During a recent executive engagement at KCB Group Headquarters in Nairobi, Mitchell Elegbe, Interswitch’s founder and group CEO, led a cross-functional delegation from the company’s Lagos and Nairobi offices, including Bernard Kinara, Interswitch’s Kenya country general manager, in high-level discussions with KCB leadership, including Paul Russo, Group CEO, and Mark Mwongela, director of Strategy & Innovation.

The engagement reinforced both organizations’ shared commitment to scaling digital payment infrastructure and delivering innovative financial solutions that meet the evolving needs of individuals, businesses, and institutions across the region.

Interswitch recently announced an expansion of Verve card acceptance footprint in Kenya, leveraging it’s consolidated partnership with KCB Group, Kenya’s largest financial services group by assets, following a similar move in Uganda through the local KCB Franchise in February 2022.

At the core of the strengthened collaboration is the integration of Interswitch’s robust payment rails, card scheme, and emerging digital token solutions with KCB Group’s expansive regional footprint and trusted banking franchise.

This integration enables the acceptance of Verve cards and tokenized payment solutions across KCB’s extensive merchant point-of-sale network in Kenya and Uganda, significantly enhancing everyday usability for customers while strengthening KCB’s digitally driven retail payments offering.

The consolidated partnership is expected to drive increased merchant acquisition, improve interoperability across payment ecosystems, and expand access to secure, cashless transactions.

It also reinforces both organizations’ shared objective of deepening financial inclusion and accelerating digital commerce across East Africa.

Speaking on the strategic engagement with KCB Group, Mitchell Elegbe noted:

“Our collaboration with KCB Group represents a powerful alignment of vision and capability. By combining our technology-driven payment solutions with KCB’s strong regional presence, we are unlocking new opportunities to scale access, drive innovation, and deliver greater value to customers across East Africa.”

As digital transformation continues to reshape Africa’s financial services landscape, Interswitch and KCB Group remain focused on building resilient, interoperable systems that empower businesses, support economic growth, and drive broader participation in the digital economy.

The award was presented at the prestigious Silverbird Man of the Year Awards ceremony held on Sunday, March 1, 2026, at Eko Hotel and Suites, Lagos, where Elegbe was recognised alongside other eminent Nigerians whose leadership and contributions continue to shape national development and industry transformation.

The Silverbird Special Achievement Award recognises individuals whose innovation, vision, and sustained impact have left an indelible mark on society.

For Elegbe, the honour underscores more than two decades of pioneering leadership in building Nigeria’s modern digital payments infrastructure and advancing financial inclusion across Africa.

Elegbe founded Interswitch in 2002, inspired by a bold conviction that technology could fundamentally redefine how value moves within and across economies.

Under Elegbe’s leadership, the company has evolved into one of Africa’s foremost integrated payments and digital commerce companies, powering financial transactions for governments, banks, businesses, and millions of consumers.

Today, much of Nigeria’s electronic payments ecosystem traces its foundational architecture to the systems and rails established under his leadership.

Reflecting on the recognition, Elegbe described the award as both humbling and symbolic of a broader journey.

“This honour represents far more than a personal milestone. It reflects the courage of a team that believed, long before it was fashionable, that Nigeria and Africa could build world-class financial infrastructure. When we started Interswitch, we were driven by a simple but powerful idea that technology could democratise access, unlock opportunity, and enable commerce at scale. This recognition by Silverbird strengthens our resolve to continue building systems that empower businesses, support governments, and expand inclusion across the continent,” he said.

Also speaking on the recognition, Cherry Eromosele, executive vice president, group marketing and Communications, Interswitch, noted that the honour reflects the enduring impact of visionary leadership.

“Mitchell’s journey is inseparable from Nigeria’s digital payments evolution. His foresight and resilience helped establish foundational infrastructure at a time when the ecosystem was still nascent. This recognition affirms not only his personal legacy, but the broader impact of Interswitch in enabling commerce and strengthening financial systems across Africa,” Eromosele stated.

The Silverbird recognition comes just days after Elegbe’s induction as a Fellow (FICA) of the National Institute of Credit Administration (NICA) at its Presidential Investiture and Fellowship Ceremony held at the MUSON Centre, underscoring a remarkable week of national recognition for his contributions to financial systems development.

The Fellowship, the Institute’s highest professional distinction, is reserved for eminent leaders whose exceptional contributions have strengthened credit systems, advanced financial integrity, and supported economic development in Nigeria.

With these latest honours, Mitchell Elegbe’s legacy as the leading architect of Africa’s digital commerce infrastructure is further cemented, not only as a fintech pioneer, but as a leader helping to shape the institutions that underpin sustainable economic growth.

According to EY, the World Entrepreneur of the Year Hall of Fame is an elite corps of men and women who have been recognized for their exceptional entrepreneurial achievements. For 38 years, since 1986, EY has been celebrating ingenuity through the Entrepreneur of the Year program.

