Founded in 2002 in Nigeria, as a transaction switching and processing company with national focus, Interswitch progressively evolved to incorporate consumer financial services with the successive launches of Quickteller, a retail payments ecosystem linking merchants and billers with consumers, as well as Verve, a homegrown, EMV-certified payments card scheme.

After using an ATM for the first time in Scotland, Mitchell Elegbe developed an idea to create electronic payment infrastructure in Nigeria while he was working on implementing SWIFT.

[6] In January 2023, the Central Bank of Nigeria (CBN) issued Interswitch a Payments Service Holding Company (PSHC) License.

[7] The Interswitch company was established as, common African financial services provider and maintains exclusively, a wide array of interconnected datacenters in Africa.

[9] Interswitch also owns Quickteller, originally cited as a Telecommunication airtime vendor, additionally, providing payments services.