Interswitch, a big Nigerian payments company backed by Visa, made $42 million in revenue last year. Now, they’re getting into the phone business in Nigeria.
They bought a special licence from the Nigeria Communications Commission for $1.08 million in May 2023. This licence lets them act like a phone company without building all the infrastructure.
Interswitch plans to offer both payment and phone services to businesses and regular people. They’ll use the licence to team up with one of Nigeria’s four big phone companies. This way, they can provide phone services to areas where there aren’t many options.
This move comes at a time when Nigeria’s phone industry isn’t growing much. Foreign investment is down, and the existing phone companies are spending less money. The government is trying to shake things up by giving out more licences.
Interswitch has a lot of customers already, thanks to its payment services. It’s hoping to use this customer base to offer something new in the phone market. But to succeed, it’ll need to offer great phone services and pick the right phone company to partner with.
Nigeria has a huge population, and there’s a big opportunity for Interswitch to grab a piece of the phone market.
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