Interswitch, one of Africa’s leading digital payment and commerce companies, has announced a landmark 50% revenue surge, closing 2024 with an impressive ₦137 billion. The growth reflects the company’s sustained expansion across payment processing, digital infrastructure, and enterprise solutions, reaffirming its central role in Nigeria’s and Africa’s financial technology ecosystem.
The company’s strong performance is attributed to increasing transaction volumes across its payment rails, continued adoption of its Verve and Quickteller products, and rising demand for enterprise payment solutions among banks, merchants, and government agencies. Interswitch’s investments in infrastructure resilience paid off significantly in 2024, especially as Nigeria’s cash scarcity earlier in the year pushed millions toward digital transactions.
A key contributor to the revenue spike was the rapid scaling of Verve’s card scheme operations. The brand recorded higher card issuance and expanded partnerships with banks, fintechs, and regional players. Quickteller also saw growth driven by bill payments, SME-facing tools, and its online marketplace. Meanwhile, Interswitch’s payment processing arm benefited from increases in POS, ATM, and online transactions as consumers and merchants accelerated their shift to digital channels.
Beyond Nigeria, Interswitch continued strengthening its pan-African presence. The company deepened integration with payment service providers in East and Southern Africa, expanding its network and creating more opportunities for cross-border transactions. Its focus on interoperability and security—through upgrades to its switching platform and fraud prevention systems—further enhanced trust among partners and users.
Looking ahead, Interswitch aims to build on its momentum by investing in emerging technologies including AI-driven fraud detection, data analytics, and enhanced developer tools. The company also plans to support Africa’s growing fintech sector through collaborations, infrastructure-sharing agreements, and enterprise-grade APIs.
Despite a challenging macroeconomic environment, Interswtich’s performance underscores the resilience and growing relevance of digital payments in Africa’s financial landscape. As the continent continues to embrace cashless systems, Interswitch appears well-positioned to play a defining role in shaping the future of African commerce.
The company’s 2024 results not only highlight its operational strength but also signal the rapid acceleration of the digital economy across Nigeria and the broader region.
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