By Nnamdi Ojiego
Interswitch Transnational Holdings, a pan-African integrated payment processing and transaction switching company, has announced the spin-off, of two of its core divisions: Verve International and Switching and Processing, as separate, autonomous businesses.
The company in a release by the Head, Group Marketing, Enyioma Anaba, said the rationale for separation was driven by the “Interswitch’s strategy to orchestrate the next stage of sustainable growth through empowering the various line businesses to broaden and deepen their solution and service offerings to better serve their customers across Africa.
“Separation will enable Verve to leverage, to the maximum extent, its recent strategic alliance with the ‘Discover’ network, providing new business opportunities in over 185 countries around the world and enable Interswitch Switching and Processing to take its card-agnostic pureplay switching services and third party transaction processing capabilities across the region”
The statement further disclosed that the move would also brings Interswitch’s corporate structure into line with the guidelines of the Payment Systems Vision 2020 of the Central Bank of Nigeria, CBN, Verve International and Interswitch Switching and Processing to have separate management teams.
The statement quoted Mr. Mitchell Elegbe, the Group Managing Director and Chief Executive Officer of Interswitch as saying: “It has always been our desire to evolve into an integrated payments holding business where the various parts of the business are driven to deepen and broaden their relationships with their various customers by creating innovative products and services of real value.
“Creating the right governance structure to herald this new phase of sustainable growth has been the focus of the board and management in the last few months. I am elated that we have successfully completed this separation, which took effect from April 1st 2013.”
Following the latest development in the orgnaisation, Verve International will now be led by Mr. Charles Ifedi while Interswitch Switching and Processing to be led by Mr. Akeem Lawal.