The current shareholders of Interswitch include Helios Investment Partners (“Helios”), Adlevo Capital Partners (“Adlevo”), Techinvest Limited, Mr. Dotun Sulaiman, and some Nigerian banks. The Company recently completed a process for the sale of a significant portion of its shareholding from existing shareholders to a strategic financial partner. Helios was selected as the preferred strategic financial partner and it invested along with Adlevo. IFC has been invited to acquire a stake in Interswitch. Helios Investment Partners, an IFC investee fund, is an independent investment firm focused on private equity opportunities in sub-Saharan Africa. Helios Investment Partners currently manages over US$600 million in investment capital and it invests through a wide range of equity and equity-linked financial instruments. Adlevo Capital Partners, also an IFC investee fund, is a private equity fund recently set up to take advantage of the growing opportunities for ICT enabled infrastructure and services investments in Sub-Saharan Africa, with a focus on Nigeria and South Africa. The fund invests equity and equity-linked investments in growth stage companies that derive their competitive advantage through the development and exploitation of technology or technologically driven processes. Techinvest Limited is a Nigerian ICT focused company that provides a wide range of software and network engineering solutions. Techinvest developed the concept of a nationwide switching solution and helped set up and incubate Interswitch. Mr. Dotun Sulaiman is the former Managing Partner/CEO of Accenture Nigeria where he worked for over 28 years. His areas of expertise include: Corporate & Competitive Strategy/Strategic Planning, Corporate Governance, Board/Management Effectiveness and Transformational Change Management. He has directorships in over 10 Nigerian companies including: Cadbury Nigeria Plc (Director), Cornerstone Insurance Plc (Chairman), Lionstone Company Limited (Vice Chairman) and SecureID Nigeria Limited (Chairman).

The total project cost is estimated at $117 million. IFC will invest up to $20 million in the form of straight equity and quasi equity for the acquisition of a portion of the Company’s outstanding shares as well as to fund the Company’s near term investment needs.

10.50 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	10.50

* These investment figures are indicative

Interswitch is headquartered in Lagos, Nigeria. Its switching systems and operations are also located in Lagos.

Providing a low-cost channel for the poor and people living in rural areas to participate more actively in the economy by providing access to the country's financial infrastructure has been shown to have a positive economic impact for both those populations and the country's economy overall. Through the Project, Interswitch will enable the Nigerian population, especially the unbanked, (i) have access to easier forms of electronic payments that will reduce cash in circulation, which has been a source of crime, fraud and corruption; and (ii) make themselves eligible for more sophisticated financial services and products.

IFC's additionality to the Project includes: (i) supporting the transformation of Interswitch into an international payment solutions company prepared for rapid regional and business line growth; (ii) providing Interswitch with the global industry knowledge on best practices, networks and guidance on expansion strategies; (iii) providing access to IFC's global network and strong relationships with the major electronic payments companies and financial institutions; and, (iv) acting as a strategic partner to enhance the Company's credibility and positioning as it expands.

Based on the nature of this investment, this is a Category C project according to IFC’s Environmental & Social Review Procedure and, as such, the preparation of an Environmental and Social Review Summary (ESRS) is therefore not required as well as any requirement for disclosure.