Interswitch has completed the acquisition of Value Added Network Solutions (VANSO) Limited following approval from the relevant quarters – regulators, shareholders and the Securities and Exchange Commission.
News of the acquisition first surfaced in February 2016 with reports stating Interswitch is paying a whooping ₦15 billion for the market leading mobile and security-focused financial technology provider.
VANSO’s highly successful mobile banking, SMS and security business lines will be fully integrated into Interswitch’s digital commerce and technology operations in and outside Nigeria.
“The acquisition will enhance the Interswitch mobile financial services offering, bringing fast growing segments like virtual airtime top-up, bills payments, remittance and transfers, banking and e- commerce in house, with rapid geographic expansion opportunities and across multiple delivery mechanisms including USSD, SIM toolkits and advanced mobile applications,” Interswitch stated.
Also, VANSO’s management team will join that of Interswitch and lead in new capacities.
Denis O’Brien, VANSO CEO, will lead the Interswitch mobile payment’s business unit. He is charged with driving aggressive organic and geographic growth.
“The acquisition of VANSO, both a market leader in the mobile financial services industry and a strong and profitable business, is a great opportunity to combine our respective technology offerings and skill sets, driving growth in our business,” said Mitchell Elegbe, Group Managing Director and CEO of Interswitch.
He added, “By integrating operations, we not only secure access to new payment channels, but a highly skilled leadership team as well, while VANSO now has access to new markets, a mutually beneficial step for both our companies.”
Back in September 2014, Interswitch acquired Paynet Group of Kenya in a deal that resulted in the creation of a combined network of over 150 financial institutions, deepening Interswitch’s footprint in East Africa.
Paynet Group rebranded to Interswitch East Africa in October 2015.
The acquisition of VANSO is the latest move by Interswitch to improve its product and services and expand into new markets.