“The program has recognized more than 10,000 outstanding entrepreneurs for their vision, innovation, courage, and leadership in building and growing successful businesses — businesses that influence the way people live, the products and services we depend on, and the economic vibrancy of our local communities and global markets.”

In June 2023, Elegbe, alongside 48 other accomplished entrepreneurs from 45 countries across the world were inducted into the 2023 WEOY Hall of Fame with Interswitch’s Mitchell Elegbe holding the unique distinction of being the only black and African global finalist and inductee into the coveted hall of fame, as well as the only entrepreneur in the 38-year history of the awards to have won in both the emerging and master categories at various times in their region (West Africa).

For the 2025 edition, Elegbe has been re-invited by EY’s global leadership to join the global jury being 1 of 8 former finalists who form the judging committee for the 2025 global awards of the initiative, holding between 3-6 June 2025 in Monte Carlo, Monaco.

The 2025 jury is made up of accomplished entrepreneurs drawn from Australia, Brazil, Japan, Nigeria (Elegbe), Poland, Singapore, The United Kingdom, The USA and South Korea.

Elegbe is widely regarded as one of the pivotal architects of Nigeria’s payment innovation revolution and has gained acclaim globally for his contributions as an exceptional African entrepreneur, who has contributed in no small measure to the economic development of Nigeria and Africa as a whole, having distinguished himself in business leadership and technology development.

A multiple award-winning professional and a renowned business leader in the Information Technology and Financial Services industry, he has won several awards, some of which include Harvard Business School Association (Nigeria) Leadership Award in the General Management Category; African Banker Awards 2019 as the African Banker Icon; CNBC/Forbes All African Business Leader (AABLA) Awards for West Africa as well as Financial Technology (Fintech) Africa Awards, Payments and Transfer category in 2016, among other deserving recognitions.

He is also a Bishop Desmond Tutu Fellow of the African Leadership Institute, an Endeavor Entrepreneur and also a member of the Board of Endeavor in Nigeria.

Mitchell Elegbe founded Interswitch in 2002 to provide a solution to problems associated with payments in Nigeria and has since led the company to consolidated growth as a leading payment and digital commerce company that helps to build and manage payment infrastructure and provides robust technology-based solutions to individuals, financial institutions, and governments across Africa.

See the full list and profiles of the 2025 Jury Members for the EY World Entrepreneur Of The Year Awards here.

Nigeria has the highest number of tech startups in Africa with over 3,360 as of 2024. That’s more than Egypt and Kenya combined! 

But again, Africa has the highest entrepreneurial rate globally, with 22% of its working-age adults in the space, yet it also holds the crown for the greatest fear of failure among budding entrepreneurs.

Why the paradox? Perhaps it’s the daily duel with inflation, unstable exchange rates, or even the high stakes of being courageous in an unstable market. 

Nevertheless, Africa’s perceived opportunities and credibility are one to commend, creating a system where innovation thrives despite the odds.

Today, we dive into the stories of 10 entrepreneurs to watch in 2025, having gone through challenges, overcame them, and still driving through the rough roads.

These, among many others, are the leaders turning challenges into achievements, from enhancing financial technology to bolstering transport and embracing blockchain as well as cybersecurity innovations. 

These entrepreneurs reiterate the fact that Africa isn’t just watching the world evolve, it’s involved in the processes.

Fintech and Digital Commerce

1. Mitchell Elegbe

Mitchell Elegbe, the founder and group managing director of Interswitch Group, is one with a huge impact on Africa’s financial technology sector. His impact was globally recognised in 2024, when he was appointed to the jury for the Ernst & Young (EY) World Entrepreneur of the Year (WEOY) Awards, held in Monte Carlo, Monaco.

Elegbe was inducted into the 2023 WEOY Hall of Fame becoming the first African entrepreneur to win in both the emerging and master categories of the awards. 

In 2024, his role as a juror further boosted his global profile, placing him as a representative of African innovation. His contributions to digital payments and financial inclusion were further recognised when he was named one of the top fintech CEOs of 2023 by the Financial Technology Report, joining the ranks of leaders from PayPal, Visa, and Mastercard.

Under Elegbe’s leadership, Interswitch has remained at the fore of Africa’s payment efficiency. Having transformed the company into a unicorn in 2019, Interswitch has expanded its footprint across 23 African countries, providing solutions that have made cross-border payments seamless. Its platforms, such as Quickteller and Verve, have become integral to financial transactions across the continent.

Elegbe’s accolades also include receiving the Lifetime Achievement Award at the CIO Awards Africa, recognising his contributions to Nigeria’s technology sector. Through his advocacy for innovation and mentorship of young entrepreneurs, Elegbe is building a new generation of African business leaders. His focus on leveraging technology to drive economic development places him among the top entrepreneurs to watch in 2025.

2. Elsie Godwin

Elsie Godwin is the perfect blend of creativity, strategy, and innovation. As the co-founder and chief operating officer of Cashwise Finance, she recently led the launch of a daring fintech platform that bolsters global remittance. 

