Interswitch Uganda a subsidiary of Interswitch Group is celebrating 10 years since the group entered in the country.
The FinTech Company entered Uganda market in 2011 after purchasing 60% stake in Bankcom.
Since its arrival, the company has worked with various banks to create Verve cards that help bank users in accessing money from any bank that is on the Interswitch network.
As a debit card issuing company, Interswitch has a network of 20 financial institutions, which include banks, Micro-Deposit Taking Institutions (MDI) and SACCOS.
Besides offering Verve Cards, Interswitch also has payment system working under the brand name of QuickTeller Point which enables Interswitch agents to sell Airtime, Data Bundles, Pay Bills and Transact Airtel and MTN Uganda Mobile Money services while earning a commission.
Following the National Payment Systems Act 2020, Interswitch East Africa (U) Limited was given 3 licenses by the Bank of Uganda in August 2021, the national payments regulator as a Payment systems Operator, a Payment Service Operator and an Issuer of a Payment Instrument.
Founded in 2002 in Nigeria, Interswitch is the most has grown to become a Pan African company with operations so far in at least 3 African markets of Nigeria, Kenya and Uganda.