Africa’s first billion-dollar tech IPO on a major exchange may be imminent. Nigerian digital payments company Interswitch will likely go public on the London Stock Exchange (LSE) in 2016, sources confirm.
The Lagos based fintech firm, majority owned by private equity group Helios Investment Partners, provides much of Nigeria’s digital finance infrastructure. Founded in 2002, Interswitch’s product platforms process the bulk of the country’s growing volume in electronic bank, government, and corporate financial transactions. In personal finance, 32 million consumers use the company’s Verve chip and PIN cards, while its Quickteller digital payment app processed $2.4 billion in transactions.