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

If so, it would not be the first time the Lagos-based payments business’s plans for going public were held off; the tech world has actually been expecting Interswitch’s stock exchange debut because 2016.

For the continent’s innovation ecosystem, there’s a lot riding on the digital finance business’s IPO. After e-commerce endeavor Jumia, it would become just the 2nd listing of a VC-backed African tech company on a significant exchange. And Interswitch’s stock market launching– when it takes place– could bring more financier attention and less debate to the area’s start-up scene.

What is Interswitch?

TechCrunch reached out to Interswitch on the window for listing, however the business decreased to comment. The tech company’s path from startup to IPO aspirant traces back to the vision of creator Mitchell Elegbe, a Nigerian electrical engineering graduate whose whole career has basically been Interswitch.

Africa’s tech scene is still fairly young, but it does have a timeline with numerous definitive points. An early one would be the success of mobile cash in East Africa, with the launch of Safaricom’s M-Pesa in 2007. Another is the noteworthy wave of VC-backed startups and creators that released around 2010.

Interswitch CEO Mitchell Elegbe (Picture Credits: Interswitch) With Interswtich, Elegbe pre-dated both by a variety of years, founding his fintech business back in 2002 to connect Nigeria’s mostly disconnected banking system. The firm became a pioneer of the facilities to digitize Nigeria’s economy.

Interswitch developed the first electronic switch where Nigerian banks might communicate and thus run ATMs and point of sales operations. The company now supplies much of the rails for Nigeria’s online banking system.

Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.