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Interswitch Group Shares Learnings on Compliance & Corporate Governance at Africa Fintech Network

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9 months ago

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Interswitch Group, one of Africa’s leading integrated payments and digital commerce companies, has emphasized the imperative for strategic regulatory engagement and partnership for African technology players who desire to scale their operations effectively across the continent. Africa’s burgeoning Fintech ecosystem presents a unique opportunity to deepen financial inclusion, foster economic integration, and drive digital innovation. However, the current licensing and regulatory landscape, marked by a variety of approaches in regulating fintechs with often high barriers to entry and fragmented oversight, poses significant barriers to growth and cross-border scalability.

In response, the Africa Fintech Network (AFN) has consistently championed a harmonized fintech licensing initiative aimed at fostering a more coordinated and enabling regulatory environment across the continent. Speaking at an AFN Webinar to commemorate World Fintech Day on 1st August, themed ‘Mapping the Path for Fintech License Passporting in Africa’, Interswitch Group CEO, Mitchell Elegbe shared extensive insights and learnings from Interswitch’s journey from nascent player to pan-African fintech and payments champion operating across multiple regions of the continent. The core premise of this initiative by the AFN is that a mutually recognized licensing framework will accelerate innovation, streamline compliance, and enhance regional collaboration, contributing to boosting intra-African trade and financial inclusion. It is believed, as evidenced in other jurisdictions, that reducing regulatory friction and duplicative licensing burdens, fintech and digital finance firms can scale faster, improve operational efficiency, and focus on delivering inclusive, market-driven solutions across borders. As Africa’s foremost fintech unicorn, Elegbe was tasked to share his perspective based on experiences with licensing and regulations given Interswitch’s operations in multiple countries. According to him, Interswitch Group operates with multiple distinct licenses from regulators across jurisdictions like Nigeria, Kenya, Uganda, Gambia and Mauritius with each respective license application accompanied by distinct licensing procedures, application processes and expiration dates. He asserts that “We are therefore often tasked with managing the expectations of our partners during the period between the expiration date and the renewal date about our status to operate. Also, there is the challenge of overlapping regulations as fintechs in many countries in Africa are regulated by multiple bodies such as Central Banks and Telecom Regulators, which leads to duplicated licensing processes, conflicting compliance requirements and delays in approvals. He also acknowledged that Regulatory frameworks are not static and while fintechs must remain agile to adapt to existing frameworks, these constantly changing frameworks affect the renewal of license applications as the expectation is that implementation of the requirements are tied to license renewals. Elegbe underscored specific initiatives Interswitch has undertaken to invest in proactive and effective regulatory relationship management to include hiring experienced local compliance officers on ground in the countries the companies operates/invests in, participating in policy dialogues such as the AFN’s and actively engaging and sharing feedback on regulatory drafts, among others. He emphasized the need for operators to collaborate with regulators on areas of concern and seek clarity where necessary. Elegbe also essentially spoke to the importance of embracing maturity modelling by African businesses; emphasizing that Maturity modeling, across respective critical functions and disciplines is crucial for organizations because it provides a framework for assessing and improving performance, identifying weaknesses, and fostering continuous improvement. He asserted that in Interswitch’s case, has it has grown and scaled operations across markets, maturity modelling has helped the business understand current capabilities, benchmark industry best practices, and develop strategies for growth and optimization. According to him “By highlighting areas needing attention, maturity models enable organizations to make informed decisions, allocate resources effectively, and ultimately achieve their goals.” To mark World Fintech Day on 1st August, The Africa Fintech Network hosted the Virtual Town Hall, which also featured other speakers including Ali Hussein Kassim, Chairman of Association of Fintechs in Kenya, Dr. Bukola Akinwunmi, Director of Banking Supervision at Central Bank of Nigeria (CBN), Adedoyin Odunfa, MD/CEO at Digital Jewels and Dr. Patrick Conteh, CEO at Africa Fintech Network, as the first public forum, to address the growing need for a harmonized fintech licensing framework across Africa. This event brought together key players, regulators, innovators, policymakers, and investors, to explore how fintech license passporting can address regulatory barriers, support cross-border growth, and expand access to financial services. The town hall reflects AFN’s commitment to work with stakeholders in building practical solutions that support a more connected and thriving fintech ecosystem across the continent. The Town Hall dialogue is aimed at gaining a high-level understanding of the current fintech licenses’ environment and how to potentially position a licenses passporting scheme amid the related challenges. Insights from international experience and from the Ghana/Rwanda initiative would be useful in this regard. Interswitch remains a leading technology-driven company focused on the digitization of payments and commerce across Africa. Founded in Nigeria in 2002, Interswitch disrupted the traditional cash-based payments value chain in Nigeria by supporting the introduction of electronic payments processing and switching services, and launched Verve, Africa’s premier and leading domestic EMV-standard chip and pin payments card scheme. Today, Interswitch is a leading player with critical mass across Africa’s developing financial ecosystem and is active across the payments value chain, providing a full suite of omni-channel payment solutions. Interswitch’s vision is to make payments a seamless part of everyday life in Africa, and its mission is to create transaction solutions that enable individuals and communities to prosper across Africa. Interswitch’s broad network and robust payments platform have been instrumental to the development of the Nigerian payments ecosystem and provide Interswitch with the infrastructure to expand across Africa.

