 100 million cards issued, accepted in 185+ countries including on the Discover Network. Distributed through partner banks and financial institutions issuing Verve cards to consumers.
- Quickteller All-in-one consumer payment platform for bills, airtime, subscriptions, money transfers, and lifestyle services across Africa, accessible via iOS and Android mobile apps.
- Interswitch Payment Gateway (IPG)
Quantifiable outcome
- 100 million+ Verve payment cards issued across Africa
- +4 more outcomes
Companies that use Interswitch Group
Customer profileNamed customers8 records
Segments9 records
Ideal customer profiles5 records
Interswitch Group technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration16 records
AI capability2 records
Feature12 records
Interswitch Group partnerships and signals
Strategic signalPartnerships
25 partnerships are on record, tiered regional, core, flagship and strategic.
- Hamilton TelecomregionalPartnership with Hamilton Telecom to expand access to Paxtel airtime and data services through the Quickteller agent network across Uganda.
- RevOpregionalIntegration with RevOp Platform to reinforce support for Nigeria's federal revenue reforms, improving transparency in public revenue collection.
- TemenoscoreStrategic partnership with Temenos to scale digital banking services across Africa, enabling Interswitch to offer Temenos-powered solutions in Nigeria and across the continent.
- Google PlayflagshipGoogle Play joined as Co-Headline Partner for VerveLife 8.0 Grand Finale, Africa's biggest fitness event series.
- UK GovernmentstrategicUK Government delegation visited Interswitch exploring bilateral trade ties and collaboration opportunities to support Interswitch's international growth.
- Silicon Valley Product Group (SVPG)flagshipReturned as Headline Sponsor for Inspire Africa Conference 2024, Africa's biggest tech product conference, co-organized with SVPG.
- TemustrategicVerve consolidated international acceptance footprint with Temu, opening new e-commerce frontiers to over 70 million cardholders.
- AmdocsstrategicPartnership between Systegra Technologies (Interswitch subsidiary) and Amdocs to offer best-in-class mobile services to the Nigerian market for MVNOs.
- AliExpressstrategicVerve partnership with AliExpress to expand global reach, empowering millions of cardholders with cross-border e-commerce acceptance.
- Nigeria Inter-Bank Settlement System (NIBSS)coreStrategic partnership with NIBSS to strengthen Nigeria's payment infrastructure, enhancing efficiency and reliability of payment transactions.
- Elie TechregionalGroundbreaking partnership with Elie Tech to launch next-generation payment solution in Kenya, approved to switch and process card transactions for Tumatap merchants.
- adidasflagshipRenewed partnership between Verve and adidas for VerveLife 7.0, Africa's biggest fitness party, continuing the flagship brand activation.
- Federal Inland Revenue Service (FIRS)coreNamed as FIRS Access Point Provider for mandatory e-invoicing in Nigeria, playing pivotal role in streamlined public revenue management.
- Kenya Revenue AuthoritycoreOngoing work with Kenya Revenue Authority on national e-invoicing network initiative, supporting streamlined public revenue management.
- Multipay CongoregionalStrategic partnership in the Democratic Republic of Congo marking Interswitch's foray into Central Africa region.
- Lagos State GovernmentcoreConcession agreement signed for development and management of Lagos Smart Health Information Platform (LAGSHIP), revolutionizing public healthcare.
- OPaycoreStrategic partnership with OPay to enhance digital payment experience for customers and merchants.
- ACI WorldwidecoreConsolidated strategic partnership with ACI Worldwide for more than 20 years to drive payments modernization across Nigeria and 31 markets in Sub-Saharan Africa.
- VIPASOregionalPartnership with Vienna Payment Solutions and Interswitch East Africa Kenya Limited to enhance mobile money payments for banks, hospitality, and retailers in Kenya.
- Sterling BankregionalVerve partnered with Sterling Bank to unveil its first credit card, deepening financial inclusion and facilitating access to credit.
- Central Bank of Nigeria (CBN)corePlatinum sponsorship of the 2nd International Financial Inclusion Conference organized by CBN in Lagos.
- Google PaycoreLaunched Google Pay support on Interswitch Payment Gateway in Nigeria, enabling seamless digital transactions.
- MoniepointcoreVerve and Moniepoint partnership to launch debit card, expanding access to financial services for Nigerians.
- YouTubestrategicVerve partnered with YouTube to simplify payments experience for Premium subscribers.
- GooglecoreNigerians can now pay locally on Google Play Store with Verve cards, with transactions processed in Nigerian Naira.
Scale indicators11 records
Recent moves8 records
Expansion highlights6 records
Interswitch Group competitors and assessment
Company assessmentDirect peers
- Paystack: Stripe-owned African payment gateway serving Nigeria, Ghana, South Africa, and Kenya. Competes head-to-head with Interswitch Payment Gateway for online merchants and developers, with similar API-first developer-led growth motion.
