Interswitch Ltd., which processes payments for banks and owns a brand of debit cards in Nigeria, is considering initial public offerings in London and Lagos next year as it plans an expansion into new African markets.
The company has discussed share sales with banks including Bank of America Corp., Barclays Plc and Standard Bank Group Ltd. and may choose advisers for a transaction within a few months, Chief Executive Officer Mitchell Elegbe said.
“We’re looking at doing an IPO,” Elegbe, 43, who founded Interswitch in 2002, said in an interview in Lagos on May 28. “We’re looking at the U.K. and Nigeria. Our industry is one that investors love. They understand it, especially in places like the U.K.”