Mitchell Elegbe: The Businessman who Overtook Visa and MasterCard in Nigeria 

Mitchell Elegbe, the founder of Interswitch, is a Nigerian entrepreneur renowned for transforming the African financial context. His initiative began with a desire to address a significant issue in Nigeria—long bank queues and the security threats connected with carrying cash.

Mitchell is an Electrical/Electronic Engineering graduate from the University of Benin, Nigeria and also an alumnus of the IESE/Wharton/CEIBS Global CEO Programme.

Elegbe’s career began with Telnet Nigeria, where he pitched a version of what would become Interswitch. Despite early disappointments, he created Interswitch in 2002. Starting with only seven Nigerian banks, the company provided digital transaction services, pioneering real-time online payments and creating a more secure financial ecosystem.

His strategy was influenced by what he called the “Tropical Savannah method,” which tailored fintech solutions to the specific needs and purchasing power of African consumers. This technique enabled Interswitch to reach profitability quickly and establish itself as a cornerstone of Nigerian fintech.

Under Elegbe’s leadership, Interswitch became the first African fintech to achieve “unicorn” status, a remarkable achievement represented by Visa’s $200 million investment in 2019, which valued the company at over $1 billion.

Elegbe credits his success to perseverance and a focus on practical solutions that address local issues.

He continues to mentor emerging entrepreneurs in the field and plays an important role in organisations such as Endeavour Nigeria, which fosters high-impact entrepreneurship in Africa.​

Apart from leading Interswitch to win numerous coveted industry awards, Mitchell’s leadership abilities have earned him several awards, including the CNBC/Forbes All African Business Leader (AABLA) for West Africa in 2012, the Ernst and Young Entrepreneur of the Year Award, the International Finance Corporation’s Inclusive Business Leader Award and the acclaimed African Leadership Network (ALN) 2013 Africa Awards for Entrepreneurship (AAE), which is one of the most distinguished Africa-focused award programmes, giving over USD 200 000 prize money to outstanding African entrepreneurs who demonstrate business excellence and social impact.

In June 2019, Mitchell was named the 2019 African Banker Icon by The African Banker. Most recently, he was awarded as the 2023 EY West Africa Entrepreneur of the Year.