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Interswitch picks UK businessman as chairman

Interswitch East Africa chief executive Paul Ndichu. FILE PHOTO | NMG
Interswitch East Africa chief executive Paul Ndichu. FILE PHOTO | NMG 

Payments firm Interswitch Group has appointed UK businessman and philanthropist Kenneth Olisa as chairman.

Mr Olisa, the first black Lord-Lieutenant of Greater London, founded and led the technology merchant bank Interregnum and is also the founder and chairman of Restoration Partners, an independent boutique technology merchant bank.

He is also a director at Thomson Reuters. The Nigeria-based Interswitch, is an integrated electronic payments and commerce firm that facilitates the electronic circulation of money, and serves banks and three telcos in Kenya—managing a portfolio of over one million cards, an agency network and a suite of bank automated teller machines (ATMs).

Some 12 local lenders are already using the platform to make cross-bank digital withdrawals and payments. They include KCB, Family Bank, Sidian Bank, Prime Bank, Stanbic, UBA, NBK, NIC, Faulu, Credit Bank, DTB, and GT Bank.

Interswitch East Africa chief executive Paul Ndichu Thursday said Mr Olisa’s immense experience in technology and banking makes him the perfect fit for their financial technology (fintech) business. “The strategic vision from Ken will be invaluable in this new phase of growth,” said Mr Ndichu.

Interswitch Group chief executive Mitchell Elegde said Mr Olisa’s inspiring business leadership, vast experience and professional expertise will be a great asset to the firm as he joins them at a defining phase of their expansion journey.

Founded in 2002, Interswitch is active across the entire payments value chain and yearly processes over four billion transactions with a value of over $38 billion (Sh3.9 trillion).

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