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Fidelity Bank Advocates for Inmates’ welfare with donation to Enugu Custodial Centre

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14 hours ago

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April 16, 2026

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L-R: Team Lead, Corporate Social Responsibility (CSR), Fidelity Bank Plc, Victoria Abuka; Deputy Controller of Corrections, Enugu Maximum Security Custodial Centre, Dr. Sunday Igwe; Team Lead, Human Resources and Business Partner, East & South, Fidelity Bank Plc, Osayi Uwumarongie; and President, Legacy Inductees Class of 2026, Fidelity Bank Plc, Darlington Okereke; during Fidelity Bank’s donation of food and essential items to Enugu Maximum Security Custodial Centre, in Enugu State recently.

Tier one lender, Fidelity Bank Plc has reaffirmed its commitment to health and social welfare with the donation of food and essential items to inmates at the Enugu Maximum Security Custodial Centre.

The outreach was carried out by the newly inducted Legacy Class of 2026 and executed under the bank’s flagship Corporate Social Responsibility (CSR) platform known as the Fidelity Helping Hands Project (FHHP). Through the FHHP, staff identify areas of critical interventions in their immediate communities, raise funds and then receive matching financial support from the bank’s management to execute the projects.

Items donated by the Legacy class include a range of food supplies such as garri, spaghetti, noodles, biscuits, milk, and other essential consumables aimed at supporting the welfare and living conditions of inmates at the facility.

Speaking on the visit, Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, described the initiative as a key component of the Bank’s culture, designed to inspire compassion and a sense of responsibility in its workforce.

“As part of our induction programme, we encourage new staff to identify meaningful ways to impact their communities. In assessing the needs of this facility, it became clear that providing food and other essentials would make an immediate difference. With over 3,000 inmates here, the daily effort required to feed and care for them is enormous. We believe that this donation will significantly support the centre’s ongoing work and contribute to improving the welfare of the inmates,” he said.

Nwagboh further emphasized the broader vision behind the initiative, noting that the bank is committed to raising socially conscious professionals. “At Fidelity Bank, we are intentional about building not just skilled employees, but responsible citizens. Initiatives like this help our staff connect with real societal needs and inspire them to make meaningful contributions beyond the workplace,” he stated.

In his response, the Deputy Controller of Corrections at the facility, Dr. Sunday Igwe, commended Fidelity Bank for nurturing a strong culture of social responsibility among its workforce. He described the donation as timely and impactful, noting that it would help alleviate some of the operational challenges faced by the facility.

Igwe further used the opportunity to caution Nigerians, particularly young professionals, against engaging in criminal activities such as fraud and cybercrime, emphasizing that personal decisions can have far-reaching consequences.

“People must understand that their choices determine their outcomes. We encourage everyone to stay focused and avoid actions that may bring them into conflict with the law,” he advised.

The Fidelity Helping Hands Project remains one of Fidelity Bank’s key CSR initiatives, enabling employee-led contributions that drive meaningful impact through inclusive development across Nigeria.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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One Universe Launches to Redefine How People Find and Pay for Trusted Services

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2 days ago

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April 15, 2026

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One Universe, a new trusted digital marketplace designed to connect people who need services with skilled professionals, has officially launched and is now available for download on the Apple App Store and Google Play Store.

Built to solve the everyday challenge of finding reliable service providers, One Universe brings trust, convenience, and transparency into one seamless platform. From beauty and lifestyle services to technical, creative, and professional support, users can now discover verified professionals, agree on terms, and complete payments securely – all within the app.

