Visa to acquire ‘significant stake’ in Nigeria’s Interswitch

Bank atm-001
Bank atm

Visa Incorporated says it has concluded plans to acquire a ‘significant’ stake in a Nigerian payments platform, Interswitch, Reuters quoted the Nigeria-based digital payments firm on Tuesday.

The deal which reportedly involves 20 per cent stake valued at about $200 million, would successfully raise the company’s global valuation to $1 billion, launching into the exclusive status among the “unicorn” players in the Fintech-space for companies.

Although the Nigerian firm confirmed the deal, it did not make its financial statement available.

“The investment makes Interswitch one of the most valuable African Fintech businesses with a valuation of $1 billion,” Interswitch said in a release quoted by TechCrunch.

The Visa investment could create the first of two market distinctions for Interswitch — as it shouldn’t change the Lagos-based company’s plans to go public.

Despite the deal, the company said it does not change its plan to undertake an initial public offer (IPO) sometime in the first half of 2020.

Interswitch could stand as Africa’s sole tech-unicorn, as Jumia’s volatile share-price and declining market-cap since an April IPO have dropped the company’s worth below $1 billion.

Advertisement

PT Mag Campaign AD

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...



NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.