Companies

Interswitch Profile – About, Employees, Net Worth, Founders, And All You Need To Know

Published

2 years ago

January 28, 2021

Chijindu De-wigwe

Interswitch Profile – About, Employees, Net Worth, Founders, And All You Need To Know

Introduction

Interswitch is a payment processing company in Nigeria. It is known for the services they offer to banks in Nigeria. They have been in existence for a while and have shaped the financial technology and payment processing sector for good. It is also worthy to note that some brains behind major financial technology companies like TeamApt, were previous staff of Interswitch.

About

Interswitch company was established in the year 2002 by Mitchell Elegbe. He studied Electrical and Electronics Engineering at the University of Benin. He is also an alumnus of the IESE/Wharton/CEIBS Global CEO Program. He was employed by Telnet, a telecommunications company in Nigeria.

The idea for Interswitch came to him after his first encounter with an Automated Teller Machine in Scotland. There was no Automated Teller Machine in Nigeria at that point. The machine seized his card and he began to think up ideas to create a system that will enable electronic payments in Nigeria.

He shared the idea of the transaction switch to his boss at Telnet after he returned to Nigeria. He was authorized to execute it, but unfortunately, the process did not go according to plan. He began by selling the software for switching but most people he sold to were not interested and this led him to create Interswitch to meet his targets.

With the aid gotten from Accenture, Mitchell Elegbe and his team were able to establish Interswitch. Interswitch was thus created four years after his National Youth Service Program (NYSC).

Interswitch Limited has been in operation as an integrated payment and transaction processing company. The company also provides services like technology integration, advisory support, digital payments, financial inclusion, payment infrastructure services, and a host of other services. Interswitch is not only limited to Nigeria, as they also serve customers in Africa.

Location

Interswitch Limited Company has its headquarters in Lagos and has two other offices located in different cities in Nigeria.

Headquarters is located at 1648C Oko Awo St, Victoria Island, Lagos State Nigeria.

The Abuja office is located at Churchgate Tower, 473 Constitution Ave, Central, Abuja, Nigeria.

Employees

Interswitch Company Limited has about a thousand and fifty staff under its employees across its branches.

Salaries

The average salary at Interswitch Limited Company is about two hundred and forty-four thousand Naira. (#244,000) per month.

An application developer earns Seventy-nine thousand Naira (#79,000) per month.

A Computer Analyst earns One hundred and five thousand Naira (#105,000) per month.

A Corporate Sales Executive earns Three hundred eighty-one thousand Naira (#381,000) per month.

A Database Administrator earns about Two hundred and sixty-three thousand Naira (#369,000) per month.

Executives

Some key executives in Interswitch Limited Company include

Mitchell Elegbe – Chief Executive Officer and Founder
Kenneth Aphunezi Olisa – Chairman
John Maguire- Chief Financial Officer
Babafemi Ogungbamila- Chief Information Officer
Vincent Ogbunude- Chief, Business Incubation
Oremeyi Akah- Chief Core Operations Officer
Cherry Eromosele- Chief Product and Marketing Officer
Tolulope Agiri- Chief Human Resources Officer
Chinyere Don-Okhuofu – Chief Executive Officer of Networks
Titiola Shogaolu – Chief Executive Officer of Interswitch Financial Inclusion Services
Chinomso Victoria Nwachukwu – Controller.
Gbenga Haastrup- General Counsel and Chief Compliance Officer
Wale Olayisade- Chief, Group Service Delivery
Griffith Ehebha- Chief Risk Officer
Francis Chukwunyem- Chief Software Architect
Ndifreke Nkose- Chief Strategy Officer
Stephen Farry- Group Head, Corporate Finance.
Romana Rajpout- Country General Manager, Interswitch Kenya
Peter Kawumi- Country General Manager, Interswitch Uganda.

Other executives and board members include

Kenneth Aphunezi Olisa of Interswitch Limited
Babatunde Temitope Soyoye of Helios Investment Partners LLP
Naveen Wadhera of TA Associates Management LP
Alykhan Nathoo Helios Investment Partners LLP
Max Cancre of TA Associates Management LP.