- MFS Africa (Onafriq): Pan-African mobile money cross-border payments network connecting 500M+ mobile wallets across Africa. Competes in cross-border disbursements, mobile money processing, and remittance — overlapping with Interswitch's AutoPay and Verve cross-border capabilities.
- Cellulant: African digital payments platform providing payment processing, mobile money, and banking-as-a-service across 35+ countries. Direct peer in banking infrastructure and government payment digitization (similar to Interswitch's Paydirect and BaaS offerings).
- Flutterwave: Pan-African payment infrastructure company offering payment processing, gateway services, and cross-border payouts across 30+ African countries. Direct competitor in the same merchant-acquiring and API-first payment gateway category as Interswitch's IPG.
- DPO Group: African payment service provider operating across 20+ countries with online payment gateway, mobile money, and merchant services. Competes with Interswitch in payment gateway and merchant acquiring for African e-commerce.
Broad incumbents
- Visa: Global card network and a strategic shareholder in Interswitch. Operates competing global acceptance network where Verve cards are accepted; competes with Verve for cross-border card volume on the African continent.
- Network International: Leading Middle East and Africa payment processor acquired by Brookfield. Provides merchant acquiring, card processing, and digital payment infrastructure — overlapping with Interswitch's IPG and agency banking in the broader MEA region.
- Mastercard: Global card network with significant African penetration. Competes with Verve for issuer relationships across African banks and with Interswitch's processing business for bank-side payment volumes.
Others
- ACI Worldwide: Long-standing Interswitch technology partner (20+ year relationship) providing real-time fraud management and payments modernization across 30+ Sub-Saharan African markets. Adjacent rather than direct competitor, but plays a role in Interswitch's fraud/Risk stack and is part of the same vendor ecosystem for African banks.
Emerging players
- OPay: Nigeria-anchored mobile payment super-app offering consumer payments, merchant acquiring, and card issuance. Both a partner (Strategic Partnership with Interswitch) and partial competitor in card issuance and merchant acquiring within Nigeria.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Interswitch Group social profiles
Digital presenceInterswitch Group compliance and trust
Trust signalCompliance6 records
Interswitch Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Interswitch Group leadership team
Management profileNumber of profiles
Profiles16 records
Interswitch Group subsidiaries and ownership
Company hierarchySubsidiaries11 records
Interswitch Group funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Interswitch Group M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Interswitch Group
What does Interswitch Group do?
Interswitch Group operates Africa's largest integrated digital payments and commerce infrastructure, providing payment switching, card processing, payment gateway, collections, disbursements, banking-as-a-service, and agency banking to banks, fintechs, merchants, governments, and enterprises. The company owns the Verve domestic payment card scheme (100M+ cards) and the Quickteller consumer payment platform, and extends into vertical-specific platforms for healthcare (Smarthealth, eClinic), energy (Smartfuel, Wet Stock Tracker), mobility, real estate (Quickteller Homes), and government (e-Invoicing, Citizen Portal) across 25+ African countries.
Is Interswitch Group a public or private company?
Interswitch Group is a private company. It is classified as venture growth investor backed and is currently operating.
When was Interswitch Group founded?
Interswitch Group was founded in 2002. It employs 1,001 to 5,000 people.
Where is Interswitch Group based?
Interswitch Group is headquartered in Lagos, Nigeria, in the Africa region.
How does Interswitch Group make money?
Eight revenue lines are on record. Payment Processing and Transaction Fees are the primary driver. The others are payment Gateway and API Services, agency Banking Services, verve Card Scheme, enterprise Software Solutions, healthcare Technology Solutions, banking as a Service and developer and Aggregator Platform.
Who are Interswitch Group's main competitors?
Direct peers on record are Paystack, MFS Africa (Onafriq), Cellulant, Flutterwave and DPO Group. Broad incumbents are Visa, Network International and Mastercard. ACI Worldwide is listed as an others. OPay is listed as an emerging player.
Does Interswitch Group have an API?
Yes. Interswitch offers a comprehensive API ecosystem for developers and aggregators. The API Marketplace provides access to payment processing, collections (PayDirect), disbursements (AutoPay), payment gateway, lending services, Quickteller (SVA), loyalty platform, e-invoicing, fintech card issuance, and agency banking. Integration is free for businesses of all sizes. Supported currencies include NGN (566), UGX (800), KES (404), DRC (976), and USD (840). Webhooks are available for production environments (not supported in test environment). Split settlement on IPG allows merchants to receive settlements in different banks as preset. Developer documentation is at docs.interswitchgroup.com/docs/home.
What industry is Interswitch Group in?
Interswitch Group's product category is Digital Payments Infrastructure. Its primary akta.pro industry code is FSAMAIAJ, Cross-Border Payouts & Mass Disbursements (Pay-outs), with a secondary code of FSAGAKAE, Cross-Border Card-Based Transfers & Multi-Currency Cards. Its NAICS code is 522210.