Reports have it that Visa, a global payment firm, is planning to invest US$200 million in Interswitch, a Nigerian-based payment firm.
Sky News reports that ahead of a potential London IPO next year, Visa and Interswitch are in advanced talks about a transaction that could see Visa acquiring a 20% stake in Interswitch.
Last week, Interswitch announced its foray into healthcare with its acquisition of Nigeria and Swaziland-based eClat Healthcare. All of these point to an impending IPO, most likely in the first half of 2020.
Founded in 2001 by Mitchell Elegbe, Interswitch provides integrated digital payments solutions across Africa. The company uses a ‘switching’ infrastructure to connect different banks in Nigeria and provides technology for ATM cards. The company has over 11,000 ATMs on its network.
In 2010, private equity firm Helios Investment Partners bought more than 60 per cent stake of the company.