Net worth

Interswitch Limited Company is estimated to be worth about one billion dollars ($1,000,000,000). They have received about Ten million, five hundred dollars in an entire funding round. The investors in Interswitch include Visa, TA Associates, Helios Investment Partners, Adlevo Capital Partners.

Competitors

Interswitch Limited Company is not without its competition. Some of their top competitors include Harland Clarke, PassKit, Playrix, and Chase Merchant Services.

Services provided

Verve was founded in 2009, as a subsidiary of Interswitch Limited. It became an autonomous business entity in the year 2013.

Verve offers ATM cards and card products in Nigeria. They were reported to have “over 20 million cards in circulation and access over 119,631 points of sale, 11, 287 ATMs and over 1,000 online merchants by the year 2013.

By the year 2013, Verve grew so much and partnered with Discover Financial Services that facilitated the acceptance of the cards all over the Discover global network. It covered 185 countries and territories at the time of the agreement.

In the year 2015, a media report wrote and said:: “Verve is issued by 40 banks in Africa with more than 30 million payment tokens in circulation.” In October 2015, Verve launched its entry into the East African payment market with a strategic partnership with Kenya Commercial Bank (KCB). This was done to expand Verve Card acceptance and payment services in six key East African markets. The countries are Kenya, Tanzania, Burundi, South Sudan, Rwanda, and Uganda.

Expansion

Interswitch has expanded further into the health-technology space by purchasing eClat. eClat Healthcare Limited is a specialist in helping healthcare service providers to plan, design, and operate their unique practices through the deployment of its trendy healthcare technology platform, designed specifically for the healthcare environment in Africa.

eClat’s healthcare technology platform consists of a core e-Clinic software. It includes electronic billing, immunization, ante-natal, and other care pathway functions, in addition to a variety of additional specialist modules. Before the acquisition of the platform, eClat’s platform had already become a leading Electronic Health Record (EHR) platform used in over 250 public and private healthcare facilities in Nigeria.

The purchase of eClat has helped them remain relevant and position themselves for the future.

Conclusion

Interswitch Limited Company besides being an employer of labor has charted a course in the financial technology sector and is set to even do more.

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Chijindu De-wigwe

I'm a medic, knowledge enthusiast and a bibliophile. Stir in a bathroom singing and horrible dancing and you get me. I'm also a copywriter and a content writer.

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Companies

What is Cryptocurrency And How Does It Work?

Published

2 years ago

July 9, 2021

Entrepreneur Platform

Cryptocurrencies are decentralized digital assets that operate on blockchain technology that in turn operates by storing a ledger of every transaction on all nodes powering the blockchain.

In layman’s terms, blockchain technology is like a record keeper, it collects data (in blocks) and links one block of data to another, forming a chain. The data on the blockchain is open for all to see and cannot be easily altered. Blockchain technology can be used for a variety of use cases besides cryptocurrency, ranging from voting to crowdfunding, keeping health records, etc.

Using Bitcoin as an example, nodes are computers connected to the network to mine Bitcoin, – this collection of independent nodes working together is what makes the network decentralized.

The decentralized nature of cryptocurrency is down to the creators recognizing flaws in traditional banking & financial systems like governments and financial institutions acting only in their best interests and not in the best interest of the common man, leading Satoshi Nakamoto (the creator of bitcoin and blockchain technology) to take steps to rectify that.

Related: What are NFTs?

To make cryptocurrency transactions, you will need to have a set of both public and private keys that will act as passwords protecting your crypto wallet.

The Public key is connected to your wallet address, allowing you to share the address with others to receive cryptocurrency, while the private key is known to only you and is what you will use to approve outgoing crypto transactions from your wallet.

Trading Cryptocurrency on Obiex

With the popularity of cryptocurrency trading currently at an all-time high, the biggest challenge for many rookie traders is selecting which cryptocurrency exchange to trade on.

If you fall in this category, the immediate priority should be finding an exchange that allows rookie traders to make trades easily, doesn’t charge extra fees and is completely secure. That exchange is Obiex Finance.

In this guide, you will be shown how to navigate the Obiex mobile app & website easily and what to do to get started with making cryptocurrency trades.

