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Interswitch Sends Forth Charles Ifedi in Grand Style, Announces Mike Ogbalu III New Verve CEO

Interswitch, Leading Africa-focused integrated digital payments and commerce company, on Friday, January 19th 2017, celebrated one of its pioneer executives and outgoing Chief Executive Officer, Verve International, Charles Ifedi, with a befitting send-forth event.
The colourful event, which held at Eko Hotels and Suites, Victoria Island, Lagos, was attended by top Nigerian financial services executives.
The send-forth provided an opportunity to appreciate Charles Ifedi, who has been with the company since inception, for the numerous achievements during his time as Divisional CEO at Interswitch Limited and CEO of Verve International.
A first class graduate of Computer Science from the University of Ilorin, Nigeria and an MBA holder from Cranfield University, Charles was a pioneer management team member of Interswitch and led the Verve and consumer facing business of the company.
Under his watch, Verve International dominated the Nigerian payment card market and became a leading African payment card brand helping millions of people conduct millions of transactions safely, securely and without hassle.
Charles was pivotal to the strategic partnership with Discover Financial Services (DFS), a partnership which has expanded the acceptance of Verve card into 185 countries of the world including USA, UK and Dubai.
He also supervised the launch of Verve International in Kenya to serve the East African market, a development which has positioned Verve as the key to African Exchange.
Charles also spearheaded the introduction of Paycode, a revolutionary payment token which has made it possible for people to withdraw cash at the ATM and make payments on POS without the need for a physical debit cards.
This possibility of cardless transactions in 2017, at a time the world was celebrating 50 years of the ATM, heralded a new era in payments.
It was a clear indication of Charles’ vision and foresight that this could happen in a Nigerian company.
Speaking at the event, Founder and CEO, Interswitch, Mitchell Elegbe said, “We have come a long way since establishing Interswitch in 2002 and many of our successes can be attributed to Charles and his team and we cannot thank them enough for that.
However, we are very confident in the future of Verve and Interswitch as a group with Mike Ogbalu III stepping in.
His drive and passion for innovation and operational excellence is an asset that will help strategically steer Verve along the right paths for future”.
Mike Ogbalu III, who will be taking over from Charles as the new CEO of Verve International was present at the event.
Mike joined Interswitch in 2015 and prior to his appointment as CEO of Verve International, he served as the Divisional Chief Executive Officer, Interswitch Financial Inclusion Service (IFIS).
Trading as Quickteller Paypoint, IFIS is positioned to serve as the interconnect point and infrastructure for integrating and delivering electronic payment services to the unbanked and under-banked.
Under Mike’s leadership, IFIS successfully increased the availability of digital financial services in financially excluded locations in Nigeria, with Quickteller Paypoint crossing the 10,000-agent milestone in its first year of operation.
Mike is passionate about improving the life of millions of Africans by working with partners to provide access to cost-effective financial products and under his leadership, it is expected that Verve International will continue to break bounds, pioneering technology and raising the bar in card services in Africa and beyond.
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Anambra Shines in 2025 E-Governance Rankings, Setting National Standards

Anambra State has once again demonstrated its leadership in digital transformation, emerging as one of Nigeria’s top three states in the 2025 e-Governance Report published by the Panorama CIAPS Governance Performance Index (CGPI).
According to the report — a collaborative effort between Nigerian Panorama and the Commonwealth Institute of Advanced Professional Studies (CIAPS) — Anambra ranks alongside Lagos and Enugu as the leading states in adopting and implementing e-governance practices that foster accountability, transparency, and improved service delivery.
In his remarks, Professor Anthony Kila, Director of CIAPS, emphasized the importance of e-governance in shaping how governments interact with citizens. “The centrality of e-governance allows us to assess the performance of state governments in the country. How the government treats the digital world says a lot about them,” he said.
The report evaluated states based on a comprehensive set of criteria, including website security, up-to-date content, public engagement, availability of online services, policy updates, and user accessibility. Anambra’s performance reflects the state’s deliberate investment in digital infrastructure and its commitment to leveraging technology as a tool for inclusive governance.
Reacting to the recognition, the Managing Director/CEO of the Anambra State ICT Agency, Chukwuemeka Fred Agbata, CFA, described the report as a welcome validation of the efforts being made under the leadership of Prof. Charles Chukwuma Soludo, CFR, to reposition Anambra as a liveable and prosperous smart mega-city.
“This is not just about being tech-savvy,” Agbata said. “It’s about using digital tools to create real impact — making the government more accessible, responsive, and transparent. Anambra is building a digital future that works for everyone.”
The CGPI Report recommended that all states intensify efforts to train public servants, maintain digital platforms effectively, and build user-friendly systems that keep citizens informed and empowered. For Anambra, this recognition serves both as a milestone and a motivation to scale new heights.
As the journey continues, Anambra remains focused on setting the pace for e-governance in Nigeria in line with the Governor’s mantra of Everything Technology & Technology Everywhere.
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SERAP Urges National Assembly to Reject Tinubu’s $24Bn Loan Request Over Debt Concerns

Socio-Economic Rights and Accountability Project (SERAP) has urged the National Assembly to reject the Tinubu administration’s request to borrow $24 billion, warning that the move would significantly deepen Nigeria’s debt crisis.
In a statement posted on its official X account, the advocacy group warned that the proposed borrowing would raise Nigeria’s total debt stock to an estimated ₦183 trillion—an amount it described as “clearly not sustainable and not in the public interest.”
“The National Assembly must immediately refuse to approve the Tinubu administration’s request to borrow $24 billion,” the group said. “The growing national debt is not sustainable and not in the public interest.”
SERAP expressed concern over the heavy burden of debt servicing, which it said is already consuming a substantial portion of government revenue, leaving little room for critical public investment.
Nigeria’s total public debt is projected to surpass ₦180 trillion following the president’s latest loan request. The borrowing plan includes a proposal for over $21.5 billion in external loans, which equates to ₦33.39 trillion at the official exchange rate of ₦1,590 per dollar. The administration is also seeking approval for a domestic bond issuance worth ₦757.9 billion to settle outstanding pension liabilities.
President Tinubu said the 2025–2026 borrowing plan targets key sectors such as infrastructure, healthcare, education, water supply, security, and employment generation. He noted that the plan is also intended to cushion the economic impact of fuel subsidy removal.
The total loan request comprises $21.5 billion, €2.19 billion, and 15 billion Japanese Yen, alongside a €65 million grant. Tinubu assured lawmakers that the funds would be directed toward development projects across all 36 states and the Federal Capital Territory, with emphasis on rail networks, healthcare infrastructure, and poverty alleviation programs.
On pension-related borrowing, the president explained that the proposed bond issuance is aimed at clearing backlogs under the Contributory Pension Scheme. The measure, he added, has already received approval from the Federal Executive Council and is expected to improve retirees’ welfare, restore trust in the pension system, and inject liquidity into the economy.
Nigeria’s public debt has surged in recent years, rising by 48.6% in 2024 to ₦144.66 trillion—up from ₦97.34 trillion in 2023. The Federal Government accounts for 95% of that total.
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