IFC pumps USD10m into Interswitch
BUSINESS| Sept. 11, 2011, 12:38 p.m.
The International Finance Corporation (IFC), a member of the World Bank Group, is investing USD10.5 million into Nigeria’s Interswitch Limited to help give consumers access to low-cost financial services.
The IFC said in a statement that the investment will allow Interswitch to “offer better access to easier forms of electronic payments and reduce cash in circulation, which has been a source of crime, fraud and corruption.”
The investment is part of an acquisition of Interswitch by a consortium including Helios Investment Partners and Adlevo Capital Partners.
InterSwitch Limited is an integrated payment and transaction processing company that provides technology integration, advisory services, transaction processing and payment infrastructure to government, banks and corporates.
InterSwitch, through its “Super Switch” provides online, real-time transaction switching that enable businesses and individuals have access to their funds across the 24 banks in Nigeria and across a variety of payment channels such as Automated Teller Machines (ATMS), Point of Sale (PoS) terminals, Mobile Phones, Kiosks, Web and Bank Branches.
MORE BUSINESS NEWS
Business incubator to boost 200 Zimbabwean entrepreneurs200 would-be Zimbabwean entrepreneurs are set to benefit from business training and support, thanks to a business development programme to be launched by business incubation specialist KBA Africa. Read More
Union gives Globacom 14 days to reinstate 54 sacked workersThe Private Telecoms & Communications Senior Staff Association of Nigeria (PTECSSAN) has urged Globacom to reinstate the workers it allegedly sacked from its service. Read More
British envoy promises more investors at Rack CentreMr Paul Arkwright, British High Commissioner to Nigeria, has promised to do his utmost to encourage more British companies to do business with their Nigerian Counterparts. Read More
UBA, Mastercard in pan-African partnershipUBA and Mastercard have announced a five year deal across 19 markets focused on driving financial inclusion in Africa. Read More
MTN Business partners with the National Gazelles to boost SMEs marketMTN Business today announced a new drive to help support the growth of small and medium enterprises (SMEs) and contribute to creating sustainable entities. Read More
Travelport appoints new Managing Director for AfricaTravelport has announced the appointment of Douglas Jewson as Travelport’s Managing Director for Africa. Read More
Brexit’s impact on AfricaThe short-term implications of Brexit for African economies will be mainly noticeable through market volatility, say Control Risks and NKC African Economics. Read More
Safaricom Blaze to take 2nd youth empowerment summit to ThikaSafaricom will this Friday, 8th July 2016, host the 2nd in a series of youth empowerment summits under its recently launched sub-brand, BLAZE. Read More
Kris Senanu to lead Telkom Kenya Enterprise DivisionTelkom Kenya has announced the appointment of Mr. Kris Senanu as the MD of its Enterprise Division. Read More
FEATURED STORYFirst-ever Africa Barclays Accelerator programme concludes
Ten fintech companies have concluded the first-ever Barclays Accelerator, powered by Techstars in Africa.
BEST READ NEWS
IN DEPTHEthical Hacking students can’t get a heck of a job
Botswana ethical hacking students report that they are failing to break into the local job market.