Interswitch, a pan-African integrated payments processing and transaction switching company, has been ranked the fastest growing technology company on the Deloitte Technology Africa Fast 50 2014.

The annual list ranks the 50 fastest growing technology companies in Africa based on percentage revenue growth over five years.

According to the report from Deloitte, Interswitch’s revenue grew 1,226 percent during this period.

“We are delighted to have been ranked the fastest growing technology company in Africa by Deloitte.  Africa is teeming with growth opportunities and companies that understand how to use technology to address local challenges are likely to grow on the back of these opportunities. This is what Interswitch is all about,” said Mitchell Elegbe, Group Managing Director and Chief Executive Officer of Interswitch.

Kamal Ramsingh, Deloitte Africa Technology Leader and partner in charge of the Deloitte Technology Fast 50 Africa programme, said: “Interswitch has proved itself to be one of the fastest growing tech companies in Africa, and we are proud to honour them as one of the 2014 Technology Fast 50.”

Interswitch built Nigeria’s transaction switching infrastructure and connected all the banks in the country just over 11 years ago with the strategic objective of becoming a truly pan-African electronic transactions business. In 2014 the company announced a partnership agreement with Paynet, East Africa’s leading multi-institutional payments provider, creating an unrivalled payments infrastructure spanning nine African countries.

Interswitch provides a variety of e-payment services, such as web and mobile payment platforms including Quickteller, a pan-African chip + PIN payment card (Verve), revenue collection, management and disbursement services (Paydirect and Autopay), sales and inventory management (Retailpay) and vertical industry solutions covering industries such as transportation, government, health and energy.