Interswitch Group, one of Africa’s leading integrated payments and digital commerce companies, has underscored the importance of strategic regulatory engagement and collaboration for African technology companies aiming to scale across the continent.
With Africa’s fintech ecosystem expanding rapidly, the sector presents unique opportunities to deepen financial inclusion, foster economic integration, and drive innovation. However, the regulatory landscape remains fragmented, with inconsistent licensing requirements, overlapping mandates, and significant barriers to entry—challenges that hinder regional scalability.
In response, the Africa Fintech Network (AFN) continues to champion a harmonized fintech licensing initiative aimed at creating a coordinated, enabling regulatory environment to support cross-border operations.
Speaking during an AFN virtual town hall to commemorate World Fintech Day on August 1, themed “Mapping the Path for Fintech License Passporting in Africa,” Mitchell Elegbe, Group CEO of Interswitch, shared insights from the company’s two-decade journey from a pioneering local operator to a pan-African fintech and payments leader.
Elegbe highlighted the pressing need for harmonized regulations, drawing from Interswitch’s experience operating across multiple jurisdictions—including Nigeria, Kenya, Uganda, Gambia, and Mauritius.
“We operate with distinct licenses in every market, each with different procedures, timelines, and compliance demands,” Elegbe explained. “Managing renewal timelines, overlapping regulations from central banks and telecom regulators, and differing compliance frameworks creates significant inefficiencies for scaling.”
He added that regulatory frameworks are often in flux, making it difficult for fintechs to keep up while pursuing license renewals or expansion, further emphasizing the urgency for coordinated and streamlined licensing.
Elegbe shared several measures Interswitch has taken to navigate this complex environment, including: Hiring seasoned local compliance officers in operating countries. Actively participating in industry policy dialogues such as AFN’s webinars and Providing feedback on draft regulations and engaging regulators for clarity.
“We believe regulatory engagement must be proactive and collaborative. Fintech operators should work alongside regulators to raise concerns and co-develop pragmatic frameworks that foster growth and innovation,” he said.
Elegbe also spoke about the strategic role of maturity modelling in Interswitch’s growth journey. He explained that maturity modelling helps organizations assess capabilities, benchmark against best practices, and identify gaps across critical functions.
“Maturity models empower fintechs to make informed decisions, prioritize investments, and build scalable systems for long-term sustainability. For Interswitch, this has been vital in managing risk and optimizing operations across regions.”
The event also featured notable speakers including: Ali Hussein Kassim, Chairman, Association of Fintechs in Kenya, Dr. Bukola Akinwunmi, Director of Banking Supervision, Central Bank of Nigeria (CBN), Adedoyin Odunfa, MD/CEO, Digital Jewels, Dr. Patrick Conteh, CEO, Africa Fintech Network.
Together, they explored how fintech license passporting can overcome regulatory bottlenecks and support seamless cross-border operations. Insights from pilot models in Ghana and Rwanda were shared as potential blueprints for implementation.
The town hall reiterated AFN’s commitment to working with stakeholders to develop practical, scalable solutions that enhance Africa’s fintech ecosystem and drive the African Continental Free Trade Area (AfCFTA) agenda.
Founded in Nigeria in 2002, Interswitch revolutionized the traditional cash-based economy by introducing electronic payments switching services and later launching Verve, Africa’s first EMV-standard chip-and-pin payment card scheme.
Today, Interswitch provides a robust suite of omni-channel payment solutions, actively shaping the continent’s financial ecosystem with a mission to "create transaction solutions that enable individuals and communities to prosper."
With operations across several African countries and an expansive infrastructure backbone, Interswitch continues to invest in solutions and partnerships that promote digital inclusion, innovation, and regional economic growth.