NIGERIA: Interswitch Transnational Holdings, a pan-African integrated payment processing and transaction switching company, announces the spin-off, of two of its core divisions: Verve International and Switching and Processing, as separate, autonomous businesses.
Verve (the payment card solutions business) and Interswitch Switching and Processing (the transaction switching business) have been spun off as separate, autonomous businesses
Rationale for separation is driven by 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
Separation will also enable Interswitch Switching and Processing to take its card-agnostic pureplay switching services and third party transaction processing (Mastercard, Visa, Union Pay, Verve) capabilities across the region
Separation also brings Interswitch’s corporate structure into line with the guidelines of the Payment Systems Vision 2020 of the Central Bank of Nigeria, Verve International and Interswitch Switching and Processing to have separate management teams. Verve International to be led by Mr. Charles Ifedi
Interswitch Switching and Processing to be led by Akeem Lawal.