Interswitch

active

The Project consists of an investment of up to $20 million in InterSwitch Limited (the “Company” or “Interswitch”). Interswitch was formed in 2001 by Techinvest Limited, Accenture and a consortium of seven Nigerian banks to address the need for a nationwide electronic funds transfer, transaction processing and switching entity in the country. The Company has become the leading switching entity with about the majority of Nigeria’s e-payment transactions routed through its payments switching infrastructure. Interswitch is currently pursuing a strategic redirection and capital expenditure program to take advantage of growth opportunities in the sector and the region. The program would consist of (i) Phase 1: selling a significant stake of the Company to strategic equity partners/investors; and, Phase 2: subsequent funding for their 2-3 year capital expenditure program to support expansion in Nigeria and the sub-region. With this investment, Interswitch will be able to expand beyond the boundaries of its current switching business in Nigeria, and (i) penetrate the unbanked population; (ii) expand regionally; (iii) provide services to a larger addressable market in the region; (iv) penetrate further towards the base of the pyramid, building on its current debit card program and its network of POS devices; and, (v) develop more value added services for the electronic payment segment.