Getting started with Obiex Finance

Obiex Finance is a digital asset exchange and financial technology (Fintech) platform that gives its users the ability to easily execute cryptocurrency trades from anywhere regardless of their skill level.

Their commitment to ensuring that users get the best experience is shown in how they allow instant swaps from volatile coins like Bitcoin to stable coins like USDT, and vice versa, without confirmations. In a market where the value of crypto can fluctuate wildly, this feature is especially valuable as it allows users to seamlessly switch between making profits to saving those profits in a more stable currency before the value drops.

To create an Obiex Finance account, simply head over to their homepage, click on “sign up”, fill in the required fields and verify your email address. After that, create wallet addresses for your crypto assets and you’re ready to start trading!

The cryptocurrency available for trading on the Obiex Finance platform are: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Polygon (MATIC), Dogecoin (DOGE), Tether (USDT), Binance USD (BUSD), and USD Coin (USDC).

Getting Started with Cryptocurrency trading

After creating your Obiex account, you need to follow these simple steps:

Have a Trading Strategy: Trading cryptocurrency without having a strategy in place is the easiest way to lose your money. You will need to research the various crypto trading strategies thoroughly and choose the one that best suits your needs and temperament. For example, if you’re a patient person who is content to make smaller, safer trades over a long period of time instead of making riskier trades, then scalp trading is the best trading strategy for you. There are also other crypto trading strategies such as Swing trading, position trading, Arbitrage, dollar cost averaging etc.
Pick the cryptocurrency you’d like to trade: There are several cryptocurrencies available on Obiex Finance such as Bitcoin, Ethereum, Binance Coin, Tether etc. Selecting which cryptocurrency to trade is usually down to making a choice; whether to stick with the safer, more established cryptocurrencies like Bitcoin or to go with the more volatile coins that have a high upside and an equally high-risk factor like the Dogecoin which can move in either direction based on what Elon Musk tweets.

It is also important to note that when you pick a cryptocurrency to trade, it would be wise to ensure that the cryptocurrency matches the strategy you pick. For example, if your preferred strategy is patient scalp trading, then investing in volatile coins that have a high upside but carry a lot of risk is not the wisest move.

To swap crypto on Obiex Finance, add the wallet of crypto assets you’d like to swap, send the crypto to the wallet you just created, navigate to the ‘swap’ option on your dashboard, and select the coins you’d like to swap. You will receive the swapped coin in your wallet balance immediately without waiting for network confirmations.

Securely store your cryptocurrency: The same way you’d protect your goods and profits if you had a physical store is the same way you need to protect your cryptocurrency so it doesn’t fall into the wrong hands.

You can store your crypto securely on your Obiex wallet but if you want an alternative, physical wallets are also an option. Physical wallets allow you to store your crypto in secure hardware, offline storage device reducing the likelihood of online hackers stealing your hard-earned crypto. This is a list of reliable physical wallets you can use.

Conclusion

If you’re a newbie to crypto trading, the keyword is patience. Taking the time to properly understand the market before making trades will stand you in good stead. While risks occasionally pay off, a patient, long-term strategy is required to make consistent profits. For more information about trading as a newbie, you can check this out to understand unfamiliar crypto terms and to learn more about spot trading and futures.

Obiex Frequently Asked Questions | Obiex FAQs

Will I be charged a fee when I swap coins on Obiex?

No you won’t. While other crypto exchanges charge for trades and require confirmations to execute swaps, Obiex allows you to make free, instantaneous swaps without the delay that comes with waiting for confirmation. This also helps you avoid unnecessary losses.

Can I trade crypto on Obiex if I don’t know much about crypto?

Yes, you can! The Obiex Finance platform allows both rookie and experienced traders to make easy, safe trades regardless of trading experience.

Can I send and receive crypto easily?

Yes, you can. To send crypto, you will use your private key to execute outgoing trades and your public key/your wallet address to receive incoming trades. You can also send and receive crypto using just Obiex usernames.

Why do I need to swap coins?

Swapping coins allows you to either acquire a coin you think is (currently) more valuable than a coin you have a lot of. You can also use swaps to ensure that your funds are invested in a more secure coin like USDT if you feel the volatile coin you’re holding is about to go on a bear run and lose value.