A Safer, Smarter Way to Get Things Done

One Universe was created to eliminate uncertainty in service transactions. The platform enables buyers to find professionals, chat directly, agree on pricing and timelines, and make payments securely. Funds are held safely until the job is completed, ensuring protection for both parties.

Empowering Professionals to Grow

For service providers, One Universe offers a powerful opportunity to showcase skills, receive referrals, build credibility through reviews, and access more customers without the usual barriers. Professionals can focus on delivering quality work while the platform supports visibility, trust, and secure payments.

Introducing the One Universe Recruiter Program

As part of its launch, One Universe is rolling out the Recruiter Program, designed to reward individuals who help grow the community. Recruiters earn incentives by inviting people to join the platform – especially buyers seeking services – thereby helping professionals get more jobs while expanding the ecosystem. The program turns everyday referrals into real value and shared growth for all participants.

Key Features Include:

  • Verified professionals across multiple service categories
  • Secure in-app payments with buyer and seller protection
  • Transparent pricing and direct communication
  • Ratings and reviews to build trust
  • A growing community driven by referrals and reputation
  • Incentives through the Recruiter Program for community growth

Now Available on iOS and Android

One Universe is now live and ready for use. Individuals and businesses are encouraged to download the app, explore services, and experience a smarter way to connect and transact.

Download One Universe today:
Apple App Store
https://apps.apple.com/au/app/one-universe/id6753012310

Google Play Store
https://play.google.com/store/apps/details?id=com.oneuniverse.oneuniverse

About One Universe
One Universe is a trusted digital marketplace built to connect people with skilled professionals, making service discovery, engagement, and payment simple, safe, and reliable. The platform is committed to empowering service providers while giving users confidence and peace of mind.

Media Contact:
www.oneuniverse.ng
info@oneuniverse.ng
08083327368

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InterswitchSPAK National Science Competition: A Life-Changing Opportunity for Nigerian Students

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2 days ago

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April 15, 2026

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For many students, the long holiday is a time to rest and reset. But it can also offer something more, a window of opportunity. This year, that opportunity comes in the form of InterswitchSPAK, one of Nigeria’s leading national science competitions, designed to spotlight and support the next generation of Science, Technology, Engineering and Mathematics (STEM) leaders.

Now in its eighth edition, InterswitchSPAK continues to identify, nurture, and reward some of the brightest Year 11 (SS2) students across the country, those with a strong passion for STEM, and the ambition to go further.

With registrations ongoing, this year introduces an important shift. Students can now be registered not only through their schools, but also directly by their parents and guardians. This expanded access ensures that more talented students, regardless of circumstance, can take part in this transformative experience.

At its core, InterswitchSPAK is more than a competition. Over the years, it has evolved into a credible platform that offers real opportunities that shape academic and career journeys. It gives students the visibility, confidence, and support they need to pursue their aspirations in STEM.

What truly sets InterswitchSPAK apart is the scale of its impact. It goes beyond answering questions correctly or passing exams, it unlocks access to higher education, mentorship, and life-changing opportunities.

This season raises the stakes even higher, with over ₦40 million in scholarships, reinforcing the programme’s commitment to rewarding excellence at the highest level. The top prize includes a ₦15 million tertiary scholarship spread over five years, complemented by monthly stipends. The second and third place winners will receive ₦10 million and ₦5 million scholarships respectively.

All top 9 finalists will receive laptops and other cash prizes, ensuring that outstanding performance at every level is recognised and rewarded.

Importantly, the impact extends beyond the students. Teachers of the top 9 participants are also awarded cash prizes, highlighting the vital role educators play in shaping future innovators. It is a holistic approach that celebrates excellence across the entire learning ecosystem.

As a programme, InterswitchSPAKs reflects a broader vision, one where merit, curiosity, and hard work are rewarded, and where every student has a fair chance to succeed. Its transparent, technology-driven process ensures a level playing field for participants across Nigeria.

For students, this is an opportunity to test their knowledge, build confidence, and gain national recognition. For parents, it is a chance to actively support and unlock their children’s potential. And for schools, it remains a powerful platform to showcase academic excellence.

Sometimes, all it takes is one decision and one application to change the trajectory of a future. With the ongoing school holidays providing more time and fewer distractions, this is the ideal moment to get started. Registration for InterswitchSPAK 8.0 is open until May 24, 2026. Eligible students are encouraged to register at www.interswitchspak.com.

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