Mitchell Elegbe is the Founder, Managing Director, and CEO of Interswitch Group, a leading integrated payment processing company in Africa.
Under his leadership, the company has expanded across the continent, driving payment innovation and financial inclusion.
Elegbe is recognized as a pioneer in Africa’s fintech industry. Interswitch became one of Africa’s first fintech unicorns when it was valued at over $1 billion in 2019.
He has received numerous awards, including the CNBC/Forbes All African Business Leader (AABLA) for West Africa and the 2019 African Banker Icon by The African Banker.
In June 2023, he was inducted into the Ernst and Young World Entrepreneur of the Year Hall of Fame
This is his profile as told by WOA:
Mitchell Elegbe’s Net worth
Mitchell Elegbe’s net worth is estimated to be around $200 million.
He has accumulated this wealth through his successful career as the founder and CEO of Interswitch Group, which has become a leading integrated payment processing company in Africa.
He also owns other companies, including:
- Interswitch: The parent company, providing payment processing and digital commerce solutions.
- Verve: A homegrown, EMV-certified payment card scheme launched by Interswitch.
- Quickteller: A retail payments ecosystem linking merchants, billers, and consumers.
- Paynet Group: An East African payments provider acquired by Interswitch.
- Bankom: A Ugandan payment processing company in which Interswitch holds a 60% stake.
Together, these companies have created enough revenue streams to make Mitchell a multi-millionaire.
Mitchell Elegbe’s Education Qualifications
Mitchell Elegbe’s educational qualifications are as impressive as his achievements.
He holds a Bachelor’s Degree in Electrical and Electronics Engineering, graduating from the University of Benin, Nigeria, between 1991 and 1996.
He also completed the global CEO program at IESE Business School, The Wharton School, and China Europe International Business School (CEIBS).
Mitchell Elegbe’s Success Journey
Elegbe was born on November 14, 1973, in Benin City, Edo State, Nigeria.
He attended Delta Steel Technical High School before pursuing a Bachelor of Engineering in Electrical Engineering at the University of Benin (UNIBEN).
As an undergraduate at the University of Benin, he engaged in various side businesses, such as recording songs on audiotapes to sell and selling shirts, to support himself.
Elegbe started his career with Computer Systems Associates (CSA), a software implementation company. He later worked with Telnet Telecommunications and Schlumberger Wireline and Testing in Scotland.
While working as a field engineer at Schlumberger, Elegbe faced numerous inconveniences accessing cash from ATMs, an experience that inspired him to create a more efficient payment system, which eventually led to the founding of Interswitch.
In 2002, Elegbe founded Interswitch along with Akeem Lawal (now MD for Payment Processing) and Charles Ifedi (co-founder of eBanqo).
Initially, the founders aimed to raise $1 million to support the startup’s operations, but they were only able to raise $ 500,000. However, despite this setback, the company was profitable within its first year of operation.
The company has grown to become a leading integrated payment processing company in Africa, attracting investment opportunities from fintech giants like Visa, Leapfrog Investments, and Tana River Capital.
Mitchell Elegbe has received numerous awards for his contributions to the fintech industry, including the Ernst and Young Entrepreneur of the Year Award, the CNBC/Forbes All African Business Leader (AABLA) for West Africa, and the Harvard Business School Association Leadership Award.
Mitchell Elegbe’s Family
Mitchell Elegbe is a devout family man. He is married to Mrs. Mercy Elegbe, whom he met during his university days at the University of Benin.
Mercy studied Chemical Engineering, while Mitchell pursued Electrical/Electronic Engineering. They have four children together—a set of twin boys, a daughter, and another boy.
