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Update on Nigerian fintech firm Interswitch and its speculative IPO

Nigerian fintech firm Interswitch has been circulating in business news around a possible IPO on the London Stock Exchange.
Last month Bloomberg News ran a story—based on unnamed sources—reporting the financial services firm had hired investment banks to go public on the LSE later in 2019. The piece spurred additional aggregated press.
That Interswitch—which provides much of Nigeria’s digital banking infrastructure—could become one of Africa’s earliest tech companies to list on a global exchange isn’t exactly news.
It’s more deja vu of a story that began several years ago.
As TechCrunch reported, Interswitch was poised to launch on the LSE in 2016. CEO and founder Mitchell Elegbe confirmed “a dual-listing on the London and Lagos stock exchange is an option on the table,” in a January 2016 call.
Two additional sources wired into Nigeria’s tech market and close to Interswitch’s investors also said the public launch would happen by the end of that year.
The IPO would have made Interswitch Africa’s first tech company to go from startup to a billion-dollar plus unicorn valuation status. Of course, it didn’t happen in 2016.
In 2017, TechCrunch checked in with Interswitch on the delay and was told the company could not comment on its pending IPO.  In other public interviews, executives Mitchell Elegbe and Divisional Chief Executive Officer Akeem Lawal named Nigeria’s recession as a reason for the delay and reaffirmed a likely dual Longon-Lagos listing by the end of 2019.

Will Interswitch still be the company that brings Sub-Saharan Africa its big tech windfall?
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