With features like Virtual USD Cards and Zelle integration, Cashwise aims to simplify international transactions while maintaining compliance across multiple jurisdictions. The app’s transparent pricing and user-centric ethos make it a game-changer in the fintech space.

Beyond fintech, Elsie Godwin is a seasoned marketing and communications professional and a respected media personality. With a career spanning diverse sectors, she has established herself as a master of strategic impact and innovation. 

She is the founder and lead strategist at Mind-Mastik Media, a dynamic marketing agency through which she has driven success for various brands by leveraging data-driven insights and trend-savvy strategies. Throughout her career, Elsie has been instrumental in shaping go-to-market strategies for brands in both the Web2 and Web3 spaces. 

Her notable achievements include facilitating the institutional partnership between Pan Atlantic University and Emurgo Africa, which played a pivotal role in advancing blockchain adoption across Africa. She was recognised as one of the Top 40 African Women in Blockchain for her contributions to the blockchain ecosystem.  

Her media presence includes features on Nigeria Info, NewsCentral, TV Plus TV Africa, Arise News, R2TV, Lagos Traffic Radio, and Guardian Nigeria. She has also collaborated with top agencies like BHM, Plaqad, HK Strategies, DottsMedia, Alder Consulting, and Anakle to amplify brand stories. As a Google influencer affiliate, she leverages her platform to share impactful narratives. 

Her dedication to meaningful conversations led to organising Africa’s most prominent bloggers’ conference in 2018 and UnwontedConvos in 2019. Currently, she hosts The Smartpreneur Show, where she highlights the journeys of industry leaders and entrepreneurs. She is a co-host at Nigeria’s number one talk radio station, Nigeria Info, and has recently been seen on an advocacy show on NewscentralTV’s ‘A Place At the Table’.

These combined experiences and achievements make her extraordinary in the drive for impact and innovation.

Telecoms Business

3. Kingsley Adonu

Kingsley Adonu, the founder and CEO of S Mobile Group, is one entrepreneur who is changing the role of technology and business in Africa. His initiatives in 2024 make him one of the most daring entrepreneurs to watch in 2025. 

Adonu’s most commendable achievement of the year was his announcement of the S Mobile Tech Hub in Enugu State, a Corporate Social Responsibility (CSR) project aimed at promoting innovation, youth entrepreneurship, and job creation.

The hub, which comprises cutting-edge facilities such as robotics labs, high-speed internet, and co-working spaces, reiterates Adonu’s goal to empower young Nigerians. Aligning with the vision of Governor Peter Mbah to revitalise Enugu State’s economy, the hub seeks to create a rich startup ecosystem in the region. 

As the CEO of S Mobile Group, a conglomerate operating across telecommunications, real estate, oil and gas, and more, Adonu’s leadership has placed his company as a key partner of MTN Nigeria. His record-breaking performance in 2024, becoming MTN Nigeria’s top partner in airtime and data distribution, is a milestone for the Southeast region. 

Beyond his business ventures, Adonu’s influence includes academia and philanthropy. He was appointed as a patron of the Students Union Government at the University of Nigeria, Nsukka, strengthening his dedication to youth empowerment and education. In his acceptance speech, Adonu reaffirmed his focus on championing digital skills development among young people, revealing his vision of a brighter, tech-driven future for Nigeria.

Adonu’s recognition at the MTN Nigeria Partners Award and his international presence at telecom conferences have further firmed up his prestige as a leader who blends business acumen with a passion for societal impact. 

Transport | Logistics 

4. Chidi Ajaere

Chidi Ajaere is one of the most interesting young entrepreneurs in Nigeria, leading a diverse and thriving conglomerate with over 5,000 employees. As the chairman of GIG Group, Ajaere has masterminded the expansion of the company into various sectors, including logistics, aviation, real estate, banking, energy, and automobile manufacturing. 

In 2024, President Bola Tinubu appointed him to the newly established Presidential Economic Coordination Council (PECC), a body designed to drive economic growth and policy reform in Nigeria. As one of 31 distinguished members, Ajaere’s inclusion in the council further shows how well he is doing in the entrepreneurial space, placing him as one of the most promising entrepreneurs to watch in 2025.

His innovative mind has led to the creation of subsidiaries such as GIG Logistics, GIG Motors, Stella’s Banking and Finance, Richmondhill Real Estate and Property, Ziuss Energy, Oil & Gas, GIG Aviation, and, most recently, Jet Motors, a pioneering African electric vehicle (EV) manufacturer.

Under Ajaere’s leadership, GIG Logistics has flourished, expanding its reach to the United States, United Kingdom, China, and West Africa, delivering services that range from courier and e-commerce logistics to on-board courier services and packaging solutions. 

The company’s partnerships, such as the one with Aim Higher Africa in 2019, where it launched the “Back-2-School Giveaway” for underprivileged children, show that Ajaere aims big when it comes to social impact. Again, GIG Logistics has innovatively responded to Nigeria’s motorcycle ban by converting motorcycles into dispatch vehicles, creating an additional revenue stream for the business.

