Africa’s leading digital payments and commerce company, Interswitch Limited has secured 100% stake in Value Added Network Solutions Limited (VANSO).
VANSO is a market leading mobile and security-focused financial technology provider, delivering cutting edge and innovative solutions in Africa. The transaction has received all relevant regulatory and shareholder approvals, including the approval of the Securities and Exchange Commission.
The transaction will result in VANSO’s highly successful mobile banking, SMS and security business lines being fully integrated into Interswitch’s digital commerce and technology operations in Nigeria, and across the continent where they can leverage on Interswitch’s geographic expansion.
With this acquisition, the current management team of VANSO will be absorbed into the Interswitch management organisation. VANSO CEO, Denis O’Brien will lead the Interswitch mobile payment’s business unit with a mandate to drive aggressive organic and geographic growth. Denis brings nearly two decades of financial technology experience in Africa.
VANSO’s existing shareholders will become shareholders of the Interswitch Group, aligning the long-term interests of both companies towards long-term growth.
The acquisition will enhance the Interswitch mobile financial services offering, bringing fast growing segments like virtual airtime top-up, bills payments, remittance and transfers, banking and e- commerce in house, with rapid geographic expansion opportunities and across multiple delivery mechanisms including USSD, SIM toolkits and advanced mobile applications.
Group Managing Director and Chief Executive Officer of Interswitch, Mitchell Elegbe said: “The acquisition of VANSO, both a market leader in the mobile financial services industry and a strong and profitable business, is a great opportunity to combine our respective technology offerings and skill sets, driving growth in our business. By integrating operations, we not only secure access to new payment channels, but a highly skilled leadership team as well, while VANSO now has access to new markets, a mutually beneficial step for both our companies.”