Interswitch Acquires Vanso for N15bn
Interswitch, Africa-focused integrated digital payments company, in a move to further seal its place as payments champion in the continent, has acquired Vanso, a Financial Technology (FinTech) outfit for a total value of N15 billion (in stock and cash). The deal will see Interswitch procure all Vanso’s assets including management staff.
Vanso provides mobile and Internet solutions for Nigerian banks. The 13 year old company, founded by Dennis O’Brien and Idris Alubankudi Saliu has built deep relationships with financial institutions across the continent. Its technology powers the mobile apps of some major banks in Nigeria.
With this acquisition, Interswitch will be able to leverage Vanso’s robust technology and relationship with local banks to further expands its reach within the local FinTech sector.