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Mitchell Elegbe, Founder and Group CEO, Interswitch is Fintech Africa Person of the Week

Banker

October 28 to November 4, 2019

Fintech Africa Person-of-the-Week is a weekly recognition of person, male or female, who is impacting the Fintech ecosystem across Africa. Mitchell Elegbe, founder and Group CEO of Interswitch, is our choice this week. 

The SPV

Following the registration of a N30 billion debt issuance programme with the Securities and Exchange Commission of Nigeria (SEC), Interswitch, a leading technology-driven company last week concluded a N23 billion Series 1 Fixed Rate Senior Unsecured Callable Bonds issue via a Special Purpose Vehicle (SPV), Interswitch Africa One Plc.

Seven-year bonds

The Series 1 issue is priced at 15% was 2.6x subscribed. The seven-year bonds, embedding a call option that can only be exercised from the second year are payable in full at maturity.

An application will be made to list the bonds on the Nigerian Stock Exchange (NSE) on the receipt of SEC’s approval of the proposed allotments.

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For this historic feat, the editorial team of Fintech Africa has selected Interswitch’s founder and Group CEO, Mitchell Elegbe as the Fintech Person of the Week – October 28 – November 4, 2019.

Institutional investors’ participation

Investor participation was restricted to qualified institutional investors as defined by the SEC with a proposed bonds allocation of 64% to pension fund managers, 7% to asset managers and 22% to commercial banks pending SEC approval.

Strong domestic ratings

The strong domestic ratings Interswitch being enjoyed from Agusto & Co Limited and Moody’s Investor Service and the strong level of over-subscription of the bonds have confirmed the investors’ confidence in the Interswitch brand, business model and long-term strategy.

Past accolades

Mitch, as he is fondly called, is an Electrical/Electronic Engineering graduate from the University of Benin in Nigeria. He has won several awards including the CNBC/Forbes All African Business Leader (AABLA) for West Africa and Ernst and Young Entrepreneur of the Year Award among others.

He is an alumnus of the IESE/Wharton/CEIBS Global CEO Programme and he is a Bishop Desmond Tutu fellow of the African Leadership Institute.

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He had worked as the group Head for Business Development at Telnet and was a Wire line Engineer at Schlumberger.

Seen as a catalyst for the growth of the Fintech industry in Nigeria and across Africa, Mitchell founded Interswitch in 2002.