interswitch

Interswitch postpones Annual InterswitchSPAK National Competition

Interswitch Postpones Annual InterswitchSPAK National Competition

July 2, 2020 6:34 am

Based on due considerations for the health, safety and general well-being of thousands of young students and the other categories of stakeholders involved in the national qualifying examinations, Masterclasses and national science competitions across Nigeria and Kenya annually, Interswitch Group have taken the difficult, howbeit, necessary and pragmatic decision to move the activities planned for the 2020 / 2021 edition of InterswitchSPAK National Science competition.

According to a statement from the company, the global concern regarding the coronavirus outbreak and its outlook which remains unclear, including travel and social gathering concerns among other considerations, make it extremely challenging to proceed …

Visa To Acquire Stake In Nigeria’s Interswitch

November 12, 2019 7:51 am
Visa Inc plans to acquire a “significant minority” stake in payments platform Interswitch, the Nigeria-based company said on Tuesday.

Interswitch did not provide financial details in its statement.

Read Also: Global Investors Mull $67b Projects For Africa In 2020

The acquisition, which Sky News reported on Sunday as being a 20 per cent stake for 200 million dollars, would give the company a valuation of one billion dollars — putting it in the tech-world “unicorn” status for companies that have a billion-dollar valuation.

(Reuters/NAN)…

Interswitch Quiz Begins Airing Today

Interswitch Quiz Begins Airing Today

November 2, 2019 3:42 am

Digital payment and commerce platform, Interswitch, will today, begin the airing of its InterswitchSPAK 2.0Television quiz competition.

The show is a segment of Interswitch SPAK Switch-a-future initiative, a CSR initiative that aimed to stir  interest in the study of Science, Technology, Engineering and Mathematics (STEM) subjects among Senior Secondary School students in Africa.

The competition is  targeted strictly at  SS2 students between ages 14-17.

Speaking on the initiative, Group Chief Marketing and Communications Officer of the company,  Cherry Eromosele, emphasised the importance of  STEM in  driving innovation in the country.

Read Also: Interswitch Limited Completes ₦23Billion Bond Placement

He said:  …

Following the registration of a N30 billion debt issuance programme with the Securities and Exchange Commission of Nigeria (SEC), Interswitch Limited, a leading technology-driven company has concluded a N23 billion Series 1 Fixed Rate Senior Unsecured Callable Bonds issue via a Special Purpose Vehicle (SPV), Interswitch Africa One PLC. The Series 1 Issue priced at 15% was 2.6x subscribed. The 7-year Bonds, embedding a call option that can only be exercised from the second year, are payable in full at maturity. An application will be made to list the Bonds on The Nigerian Stock Exchange (NSE) on receipt of the SEC’s approval of the proposed allotments. Investor participation was restricted to qualified institutional investors as defined by the SEC in Nigeria, with a proposed Bonds allocation of 64% to pension fund managers, 7% to asset managers and 22% to commercial banks pending SEC approval. The strong level of oversubscription demonstrated investor confidence in the Interswitch brand, business model and long-term strategy, supported by strong domestic ratings from both Agusto & Co. Limited and Moody’s Investor Service. The Issuer was assigned “Aa3” national scale programme rating by Moody’s and “Aa” national scale rating by Agusto, on the back of positive secular industry shifts, a strong market position and a good liquidity profile. The Sponsor was also assigned “Aa” rating by Agusto. The Founder and CEO, Mr Mitchell Elegbe, commented, “We are delighted to report the success of the first series of Bonds issued under our Programme, especially with the level of interest shown by investors. Diversifying our funding sources through the inclusion of these Bonds will enable us to achieve our strategic objectives and vision.” FBNQuest Merchant Bank and Stanbic IBTC Capital acted as Lead Financial Advisors/Issuing Houses and ABSA Capital Markets Nigeria, FCMB Capital Markets, Quantum Zenith Capital & Investments and Rand Merchant Bank Nigeria, as Joint Issuing Houses.

Interswitch Limited Completes ₦23Billion Bond Placement

October 24, 2019 10:24 am

Following the registration of a ₦30 billion debt issuance programme with the Securities and Exchange Commission of Nigeria (SEC), Interswitch Limited, a leading technology-driven company has concluded a ₦23 billion Series 1 Fixed Rate Senior Unsecured Callable Bonds issue via a Special Purpose Vehicle (SPV), Interswitch Africa One PLC.

The Series 1 Issue priced at 15% was 2.6x subscribed. The 7-year Bonds, embedding a call option that can only be exercised from the second year, are payable in full at maturity. An application will be made to list the Bonds on The Nigerian Stock Exchange (NSE) on receipt of the …

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