Interswitch Advocates Regulatory Harmonization to Drive Pan-African Fintech Growth

Interswitch Advocates Regulatory Harmonization to Drive Pan-African Fintech Growth

…CEO Mitchell Elegbe Shares Insights at Africa Fintech Network’s World Fintech Day Webinar

Lagos, Nigeria – Interswitch Group, one of Africa’s foremost integrated payments and digital commerce companies, has called for deeper regulatory collaboration and harmonized licensing frameworks to drive the growth and scalability of fintech operations across Africa.

Speaking at a virtual town hall hosted by the Africa Fintech Network (AFN) on August 1 to commemorate World Fintech Day, the Group Chief Executive Officer of Interswitch, Mitchell Elegbe, stressed the urgent need for strategic regulatory engagement across the continent. The event, themed “Mapping the Path for Fintech License Passporting in Africa,” brought together leading voices in Africa’s fintech ecosystem, including regulators, innovators, and investors.

Elegbe highlighted the current regulatory landscape as one of the major obstacles to cross-border fintech expansion. He noted that while Africa’s fintech ecosystem holds tremendous potential to accelerate financial inclusion, economic integration, and digital innovation, the fragmented and often burdensome licensing regime remains a major barrier to progress.

“Interswitch operates across multiple African countries, including Nigeria, Kenya, Uganda, Gambia, and Mauritius,” he explained. “Each jurisdiction has distinct licensing processes, renewal cycles, and regulatory requirements, which presents challenges in compliance, continuity of operations, and efficiency.”

He further pointed out the issue of overlapping regulations in many countries, where fintechs are subject to oversight by both central banks and telecommunications regulators. “This often results in duplicated licensing, conflicting requirements, and approval delays, all of which hamper our ability to serve customers seamlessly across borders,” he said.

To address these challenges, Interswitch has adopted proactive regulatory engagement strategies. These include appointing experienced compliance officers in each operating country, participating in industry dialogues such as AFN’s, and providing direct feedback on regulatory drafts to relevant authorities. Elegbe emphasized that collaboration with regulators is critical to shaping policies that support innovation while ensuring consumer protection.

He also advocated for African fintech firms to embrace maturity modelling — a structured framework for assessing capabilities and performance. According to him, maturity modelling has been instrumental in helping Interswitch benchmark best practices, identify growth areas, and optimize operations as the company scaled across markets.

“By understanding where we are and what’s required for where we want to be, we can allocate resources more effectively and make more informed decisions. This strategic approach is essential for sustainable growth,” Elegbe stated.

The AFN webinar also featured insights from key stakeholders including:

• Ali Hussein Kassim, Chairman, Association of Fintechs in Kenya
• Dr. Bukola Akinwunmi, Director of Banking Supervision, Central Bank of Nigeria (CBN)
• Adedoyin Odunfa, MD/CEO, Digital Jewels
• Dr. Patrick Conteh, CEO, Africa Fintech Network

Participants discussed the prospects of a harmonized fintech licensing regime—commonly referred to as “Fintech License Passporting”—which would enable a fintech licensed in one African country to operate in others without undergoing redundant approvals.

The initiative, championed by the AFN, is expected to reduce regulatory friction, enhance compliance efficiency, and foster regional cooperation, ultimately supporting broader goals of financial inclusion and intra-African trade.

The webinar also examined global best practices and lessons from ongoing licensing passporting initiatives in countries like Ghana and Rwanda, offering insights into how such models can be adapted across the continent.

The AFN reiterated its commitment to working with stakeholders in creating practical solutions that enable fintechs to thrive while aligning with regulatory expectations.

Since its founding in Nigeria in 2002, Interswitch has been at the forefront of Africa’s digital payments transformation. From pioneering electronic transaction switching in Nigeria to launching Verve, Africa’s first EMV-standard chip and pin card scheme, the company continues to shape the continent’s fintech landscape.

With its robust platform and expanding network, Interswitch remains dedicated to making payments a seamless part of everyday life in Africa, while building transaction solutions that empower individuals and communities to prosper.