One of Ajaere’s crowning achievements came with the launch of Jet Motors, which introduced the JET MOVER, a multipurpose van, and an electric vehicle model that pushes Africa’s transition to eco-friendly transportation. The National Automotive Design and Development Council (NADDC) purchased electric vehicles from Jet Motors, reiterating Ajaere’s focus on reducing carbon emissions in Nigeria.

5. Onyeka Akumah

Onyeka Akumah, the co-founder and CEO of Treepz, is one with an obvious impact felt across the transportation sector in 2024, earning accolades that reflect his leadership. Akumah was named one of Africa’s Under 40 CEOs and received an honorary doctorate from Prowess University, Delaware, USA. His role as a Techstars Global All-Star Mentor further highlights his drive for entrepreneurial talent across Africa.

Treepz’s innovative corporate mobility solutions garnered recognition, with the company winning the Best Startup Pitch in Africa award at the African Union Private Sector High-Level Conference in Lusaka, Zambia. This was accompanied by cash awards from Afreximbank and Google, emphasizing Treepz’s impact on the mobility sector in Nigeria, Ghana, Uganda, and Kenya.

Akumah’s work in real estate through Small Small Technology and in agriculture with Farmcrowdy, Mazia Honey & Tea, and Nyeri Hills Coffee have positively impacted thousands of individuals across the continent. His mentorship of over 60 startups and his contributions as a visiting lecturer at the Rome Business School reiterates his zeal to empower entrepreneurs.

Akumah is a role model for entrepreneurs aiming to scale their ventures while addressing pressing societal needs.

eCommerce | Delivery 

6. Prince Nnamdi Ekeh

Prince Nnamdi Ekeh, CEO of Konga Group, is pioneering innovation in Nigeria’s e-commerce sector. In 2024, he tackled challenges such as logistics inefficiencies, exchange rate instability, and corruption, helping Konga’s efficiency in the industry. 

Under his leadership, Konga introduced solutions like Konga Prime, a subscription-based delivery service offering unlimited free delivery, and KongaPay, a secure digital payment platform enhancing financial inclusion.

Ekeh’s creative approach has transformed Konga into a hybrid e-commerce model that combines online and offline retail. This model has bridged gaps in Nigeria’s diverse market, providing logistical support through Konga Express and expanding product categories to take care of evolving customer needs. Again, Konga has onboarded numerous Nigerian SMEs, supporting local businesses and enabling economic growth.

In 2024, Ekeh led youth empowerment and technology adoption, recognising Africa’s youthful population as key drivers of change. His advocacy for intra-African trade and blockchain technology further accentuates his drive to leverage innovation for economic growth. With his exceptional foresight and leadership, Prince Nnamdi Ekeh is among the top entrepreneurs to watch in 2025.

Cybersecurity

7. Samuel Ubido

Samuel Ubido’s accomplishments have strengthened his standing as a thought leader in cybersecurity and fintech investments. As a Chartered Engineer with the Institution of Engineering and Technology, his expertise spans decades of engineering and cybersecurity merit. In 2024, he joined First Circle Capital as a Venture Partner, focusing on African fintech investments.

His influence extended globally as he led key panels at GITEX AFRICA, Fintech Surge, and Money20/20 Middle East, addressing topics like financial inclusion and cybersecurity. Samuel also launched his YouTube channel, Cyber Monday with Sam, where he shares insights into cybersecurity and innovation.

At Techinnovate Group, Samuel facilitated investor roundtables and strategic partnerships for organisations like NITDA Nigeria, Kigali International Financial Centre, and Wema Bank Plc. The company plans to launch a Cybersecurity Conference and Training Programs to develop talent and protect critical assets in 2025, collaborate with the University of Oxford to offer an Offline Education System, providing global access to quality education and strengthen trade links between the Middle East and Africa, providing African startups and SMEs with mentorship and funding.

Samuel’s ability to merge technical expertise with investment vision has placed him among the top entrepreneurs to watch in 2025. 

Aviation 

8. Chukwuerika Achum

As the CEO of Nigerian business aviation firm Vivajets, Chukwuerika Achum is driving integration and connectivity across Africa. In 2024, Vivajets showcased its innovative edge by attending the Africa CEO Forum in Kigali, Rwanda, where Achum highlighted the role of business aviation in overcoming Africa’s logistical and geographical challenges. The firm’s digital platforms, CharterXE and FlyPJX, have boosted private aviation by making it more accessible and affordable.

Vivajets also made a move into the fashion industry during the 2024 Lagos Fashion Week, debuting exclusive cabin crew attire designed by Ivorian designer Loza Maléombho. Inspired by the African Kinkeliba tree, the uniforms seamlessly blended cultural heritage with luxury, cementing Vivajets as a symbol of African elegance and innovation.

