Interswitch, an integrated digital payments and commerce company, has announced the appointment of Kenneth Olisa as its new chairman, succeeding Adedotun Sulaiman.
According to a statement by the company, the appointment follows the recent minority investment by TA Associates in Interswitch in March this year.
Helios Investment Partners, which invested in the company in 2011, is the majority shareholder of the company.
Olisa is a British businessman with a career in technology that commenced at IBM and spans well over 40 years.
He founded and led the technology merchant bank, Interregnum and is also the founder and chairman of Restoration Partners, an independent boutique technology merchant bank reputed as architects of the virtual technology cluster model. He is currently a director of Thomson Reuters.
In 2015, he became the first black Lord-Lieutenant of Greater London, having been appointed by Her Majesty the Queen.
The Founder and Group Chief Executive Officer, Interswitch, Mitchell Elegbe, was quoted as saying, “Ken’s inspiring business leadership, vast experience and professional expertise will be great assets to Interswitch as he comes on board as chairman at a defining phase in our journey of transformation and international expansion.
“We are delighted to welcome him on board, in succession to the visionary and highly successful tenure of Adedotun Sulaiman, who as country CEO of Accenture, played a key role in the formative years of our company and upon assuming the role of chairman, oversaw the successful transition of Interswitch to private equity ownership”.
Olisa, in his remarks, said, “Interswitch is a shining example of financial technology entrepreneurialism at its best. Unlike many of its global competitors, Interswitch is not only a fast growing and powerful innovator, it is also profitable. This is a testament to the skill and drive of its founder – Mitchel Elegbe – and I am delighted to be joining him and his team.
“As the son of a Nigerian father I am particularly honoured to have been elected to fill the shoes of my distinguished predecessor – Sulaiman – whose steady hand has helped steer Interswitch’s journey so far. They are big shoes to fill.”
Founded in 2002, Interswitch is active across the entire payments value chain and currently processes over four billion unique transactions yearly, with a value of over $38bn.