Tuesday
May 5
2020

Why COVID-19 Could Delay Interswitch, Africa’s Next Big IPO

By Jake Bright

The economic effects of COVID-19 could delay Africa’s next big IPO — that of Nigerian fintech unicorn Interswitch.

If so, it wouldn’t be the first time the Lagos-based payments company’s plans for going public were postponed; the tech world has been anticipating Interswitch’s stock market debut since 2016.

For the continent’s innovation ecosystem, there’s a lot riding on the digital finance company’s IPO. After e-commerce venture Jumia, it would become only the second listing of a VC-backed African tech company on a major exchange. And Interswitch’s stock market debut — when it occurs — could bring more investor attention and less controversy to the region’s startup scene.

Photo courtesy of Anaya Katlego.

Source: TechCrunch (link opens in a new window)

Categories
Coronavirus, Technology
Tags
coronavirus, digital finance, digital payments, emerging markets, startups, technology