This year, Interswitch Uganda, a subsidiary of Interswitch Group, celebrated 10 years of doing business. The fintech company entered the Uganda market in 2011 after purchasing a 60% stake in Bankcom - a credit card-making company.
With a client portfolio of 20 financial institutions, Interswitch is one of the leading credit card providers in Uganda. Besides offering Verve Cards, Interswitch also has a payment system known as Quickteller Paypoint which enables Interswitch agents to purchase airtime and data bundles, pay bills and transact via Airtel and MTN Uganda Mobile Money services while earning a commission.
Following the National Payment Systems Act 2020, Interswitch East Africa (U) Limited was issued three licenses by the Bank of Uganda - the national payments regulator, as a payment system operator; a payment service operator, and an issuer of a payment instrument