Interswitch’s revenue for the year ended March 2025 surged to ₦137.5 billion in 2024, up 50% from the previous year, per their regulatory filing on Companies House.
As in prior years, Nigeria remained the primary revenue source for the group, contributing 90% of total revenue, a slight decrease from 94% in 2024. The remaining revenue came from operations in Mauritius, the United Kingdom, and East Africa (Kenya & Uganda).
Revenue was broken down into two broad categories: transaction and non-transaction income. Transaction revenue — covering its card scheme Verve, payments, and telecoms (airtime and bulk SMS) — accounted for 75% of total revenue.
Within that mix, Verve recorded 39% growth and contributed 32% of the group’s revenue, while core transactions accounted for 39% of the group’s revenue, marking a 43% increase over the previous year. Non-transaction revenue grew 81% year-on-year to reach ₦34.3 billion.
The turnaround is stark compared with 2023, when Interswitch posted a ₦1.7 billion loss before tax, largely due to foreign exchange volatility in Nigeria and chargeback fraud. In 2024, that reversed significantly. Pre-tax profit climbed to ₦23 billion, profit after tax reached ₦14.7 billion, and gross profit stood at ₦125.8 billion.
Over the past year, Interswitch also made moves beyond its core payments business. In May 2025, it secured final approval from the Central Bank of Nigeria (CBN) for a mobile-money operator licence for its subsidiary M-Kudi. Meanwhile, in October 2024, the group sold its 20% stake in Gamswitch for ₦1 billion, and its East Africa arm exited its stake in Pesatransact, a merchant-focused digital platform.
The company also began a restructuring exercise in line with CBN regulations. The process will separate its core infrastructure business from its consumer-facing financial services business and will involve the creation of a specialised Payment Service Holding Company (PSHC) for which it has already secured an operating licence.
Over the past year, the company has gained external recognition for its work. In July 2025, the company was named among the world’s top 300 fintech firms by CNBC and Statista, while Verve surpassed 100 million cards issued across Africa.
