Interswitch, backed by Visa, has revealed its merger plans with mobile money provider M-Kudi, signaling its intent to secure a Payment Service Bank (PSB) license from the Central Bank of Nigeria.
The merger, contingent on regulatory approval, marks a significant shift for Interswitch as it looks to expand beyond traditional payment services.
In a bid to diversify its offerings, Interswitch, with Visa’s support, is actively seeking a Payment Service Bank (PSB) license by merging with M-Kudi, a prominent mobile money provider.
This strategic move aligns with Interswitch’s goal to extend its services beyond payment solutions and enter the realm of banking services.
The primary objective behind this strategic move is to obtain a Payment Service Bank (PSB) license from the Central Bank of Nigeria, enabling Interswitch to offer a broader range of financial services.
In a groundbreaking development, Interswitch is expanding its service portfolio through a merger with M-Kudi, emphasizing its pursuit of a Payment Service Bank (PSB) license from the Central Bank of Nigeria.
This strategic collaboration aims to position Interswitch as a comprehensive financial service provider, capable of holding customer deposits and offering non-payment services.
The proposed merger with M-Kudi, coupled with the ambition to obtain a Payment Service Bank (PSB) license, signals Interswitch’s commitment to redefine its role in the financial landscape, offering innovative and inclusive banking solutions.
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