Achum also took part in the Invest in Africa Conference (AFSIC) in London and announced Vivajets’ sponsorship of the Africa Financial Summit (AFIS) 2024 in Casablanca, Morocco. Under his leadership, Vivajets has expanded its fleet, grown its global routes, and strengthened its place in the $1.09 billion African business aviation market, projected to reach $2.14 billion by 2030.

Digital Assets

9. Chuta Chimezie

Chuta Chimezie is a force in Africa’s blockchain and tech innovation sectors. He is the founder of the Blockchain Nigeria User Group (BNUG) and CEO of BlockSpace Technology Innovation Hub, who has built communities focused on blockchain exploration and development. In 2024, BNUG hosted Nigeria’s largest blockchain and cryptocurrency events, promoting education and collaboration within the industry.

Chimezie also had academic achievements, completing a pre-MSc program in Blockchain and Digital Currency at the University of Nicosia, Cyprus, and continuing an MSc in Cryptocurrency. His book, Seizing Opportunities in Blockchain & Digital Currency Revolution, is a definitive guide for enthusiasts walking through the complex blockchain industry.

As an advocate for open-source technologies, Chimezie has spent nearly a decade training individuals in Drupal and other open-source platforms. His upcoming book, Building Blocks of Blockchain StartUP Entrepreneurs, focuses on empowering the next generation of tech leaders. 

Interestingly, his expertise includes 3D printing, robotics, and drone technologies, making him a multifaceted innovator to watch in 2025.

Communications | PR

10. Ayeni Adekunle

Ayeni Adekunle, founder and CEO of BlackHouse Media (BHM), showed his ability to lead the communications sector to new levels in 2024.

Under his stewardship, BHM was listed by Financial Times among the fastest-growing companies in Africa for the second consecutive year. 

The FT ranking, which evaluates the compound annual growth rate (CAGR) of independent African companies, affirmed BHM’s solid revenue growth and strategic market expansion.

Ayeni’s vision to create a global communications services company rooted in Africa is gaining traction, bolstered by BHM’s innovative initiatives such as the continent’s first PR & Communications Report and the World PR Day celebrated annually on July 16. His company’s data-driven approach and resilience in the African business industry have placed him among the top entrepreneurs to watch in 2025.

Not just BHM, Ayeni’s contributions to the broader marketing and entertainment sectors through platforms like TheNETng and the Nigeria Entertainment Conference (NEC Live) have also been recognized. With his longstanding track record, Ayeni is one of the innovators building Africa’s communications and media industries.

The event, which highlighted the role of both companies in the development of the African payment ecosystem, also showcased various cutting-edge payment solutions aimed at further transforming the financial ecosystem across the continent.

The session focused on boosting digital payments by exploring transformative strategies and leveraging innovative solutions to enhance business development and revolutionize the payment landscape.

Industry experts at the event provided insights on modern strategies and trends in the financial sector, highlighting ways to leverage technology to unlock opportunities, scale operations, and drive business growth.

Mitchell Elegbe, Founder and Group Managing Director of Interswitch Group emphasized the significant contributions of the collaboration between Interswitch and ACI to the digital payment ecosystem in Africa.

“Interswitch’s long-standing partnership with ACI Worldwide has been instrumental in advancing Nigeria’s digital payment ecosystem. This collaboration has driven significant advancements in payment technology, streamlining processes, enhancing security, and fostering economic growth while promoting financial inclusion across the country,” said Elegbe.

Elegbe also noted that by combining ACI’s global expertise with Interswitch’s deep understanding of the local market, the partnership has consistently delivered innovative solutions tailored to the specific needs of Nigerian businesses and consumers, transforming the nation’s financial landscape.

Santhosh Rao, Vice President of MEASA at ACI Worldwide, elaborated on ACI’s vision for the African financial services sector, emphasizing the company’s commitment to continuous innovation and support for business growth.

“As a global leader in mission-critical, real-time payments software, ACI is dedicated to driving transformative change and sustainable growth within the African financial sector. Our vision is to empower institutions with innovative technologies that enhance operational efficiency, deepen financial inclusion, and elevate customer experiences. Through strategic partnerships and cutting-edge solutions, ACI aims to catalyze digital transformation and advance the financial landscape across Africa,” said Rao.

Jonah Adams, Managing Director of Digital Infrastructure and Managed Services (Interswitch Systegra) stressed the importance of collaboration to unlock the pan-African payments ecosystem, boosting commerce and economic development. 

“It is imperative for financial players to recognize the transformative potential of key partnerships and collaboration in boosting commerce and driving economic growth across Africa. Through co-creation and collaboration, businesses can unlock new opportunities and facilitate seamless transactions that transcend borders,” Adams said.

The event also featured interactive sessions where participants engaged with professionals from Interswitch and ACI Worldwide. Attendees explored the functionalities and benefits of ACI’s payment solutions, asked questions, shared feedback, and gained a more comprehensive understanding of how these solutions can enhance their financial operations. The session also provided networking opportunities with industry leaders, peers, and potential business partners.

