Interswitch, a pan-African integrated payments processing and transaction switching company, has been ranked first on the Deloitte Technology Africa Fast 50, 2014, a ranking of the 50 fastest growing technology companies in Africa. Rankings are based on percentage revenue growth over five years.
A statement quoting the report from Deloitte said Interswitch’s revenue grew 1,226 percent during this period.
Mitchell Elegbe, group managing director/CEO, Interswitch, said: “We are delighted to have been ranked the fastest growing technology company in Africa by Deloitte. Africa is teeming with growth opportunities and companies that understand how to use technology to address local challenges are likely to grow on the back of these opportunities. This is what InterSwitch is all about.
“At InterSwitch we saw the challenges and by extension the opportunities in electronic payments in Africa and we have diligently provided solutions over the years. We believe our success is tied to our deep understanding of Africa, the strength of our team, the culture of the organization and the completeness of our vision.”
Kamal Ramsingh, Deloitte Africa Technology leader and partner in charge of the Deloitte Technology Fast 50 Africa programme, said in the statement that “InterSwitch has proved itself to be one of the fastest growing tech companies in Africa, and we are proud to honour them as one of the 2014 Technology Fast 50.”
InterSwitch, in the statement, said it built Nigeria’s transaction switching infrastructure and connected all the banks in the country just over 11 years ago with the strategic objective of becoming a truly pan-African electronic transactions business. In 2014, the company announced a partnership agreement with Paynet, East Africa’s leading multi-institutional payments provider, creating an unrivalled payments infrastructure spanning nine African countries.
InterSwitch provides a variety of e-payment services, such as web and mobile payment platforms (including Quickteller), a pan-African chip + PIN payment card (Verve), revenue collection, management and disbursement services (Paydirect and Autopay), sales and inventory management (Retailpay) and vertical industry solutions covering industries such as transportation, government, health and energy.
