ABSTRACT
The macro-economic and socio-political environment of Africa presents challenges for business. The pervasive influence of government and regulation could stifle growth and profitability. This chapter examines how one firm, Interswitch, is thriving in a fast-growth industry in this environment. It documents some of the change drivers in the electronic payment space in Africa and how Interswitch, one of the key players in the industry, is weathering the storms.
According to Mitchell Elegbe, the CEO of Interswitch, the ability to read the environment and create a product that meets the needs of increasingly knowledgeable customers is key to survival. He discusses the delicate balance between innovation to meet growing customer needs and the restraining effect of regulation on innovation in the African environment. One of the reasons for the internationalization of the firm was to spread risks due to over-regulation in the Nigerian market. Finally, he shares his experience on winning commitment to change, especially the critical role of trust in effecting change.