By hosting this customer engagement session, Interswitch and ACI Worldwide have demonstrated their commitment to redefining the payments landscape in Africa. The event fostered collaboration aimed at building a more robust, secure, and inclusive payments ecosystem that will empower Africa’s financial future.

According to EY, the World Entrepreneur of the Year Hall of Fame is an elite corps of men and women who have been recognized for their exceptional entrepreneurial achievements. For 38 years, since 1986, EY has been celebrating ingenuity through the Entrepreneur of the Year program.

The program has recognized more than 10,000 outstanding entrepreneurs for their vision, innovation, courage, and leadership in building and growing successful businesses — businesses that influence the way people live, the products and services we depend on, and the economic vibrancy of our local communities and global markets.

In June 2023, Elegbe, alongside 48 other accomplished entrepreneurs from 45 countries across the world were inducted into the 2023 WEOY Hall of Fame with Interswitch’s Elegbe holding the unique distinction of being the only black and African global finalist and inductee into the coveted hall of fame, as well as the only entrepreneur in the 38-year history of the awards to have won in both the emerging and master categories at various times in their region (West Africa).

• For the 2024 edition, he was invited by EY’s global leadership to join the global jury being 1 of 9 former finalists who form the judging committee for the 2024 global awards of the initiative, holding this week in Monte Carlo, Monaco.
• The 2029 jury is made up of entrepreneurs drawn from Argentina, Australia, Belgium, India, Poland, Nigeria (Elegbe), The United Kingdom, The USA and South Korea.

Elegbe is widely regarded as one of the pivotal architects of Nigeria’s payment innovation revolution and has gained acclaim globally for his contributions as an exceptional African entrepreneur, who has contributed in no small measure to the economic development of Nigeria and Africa as a whole, having distinguished himself in business leadership and technology development.

A multiple award-winning professional and a renowned business leader in the Information Technology and Financial Services industry, he has won several awards, some of which include Harvard Business School Association (Nigeria) Leadership Award in the General Management Category; African Banker Awards 2019 as the African Banker Icon; CNBC/Forbes All African Business Leader (AABLA) Awards for West Africa as well as Financial Technology (Fintech) Africa Awards, Payments and Transfer category in 2016, among other deserving recognitions.

He is also a Bishop Desmond Tutu Fellow of the African Leadership Institute, an Endeavor Entrepreneur and also a member of the Board of Endeavor in Nigeria.

Mitchell Elegbe founded Interswitch in 2002 to provide a solution to problems associated with payments in Nigeria and has since led the company to consolidated growth as a leading payment and digital commerce company that helps to build and manage payment infrastructure and provides robust technology-based solutions to individuals, financial institutions, and governments across Africa.

See the full list and profiles of the 2024 Jury Members for the EY World Entrepreneur Of The Year Awards here.

The training programme took place from Friday, May 24th to Saturday, May 25th, 2024, and focused on deepening the members’ understanding of the legal and regulatory frameworks governing digital banking and fintech in Nigeria.

The training session, which was the first of its kind from Interswitch’s stables, featured a robust lineup of experts and top executives from Interswitch Group who facilitated various informative sessions during the two-day programme.

• The sessions were carefully curated to furnish participants with essential knowledge and valuable insights to navigate the evolving landscape of digital banking and fintech regulation in Nigeria.

The programme saw the participation of 40 members of the House, led by Rt. Hon. Emmanuel Ukpong-Udo (PhD), Chairman of the House Committee on Digital Economy.

Attendees engaged in insightful sessions covering a diverse range of topics crucial to the digital banking ecosystem, including payments and regulation in fintech operations, fintech innovation and emerging technologies, digital transformation and financial inclusion, risk management and security, among others.

Attendees were also given a holistic perspective on the evolving dynamics of the digital payments industry. On the first day, Halima Usman, divisional head of Core Operations at Interswitch Group, discussed the ‘Regulatory Landscape of Fintech Operations’.

This was followed by Oremeyi Akah, chief customer success officer, who presented on ‘Innovation and Emerging Technologies’.

The day concluded with Titilola Shogaolu, MD of Interswitch Financial Inclusion Services, emphasizing the ‘Role of Digital Transformation in Financial Inclusion’.

The focus shifted on the second day to the ‘Legal and Regulatory Frameworks in Digital Banking’, facilitated by Isimenmen Omiunu, Head of Legal Operations, who provided an overview of the legal landscape.

Alexander Ude, Chief Compliance Officer, then explored ‘Fintech Regulations and Regulatory Technology (Regtech)’.

The training ended with Griffith Ehebha, EVP of Risk and Information Security, discussing ‘Risk Management and Security Trends’.

Speaking about the training session, Mitchell Elegbe, founder and group managing director, Interswitch Group, said,

“We are delighted to have hosted such an impactful event aimed at empowering these Honourable Members of the House with the knowledge and skills necessary to navigate the complexities of digital banking and electronic finance. At Interswitch, we are committed to driving positive change and innovation in the digital payment industry through collaborative initiatives like this, at every level“

• The training underscored Interswitch’s commitment to promoting knowledge sharing and capacity building initiatives that contribute to the advancement of the digital economy in Nigeria.

