Breaking News
Translate

InterSwitch sells 67 per cent equity, opens more offices in Africa

Mr Mitchell Elegbe, Managing Director of InterSwitch Ltd, on Thursday said that the company had sold 67 per cent of its equity to Helios Investment Partners and Adlevo Capital. Elegbe told newsmen in Lagos during the unveiling of the company’s new brand identity that with the divestment, the company would soon open offices in more African countries. He said that the expansion of the company’s business to other African countries was to ensure that Africa excelled in the global financial payment system.

According to him, InterSwitch has opened the preliminary stage of its pan-African expansion drive through the sale of 67 per cent of its equity to Helios Investment Partners and Adlevo Capital.

“Helios has significant investments in financial service firms in East and West Africa while Adlevo Capital has typically invested in businesses where technology and continuous innovation are critical for business success. Besides, a robust electronic payment system enhances the commercial reputation of any country. It improves the investment climate, strengthens the image of the banking sector and provides the much needed vehicle for increasing economic growth and improving welfare,” Elegbe said. He said that the expansion to other African countries had prompted the rebranding of InterSwitch’s identity.

“We are expanding into East and West Africa, however, we realise that InterSwitch has typically been viewed as a card company. We are, therefore, refreshing our identity and communication to reflect exactly what we do and how we can serve organisations and governments across Africa. The repositioning of our business has given us an opportunity to refresh our corporate identity in line with current times. It has also given us the opportunity to develop consumer associations in line with our business offering and create an awareness of our products and services in existing and new markets,” the InterSwitch chief said.

Mrs Tito Adeniji-Aderoju, Chief Marketing Officer of InterSwitch, said that the new identity formed part of an overall brand strategy to show that the company could partner with businesses to accelerate growth. She said that InterSwitch had demonstrated it could reduce transaction costs irrespective of the location of the business on the African continent. The new logo has an addition of letter ‘I’ and an arrow on top of the logo.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.