Mitchell Elegbe
Mitchell Elegbe is a Nigerian entrepreneur whose contribution to the banking sector and financial technology (Fintech) has revolutionised payment and money matters in Nigeria. He operated Interswitch as its Group Managing Director and a member of the board of directors where Interswitch has impressively diversified its business, and entered new markets throughout Africa, fostering cutting-edge payments advancement and social impact while generating substantial profits and revenue growth.
Quick Facts About Mitchell Elegbe
Full Name: Mitchell Elegbe Olusegun
Date of Birth: 14th November 1973
State of Origin: Edo State
Education: BS.c Electrical Engineering
Religion: Christianity
Occupation: Entrepreneur, Business Leader
Spouse: Mercy Elegbe
Children: Three (3)
Occupation: Founder and CEO of Interswitch
Mitchell Olusegun Elegbe, the youngest child of his family, was born on the 14th day of November in 1973 in Benin City (now Edo State). Mitchell’s father passed away before he was born. He had to live with his uncle in Aladja, Delta State, where he completed his secondary education before transferring to the University of Benin to study electrical and electronic engineering.
He graduated from the University of Benin with an Honours degree in electrical/electronic engineering via sheer force of will and perseverance in the face of overwhelming circumstances. After receiving his degree, he worked with Computer Systems Associates (CSA), a software development firm that connected banks to the Society for Worldwide Interbank Financial Telecommunications (SWIFT) program for his National Youth Service.
He was hired as a business developer at Telnet, an ICT engineering and consulting firm after which he worked as a Field Engineer with Schlumberger Wireline & Testing in Scotland. It was during his stay in Scotland, after having an embarrassing experience with the automated teller machine that the idea of replacing the time-consuming brick-and-mortar financial transaction system in Nigeria with ATMs came to him. At the time, there were no ATM’s in Nigeria. He had the notion of creating a system of payments that would enable electronic payments in Nigeria. After returning to Nigeria, Mitchell was reemployed by Telnet and this was when he shared his electronic payment idea with his boss. In 2002, with the consent of his employers, he departed to launch Interswitch while being the Group Head for Business Development at Telnet.
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Led by Mitchell and two other like-minded young people, Akeem Lawal (Interswitch’s coordinator for Payments Processing) and Charles Ifedi, Interswitch has over 11,000 ATMs connected to it, it has provided a wide range of subsidiary services and suppliers, including Verve, Quickteller, Qtrybe, RetailPay, Smartgov, and numerous more. Mitchell Elegbe forged strategic partnerships with local and international financial institutions. In 2010, a group headed by Helios Investment Partners purchased two-thirds of the business. Interswitch acquired a 60% share in Uganda’s Bankom in 2011, Discover Financial Services and Interswitch entered into a payment transaction arrangement in 2013, a controlling stake in the East African payment operator Paynet Group was purchased by Interswitch in September 2014. A $10 million venture capital fund for African payments start-ups was established by Interswitch in 2015.
Mitchell’s leadership skills have earned him multiple accolades in addition to helping Interswitch win several prominent industry awards, including the 2012 CNBC/Forbes All-African Business Leader (AABLA) for West Africa, the Ernst & Young Entrepreneur of the Year Award, and the 2013 Founders 100 Award. In 2015, Mitchell won the General Management Category Leadership Award from the Harvard Business School Association (Nigeria). Most recently, in June 2019, The African Banker Awards named Mitchell the 2019 African Banker Icon.
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Mitchell ‘s passion for nurturing entrepreneurship and supporting startups led him to become a mentor and advisor to aspiring entrepreneurs in Nigeria and beyond. He enjoys mentoring and providing guidance to young entrepreneurs (particularly in the tech and fintech space). He actively advocates for innovation and the development of a vibrant technology ecosystem in Africa, offering guidance and support to the next generation of business leaders.