By partnering with key stakeholders such as the Federal House of Representatives Committee on Digital and Electronic Banking, Interswitch continues to play a pivotal role in shaping the future of financial services in Africa.

This is sequel to the 1st unveil of the report in Lagos, Nigeria, where Interswitch is Headquartered in mid-March.

Presenting the latest report titled: “Market meltdown – impacts on infrastructure, regulation and innovation” at Interswitch’s offices in Nairobi, East Africa’s key hub for payments and fintech, John Chaplin, senior adviser/board director at Interswitch, and also the founder and Chairman of the Global Jury unpacked some major insights encapsulated in the report, which analyses the in-depth perspectives of over 130 payment experts spanning all continents of the globe.

At the media presentation, which represented an opportunity to engage with key stakeholders in the region, Chaplin, whose career trajectory spans over 4 decades in the payment industry across leading payment companies including Interswitch, Visa, First Data Corporation and Global Processing Services reflected on the last 2 years of dynamic market activity in the global fintech and payments space, stressing that the unique insights of industry leaders across various markets has never been more needed than at a time such as this.

He particularly highlighted the jury’s depth of understanding of the causes and effects of macroeconomic changes and their impact on the long-term direction of the payments industry which helps the industry as a collective to understand how to navigate the turbulence of the times.

Asked which findings from the report findings were somewhat unexpected, Chaplin cited the general views expressed by the payments innovation jury alluding to banks being seen to have potential as long-term players in the mobile wallet space.

According to the report, which plays up the growing importance of compliance and risk management as pivotal considerations as payment volumes grow exponentially, “Most of the mobile wallet buzz is around new market entrants (mainly MNOs in developing markets and fintechs everywhere) but the Jury thinks that the banks are not finished yet and that they are best placed for success once the market for wallets becomes more regulated, as they have so much experience managing compliance at scale…”

From a perspective of profitability versus growth, Chaplin opined “I think that profitability will remain much more important than hyper growth. Over the past few years, investors and the broader market have tended to believe that high growth automatically leads to profitability. I don’t think that is always right. Business leaders should always be seeking to generate a return for shareholders in the not-too-distant future.”

With research undertaken in collaboration with World Bank and supported by Interswitch, FIME and HPS, the 2024 Payments Innovation Jury is the most diverse in its 16-year history.

136 Jurors from all over the world participated in the research, all in senior roles at national payments companies, banks, fintechs, payments policy bodies, central banks and investors.

This year, the number of central bank & regulators and investors each increased by 25%, enabling an even more representative picture of the challenges and opportunities ahead.

The Jury was also delighted to welcome several Jury members from South and Central America for the first time, making the insights gathered truly global.

Commenting on the Interswitch Group’s frontline role in bringing the report to fruition, Mitchell Elegbe, founder and group chief executive officer stated that “We are thrilled at Interswitch to also contribute our perspective, as a pan-African payments innovation enabler, to this report which, with every edition, continues to facilitate more balanced appraisal and better understanding of the global payments industry as it continues to evolve ever so dynamically.”

The 2024 Global Payment Innovation Jury report offers insight into many aspects of the payments industry that were impacted by the recent period of market turmoil.

Key findings from the report:

• The primary reason for previously high payment company valuations and funding rounds was investors bidding up deal prices and paying insufficient attention to profitability – a view shared by the investors canvassed.
• The above has led to a greater focus on earlier profitability over hyper-growth, which the Jury overwhelmingly regard as a positive for the industry – although there’s a lack of consensus on whether this is a long-term market movement
• The key differentiator between profitable and nonprofitable players is now cost management, not revenue growth, howbeit with a significant number of respondents positing that they believe this is ultimately a positive change for the global payments industry, tempered by equally valid concerns that direct consequences of the recently increasing focus on early profitability could be reduced levels of innovation which may impact future growth.
• Businesses developing AI and climate fintech tools and technologies will benefit from the diversion of investment from payments businesses.
• In emerging markets where cards have not yet gained a significant foothold, they will struggle to gain cut through when competing with account-to-account payments and mobile money.
• Credit and debit cards will be hard to dislodge from their leadership role in developed markets, but growth will be much harder to achieve than previously.
• Banks, rather than fintechs or mobile network providers, will ultimately be the major players in mobile wallets globally.
• The talent acquisition activities of payment enterprises in developed markets are a significant challenge for those in emerging markets, with almost 60% of Jury members in emerging markets saying that they are losing an unacceptable number of staff with consequential risks to innovation programmes and sometimes even ongoing operations.
• High-profile crypto exchanges failures, such as FTX in the US, can impact confidence in global markets – not just where the failures occurred. This is clearly a concern for national regulators but remains complex to address.
• APAC retains its crown as the region with the most payment innovations, but perhaps more surprisingly, Africa & the Middle East was a clear second favourite despite Africa’s macro-economic challenges, relatively low levels of investment funding and now a talent drain – a clear tribute to the resourcefulness of the continent’s entrepreneurs and policy makers.

