From Banking Hall Queue to Fintech Powerhouse

The story of Nigeria’s fintech revolution isn’t just about app downloads and venture capital — it began with a frustration felt in a banking hall. Mitchell Elegbe, founder of Interswitch, recalls waiting in line for his own withdrawal slip, witnessing firsthand the inefficiencies that plagued Nigeria’s payment system.

This experience sparked an idea that would transform how millions access financial services. After initial skepticism from bank CEOs (one even reportedly tore up his first business plan), Elegbe persevered, refining his pitch with help from Accenture and securing ₦200 million through the SMEEIS scheme — a CBN initiative requiring banks to invest in small businesses.

The Infrastructure-First Approach

Elegbe’s vision was to build the payment infrastructure that would enable Nigeria’s digital economy. He likened it to building roads before expecting traffic, knowing that reliable connections would attract users and innovation.

When transaction volumes initially lagged, Interswitch expanded beyond infrastructure to create actual products — like Verve, a domestic card scheme designed for Nigerians who couldn’t afford or didn’t need international cards.

Reading the Market Correctly

While international cards catered to travelers (estimated at 5% of the population), Elegbe recognized that the remaining 95% represented a vast underserved market. Verve offered a cost-effective, locally relevant payment solution that quickly gained traction.

Today, Nigeria boasts over 120 million active bank cards, with Verve holding close to 49% market share — a testament to Elegbe’s insight in building for the majority rather than an elite few.

Interswitch’s success demonstrates that sustainable fintech solutions prioritize real-world needs and build inclusive ecosystems rather than chasing quick exits. As Nigeria continues its digital transformation, Interswitch stands as a foundational pillar of its financial infrastructure.