Tokunbo Muhammed

Nigerian fintech pioneer who established Interswitch, transforming Africa's payment systems.

Tokunbo Muhammed co-founded Interswitch in 1998, a landmark moment in Africa's financial history. Before Interswitch, Nigeria's payment infrastructure was fragmented, with cash dominating transactions. Muhammed envisioned a unified digital payment ecosystem, creating Africa's first pan-regional payment gateway. By 2005, Interswitch had processed over 100 million transactions annually, enabling e-commerce growth and reducing cash dependency. His introduction of the SwitchCard in 2001 became Nigeria's first widely accepted debit card. Muhammed's innovations laid the groundwork for today's booming fintech sector, with Interswitch later acquiring Kenya's M-Pesa and expanding into 15 African countries. Despite early skepticism about digital payments in cash-based economies, Muhammed’s focus on interoperability and security set industry standards. His 2012 collaboration with Mastercard to launch the first African digital wallet, ServiceStore, further cemented his influence. A vocal advocate for financial inclusion, Muhammed launched the SwitchYouth initiative to teach financial literacy. His work was acknowledged by the African Economic Conference in 2015, where he delivered a keynote titled 'Building Africa's Digital Economy'. Interswitch’s market cap surpassed $1 billion by 2020, making it Nigeria's most valuable tech company. Muhammed’s legacy endures as a blueprint for leveraging technology to democratize financial access in emerging markets.