Importantly, it is a foundational practice of the Payments Innovation Jury that all members participate on an anonymous basis, as this allows them to speak freely – unencumbered by the commercial priorities of their current organisation.

Download Market meltdown – impacts on infrastructure, regulation and innovation and all previous Payments Innovation Jury reports HERE.

Delivering a keynote on the theme ‘Doing Business in Nigeria: The Opportunities, Challenges and Realities’, Mitchell Elegbe, founder and CEO, Interswitch Group, set the tone for deliberations at the conference, sharing robust insights and perspectives hinged on over 22 years operating in Nigeria, from where the company has expanded into other African markets, being in the driver’s seat of one of Africa’s most influential digital technology businesses.

Among other incisive pointers, Elegbe walked participants through the dynamic trajectory of Interswitch’s business operations, starting from 2002 when key infrastructural elements such as power and telecoms were at a nascent stage.

The Interswitch Founder acknowledged that Nigeria is probably not one of the easiest markets in the world to do business, however stressing that compelling business opportunity exist only where there are challenges, pointing out that regardless of the challenges and constraints in the local operating environment, some particular industries and sectors have consistently bucked the trend and shown great promise.

In his view the performance of these outliers is attributable to factors such as the ability to adapt and innovate within the local market hinged on pragmatism and nimbleness, understanding of consumer behaviour and agile responses to changing business landscapes.

According to Elegbe, who set things in context through the lens of fintech businesses, there are significant differences between the typical Silicon Valley business model and what is necessary for sustainable success in a market like Nigeria, particularly in the current global investment climes.

In his words, operating in the Tropical Savannah that Nigeria is, as he described it, warrants the business to ensure products/services are designed to meet people at their points of need, whilst essentially ensuring  proof of concept, focus on unit economics and scaling to achieve volumes in spite of thin margins, with a view to driving profitability as an early priority. He emphasized that Unit economics are instrumental in evaluating the economic sustainability and profitability of the business model, providing insights into whether the business is generating sufficient value to justify the associated costs.

Other keynotes were delivered by Wole Adeniyi, the chief executive officer, Stanbic IBTC Bank, who was represented by Olu Delano, Executive Director for Personal and Private Banking as well as Binta Max-Gbinije, Chief Executive, BMG Seven Limited, each bringing unique perspectives and expertise to the discussions.

The conference agenda was thoughtfully curated to address key themes and topics relevant to doing business in Nigeria, with sessions covering market entry strategies, regulatory compliance, risk management, investment incentives, innovation, and sustainability, among other salient themes.

Beyond the informative sessions and workshops, the Doing Business in Nigeria Conference 2024 provided platforms for networking and collaboration, including a business pitch session targeted at emerging entrepreneurs.

Elegbe was celebrated in recognition of his outstanding achievements and impact on the technology landscape in Nigeria.

He emerged as the winner of this esteemed award after a meticulous selection process conducted by a distinguished panel of senior Information Technology (IT) executives from various industries.

Organized by Edniesal Consulting Limited, the CIO Awards Africa was conceptualized to recognize outstanding individuals, founders, senior technology leaders, veterans, and icons in the IT ecosystem.

These individuals have made substantial contributions to the IT sector and delivered value to their organizations and industries through groundbreaking transformative initiatives.

Mitchell Elegbe was acknowledged for his innovative approach, strategic vision, and unwavering commitment to excellence.

His leadership has not only propelled Interswitch to new heights but has also served as an inspiration to the next generation of technology professionals in Nigeria and beyond.

Expressing his gratitude for the award, Elegbe, who was represented by Interswitch’s Executive Vice President, Strategy, Ndifreke Nkose, emphasized the collective efforts of the Interswitch team, stating;

“Receiving the 2023 Lifetime Achievement Award at The CIO Awards Africa is a humbling acknowledgment of the collective efforts of our team at Interswitch. This award will certainly spur us to achieve even more because we are committed to pushing the boundaries of innovation and driving digital transformation across Africa.”

Mitchell Elegbe, a recipient of numerous awards for his visionary leadership, including the 2015 Harvard Business School Association (Nigeria) Leadership Award for the General Management Category, the African Banker Icon Award in 2019, the Institute of Directors of Nigeria’s Entrepreneurial Award in 2021, , and more recently his induction into the Ernst and Young (EY) World Entrepreneur of the Year (WEOY) Hall of Fame, which followed his emergence as the EY Entrepreneur of the Year (Emerging Entrepreneur category) in 2012 and his recognition, in March 2023, as the West African Entrepreneur of the Year in the Master category, continues to make a lasting impact. His influence extends beyond professional accomplishments to fostering a culture of technological innovation and entrepreneurship.

Under Elegbe’s leadership, Interswitch has consistently provided customers with world-class and cutting-edge digital payment solutions, playing a pivotal role in driving digital transformation across Africa.