The founder of Interswitch is Mitchell Elegbe, who established the company in 2002. Often referred to as the “Architect of Africa’s Digital Transformation,” Elegbe currently serves as the Group Managing Director and CEO.
While Elegbe is the primary founder and visionary, he started the company alongside two other key executives: Akeem Lawal and Bolaji Akinboro.
The idea for Interswitch was born in Scotland while Elegbe was working as a field engineer for Schlumberger. After an ATM machine seized his card, he realized that Nigeria lacked the infrastructure for seamless electronic payments.
At the time, Nigerian banking was heavily “brick-and-mortar” and fragmented; each bank operated in a silo. Elegbe envisioned a national switch that would connect these banks, allowing a customer from one bank to use the ATM of another.
Mitchell Elegbe’s Background
Born in Benin City, Edo State, Elegbe had a humble upbringing. He never met his father, who passed away before he was born, and he was raised by his mother and an uncle.
He graduated with a degree in Electrical/Electronic Engineering from the University of Benin (UNIBEN). He is also an alumnus of the Global CEO Program involving IESE, Wharton, and CEIBS.
Before Interswitch, he worked at Telnet, an ICT consulting firm, where he first pitched the idea of a transaction switch.
Despite initial skepticism from the industry, he secured ₦200 million in seed capital from a consortium of seven Nigerian banks and Telnet to launch the company.
Under Elegbe’s leadership, Interswitch became the backbone of Nigeria’s financial ecosystem, launching iconic products like:
• Verve: Nigeria’s first indigenous dual-interface chip card.
• Quickteller: A leading consumer platform for bill payments and fund transfers.
In 2019, Interswitch reached “Unicorn” status (a valuation of over $1 billion) after a strategic investment from Visa, making it one of the most successful tech exports from the African continent.
