The two divisions, which will function as separate, standalone businesses, are Verve International, for payment card solutions, and Interswitch Switching and Processing, for its transaction switching business.
Mitchell Elegbe, group managing director and chief executive officer (CEO) of Interswitch, said: “It has always been our desire to evolve into an integrated payments holding business where the various parts of the business are driven to deepen and broaden their relationships with their various customers by creating innovative products and services of real value.
“Creating the right governance structure to herald this new phase of sustainable growth has been the focus of the board and management in the last few months.”
The division took effect from April 1, 2013.
