Interswitch got a telco licence, here's what it means

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March 15, 2024
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2 min read
Mitchell Elegbe

This week on the Techpoint Africa Podcast, Abubakar Idris, Tech Journalist at The Information joins Chimgozirim and Bolu as they discuss some of the trending stories in African tech.

Then we come to the stories of the day. We begin with Interswitch and it's 2023 financial report. This week, the fintech giant reported $42 million in revenue for its financial year that ended March 31. It also announced its acquisition of a Mobile Virtual Network Operator (MVNO) licence.

Interswitch obtained the licence through its subsidiary, Systegra Technologies Limited, a value-added service aggregation provider licenced by the NCC. It offers several services, including SMS and USSD gateways, IVR portals, web and WAP, gaming, carrier billing, mobile advertising, and consulting.

One thing that stands out to Abubakar, however, is that contrary to what is widely believed, Interswitch is not a trillion naira company and Bolu believes this calls into question how similar fintechs are valued and if there's a possibility that they've been overestimated.

Then we go to LemFi's expansion into China.

Last week, LemFi announced that it had appointed Ex-OPay COO, Allen Qu to lead the business’s expansion to China as Vice President of Growth.

Bolu and Chimgozirim question whether this was a good move based on the value of trade between the two countries and the size of the Chinese diaspora in Africa.

Other stories we mentioned are an update on the arrest of two Binance exeutives n Nigeria. This week, Wired, revealed their identities: A former US Federal agent specialising in crypto crime and a Kenyan.

According to Wired, the two executives have been detained against their will for over two weeks, with their passports seized.

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Writer, Humanoid, Forever she/her, Lover of words. Find me on Twitter @OnomeOneyibo.
Writer, Humanoid, Forever she/her, Lover of words. Find me on Twitter @OnomeOneyibo.
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Writer, Humanoid, Forever she/her, Lover of words. Find me on Twitter @OnomeOneyibo.

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