Interswitch’s Mitchell Elegbe Champions Unified Licensing for Africa’s Fintech Future
In a rousing call for regulatory harmony, Interswitch CEO Mitchell Elegbe urges Africa to reimagine fintech licensing for scale, inclusion, and innovation.
In a virtual town hall hosted by the Africa Fintech Network (AFN) to mark World Fintech Day, Mitchell Elegbe, the visionary Group CEO of Interswitch, challenged the fragmented regulatory terrain stifling fintech innovation across the continent.
Themed “Mapping the Path for Fintech License Passporting in Africa,” the AFN webinar brought together leading thinkers, regulators, and industry pioneers across Africa’s fintech landscape. But it was Elegbe’s deeply strategic and pointedly pragmatic position that cut through the noise.
“Africa’s fintech promise is immense but regulation must catch up,” he stated with clarity. Elegbe’s message was not just a critique of the current system it was a rallying cry for bold collaboration.
A Fintech Giant Meets Regulatory Gridlock
Since 2002, Interswitch has redefined digital payments in Africa, creating infrastructure that powers transactions from Lagos to Kampala. Yet, the company’s pan-African journey has been fraught with the cost of regulatory divergence.
“Each market we operate in Nigeria, Kenya, Uganda, Gambia, Mauritius has its own unique licensing maze,” Elegbe explained. “From varied renewal cycles to overlapping approvals by both central banks and telecom regulators, the burden of compliance is significant.”
These inconsistencies, he noted, aren’t just operational bottlenecks they’re existential threats to fintech growth. In an industry where speed, trust, and innovation are key, fragmented regulation slows progress and restricts access.
A Bold Vision for License Passporting
Elegbe’s solution? A harmonized fintech licensing framework, a sort of continental passport that allows compliant fintechs in one country to operate seamlessly in others.
This concept, popularly referred to as Fintech License Passporting, has already taken root in countries like Ghana and Rwanda. But for it to truly transform the industry, it needs continental consensus and champions like Interswitch to lead the charge.
“Interswitch has adopted proactive strategies appointing seasoned compliance officers in each country, giving policy feedback, and showing up to dialogues like this,” Elegbe said. “But the big win will come from continental alignment.”
The Maturity Model: Scaling with Structure
Another standout from Elegbe’s address was his emphasis on maturity modelling a framework used internally at Interswitch to measure capabilities, identify growth gaps, and make informed expansion decisions.
“It’s not enough to want to scale,” he said. “You need to know how to scale and when. Maturity modelling helps us do just that.”
AFN’s Role in the Pan-African Fintech Playbook
The webinar also featured industry heavyweights like:
- Ali Hussein Kassim, Chair of Kenya’s Fintech Association
- Dr. Bukola Akinwunmi, Director of Banking Supervision, CBN
- Adedoyin Odunfa, CEO, Digital Jewels
- Dr. Patrick Conteh, CEO, Africa Fintech Network
Together, they unpacked how AFN’s fintech license passporting initiative could help African fintechs scale faster, reduce compliance costs, and unlock new growth corridors.
“Fintechs don’t just need capital, they need clarity,” said Dr. Conteh. “And regulatory clarity must start with harmonization.”
Why It Matters
In a continent where over 57% of the population remains unbanked, fintechs are arguably Africa’s most potent weapon for financial inclusion. But without a cohesive regulatory approach, that weapon remains largely sheathed.
Elegbe’s remarks, and Interswitch’s leadership, underscore a critical truth: Africa’s fintech future will not be built in silos.
For a company that has pioneered everything from transaction switching to launching Africa’s first EMV-standard chip card, Interswitch’s call for reform isn’t just informed it’s earned.
