5 Questions
What is the common starting point for successful enterprises in Africa, according to the passage?
Insight into the long-term growth trends in Africa
Which method of payment is predominantly used in African countries like Ethiopia and Nigeria?
Cash
What was the initial problem Interswitch aimed to address?
Lack of interbank ATM connectivity and debit/credit cards in Nigeria
What is included in Africa's big five growth trends?
A large, urbanizing population
What opportunity does Africa's underdevelopment present, according to the text?
An opportunity for digital solutions and infrastructure
Study Notes
- Interswitch, a UK-Nigerian digital payment company, aims to list on London and Lagos stock exchanges in 2019, possibly raising $1 billion.
- Founded by Mitchell Elegbe in 2002, Interswitch addressed the lack of interbank ATM connectivity and debit/credit cards in Nigeria.
- Developed first interbank transaction switching and payment processing infrastructure, enabling interbank ATM sharing and first real-time POS system.
- Launched Paydirect for revenue collection and Webpay for e-commerce, introduced Verve as Nigeria's most widely used card brand.
- Introduced Quickteller, an online payment platform with 15+ million users, and Paycode for cardless transactions.
- Upgrading systems to enable contactless payments using quick response barcodes from cell phones.
- Five-year strategy includes expanding financial inclusion for unbanked Africans (approx. 55 million adults in Nigeria alone).
- Africa's underdevelopment presents an opportunity for digital solutions and infrastructure, with growing populations and businesses.
- Executives with on-the-ground experience often identify solvable opportunities better than their global peers.
- Africa's big five growth trends: a large, urbanizing population; a trillion-dollar industrialization opportunity; infrastructure development; resource abundance; and mobile/digital technology adoption.
Test your knowledge about the key growth trends in African business and the factors driving success in the continent's market. From digital payments to economic expansion, this quiz covers the essential insights for emerging enterprises.
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