🍔 Quick Bite: Interswitch’s group revenue—which is 94% from Nigeria—grew by 33.7% to ₦91 billion (~$70.5 million) for the year ended March 2024, driven by its Digital Payments segment, which contributed 72% of revenue and grew 41% year-on-year. Verve was a key growth driver, doubling its card issuance to 70 million in two years. However, the company posted a ₦1.7 billion loss before tax, highlighting rising costs and the need for better cost management to sustain profitability.
Interswitch’s latest financial report is a tale of contrasts: soaring revenues and unexpected losses. The Nigerian fintech giant, long celebrated as a leader in the digital payments space, grew its revenue by 33.7% to an impressive ₦91 billion (~$70.5 million) in the fiscal year ended March 31, 2024. This represents a 14% improvement over their growth rate of 2023 and a staggering 135% increase from their 2021 revenue of ₦39 billion.
But it’s not all smooth sailing for the company. While revenue soared, profitability took a significant hit. Interswitch posted a ₦1.7 billion loss before tax, a sharp turn from the ₦12 billion profit before tax recorded in 2023.
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Last updated: December 3, 2024
