IFC pumps USD10m into Interswitch
BUSINESSBy BiztechAfrica - 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.
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