By Princewill Ekwujuru

Interswitch Limited, digital payments and commerce company  has completed a 100 percent  acquisition of Value Added Network Solutions, Vanso, Limited.

Vanso is a mobile and security-focused financial technology provider, delivering cutting edge and innovative solutions in Africa.

The transaction will see Vanso’s mobile banking, SMS and security business lines fully integrated into Interswitch’s digital commerce and technology operations in Nigeria, and across the continent where they can leverage on Interswitch’s geographic expansion.

The transaction has received all relevant regulatory and shareholder approvals, including the approval of the Securities and Exchange Commission, SEC.

Speaking, Group Managing Director/Chief Executive Officer of Interswitch, Mitchell Elegbe, at the signing ceremony in Lagos said: “The acquisition of Vanso, both a market leader in the mobile financial services industry and a strong and profitable business, is a great opportunity to combine our respective technology offerings and skill sets, driving growth in our business. By integrating operations, we not only secure access to new payment channels, but a highly skilled leadership team as well, while Vanso now has access to new markets, a mutually beneficial step for both our companies.

“The mobile banking sector in particular is experiencing rapid growth, with the number of mobile banking customers projected to rise exponentially across the continent within the next 3-5 years. Alongside Vanso, Interswitch is even more strategically placed to capitalise on growth in the payment solutions industry and to continue delivering innovative solutions for Africa.”

Also speaking, Vanso CEO Denis O’Brien said:”Having secured a market leading position in Nigerian mobile financial services over the last 13 years, we are excited that the integration with Interswitch will enable our technology to go further, transforming payment solutions across borders and remaining at the forefront of development in the industry.”

“In Interswitch, we have found a partner with ambitions aligned to our own, and the institutional backing and scale to rapidly accelerate their attainment. I would like to thank our Board, executive management team and all our staff, who have worked tirelessly over the last 18 months to identify the most appropriate growth option for us.