Digital payments company Interswitch has expanded its operations to Tanzania with the unveiling of its corporate identity at Dar es Salaam hotel. This feat is in line with Interswitch’s Africa-wide expansion plan.
The company is now operating in six countries.
The entry into East Africa follows the completion of the merger with leading East African e-payments provider Paynet Group. Effectively, Paynet Tanzania now becomes Interswitch. Interswitch Group hopes to aggressively compete in the payments space in West and East Africa after it officially launched its operations and new East Africa headquarters in Nairobi in October.
Paynet began operations in 2003 and is best known for a number of innovations including linking ATMs with M-PESA in Tanzania (Vodacom M-Pesa) and Kenya (Safaricom- M-Pesa), and driving the adoption of EMV Chip cards across Tanzania, Uganda and Kenya. In Kenya, Paynet was also behind the PesaPoint network, which is now an Interswitch brand.
Interswitch East Africa CEO Bernard Matthewman said the launch of the new brand in Tanzania was a statement of Interswitch’s leading position in the market and reflects its ambition to continue to grow its world class service across the African continent.
Richard Coate, Verve International Regional head in East Africa said: “We are seeing rapidly expanding trade flows between East and West Africa and with that increased travel. Expansion of Verve acceptance across Africa and around the world is part of the long-term strategic vision for our business. It will also foster closer business partnerships between East and West Africa and improve the ease of doing business on the continent, thereby encouraging even stronger growth. We have created Africa’s first truly global payment card brand and an important symbol of Africa’s economic power.”
