Interswitch, one of Africa’s leading digital payments companies, has reported a 50% surge in revenue for 2024, reaching a total of ₦137 billion. The impressive growth comes amid strategic restructuring, expansion of its payment services, and increased adoption of its flagship Verve card across the continent.
The financial report, covering the year ended March 2025, highlights a significant turnaround in profitability. Interswitch posted a pre-tax profit of approximately ₦23 billion, following a period of slower growth in the previous year. Net profit after tax stood around ₦14.7 billion, while gross profit reached roughly ₦125.8 billion.
The company’s growth was largely driven by its core transaction and non-transaction businesses, which account for nearly three-quarters of total revenue. Payment processing services, including card schemes, online payments, and telecom payment solutions, formed the backbone of the revenue increase. Notably, Verve card issuance and usage continued to expand, with over 100 million cards issued across Africa, contributing significantly to the company’s earnings.
Nigeria remains Interswitch’s largest market, generating about 90% of total revenue, while the remaining portion comes from operations in Mauritius, the UK, Kenya, and Uganda. This geographic diversification positions the company to benefit from growing digital payment adoption in multiple African markets.
In 2024, Interswitch also made strategic business moves to align with regulatory requirements. The company secured approval from the Central Bank of Nigeria (CBN) for a mobile money operator license for its subsidiary M-Kudi. Additionally, it restructured its operations to comply with CBN rules, separating infrastructure services from consumer-facing products under a Payment Service Holding Company license. Some investments, such as its stake in Gamswitch and part of its East African operations in Pesatransact, were divested to streamline focus.
The company’s achievements have not gone unnoticed internationally. Interswitch has consistently been recognized among the top 300 fintech firms worldwide by CNBC and Statista, reinforcing its position as a major player in Africa’s payments ecosystem.
For customers, the revenue growth and operational expansion signal improved service delivery, faster transaction processing, and enhanced payment solutions across Nigeria and other African markets. As digital payments continue to gain traction, Interswitch’s investments in technology and compliance are expected to drive further growth in the coming years.
Industry analysts note that Interswitch’s 50% revenue growth is a strong indicator of the resilience and potential of African fintech, highlighting how strategic planning, regulatory compliance, and product innovation can drive substantial financial performance.
With this performance milestone, Interswitch is well-positioned to continue scaling its operations, expanding its customer base, and enhancing its offerings across key remittance and digital payment corridors. The company’s trajectory underscores the growing importance of fintech solutions in Africa’s financial ecosystem, where technology-driven services are increasingly shaping how money moves across the continent.
