Mitchell Elegbe | TechCabal

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Mitchell Elegbe

Mitchell Elegbe

Interswitch, Founder/Group Managing Director/CEO

Mitchell Elegbe and Interswitch spent 2025 reinforcing the durability of African financial infrastructure at scale. By March 2025, Interswitch reported ₦137.5 billion in revenue, up from ₦91.65 billion the previous year, and returned to profitability with ₦14.7 billion in profit after tax, marking a rebound after a period shaped by FX volatility and rising fraud costs.

Product milestones followed. In 2025, Verve, Interswitch’s card network, crossed 100 million cards issued, cementing its position as Africa’s largest domestic card scheme. The company also advanced tokenisation and contactless payments, expanding acceptance for Verve cards across e-commerce platforms and international partners, including new global merchant integrations.

Geographically, Interswitch deepened its East African footprint. In Uganda, it partnered with the National Social Security Fund (NSSF) to extend digital payment services through Quickteller, embedding its infrastructure deeper into public-sector financial flows rather than chasing consumer apps.

In 2025, Elegbe strengthened its balance sheet, expanded rails, and proved again that infrastructure businesses win by staying profitable, regulated, and boring. The result was not spectacle, but longevity.

How We Selected

Building anything of value is hard anywhere in the world. In Africa, it is harder. The Builders’ List recognises people doing it anyway.

Beyond shipping products, Africa’s technology ecosystem constantly navigates unreliable power, fragmented logistics, weak public infrastructure, and regulatory uncertainty—often all at once. Progress is rarely linear, and success is usually hard-won.

Founders alone do not make the industry. It is sustained by people doing a variety of work, some of it invisible but critical to the industry’s success. To recognise them, TechCabal is launching The Builders’ List: an annual index of the most consequential people shaping Africa’s technology ecosystem in the calendar year. It is a record of who’s building, and what their work reveals about the system they are building within.

For the inaugural edition, our selected Builders are grouped across five categories:

Operators: Those who make systems work at scale.
Innovators: Those creating new products, models, or technical possibilities.
Enablers: The individuals and institutions lowering the cost of building for others.
Organisers: Those connecting people, capital, and opportunity.
Keepers: The stewards of trust, continuity, and institutional memory.

Together, these roles offer a more complete map of how the ecosystem functions.

The Builders’ List is an editorial project led by the TechCabal newsroom, informed by independent reporting and conversations with founders, operators, investors, policymakers, and long-time ecosystem observers across the continent and the diaspora.

Our selections were based on our assessment of what materially changed within the calendar year, from infrastructure to policy or scale, rather than reputation or momentum alone. Where work is still emerging, progress was evaluated within the realities of the sector, market, and country in which it occurred.

Candidates were assessed comparatively and contextually. Starting from over 600 deeply researched names spanning all 54 African countries, we weighed outcomes against each builder’s operating environment—geography, regulation, capital access, impact and institutional maturity. Context that applies in Lagos doesn’t automatically translate to Kigali or Dakar.

Final decisions were made through editorial review. While external perspectives informed our reporting, the list reflects TechCabal’s independent editorial judgment.

This process, as our first, has been a critical learning curve. It reminded us that Africa’s technology ecosystem is far broader than funding headlines suggest—spanning hardware engineers in Cairo, beekeepers in rural Kenya, ministers rewiring infrastructure, and documentarians building institutional memory.

We learned that in 2025, the builders who matter most are no longer defined by capital raised or growth velocity, but by what they’ve made durable. This list revealed an ecosystem maturing past obsessions with scale and spectacle, toward the quieter work of building things that last—profitable businesses, regulatory frameworks, talent pipelines, and infrastructure others can build on.

The Builders’ List will return in 2026, and the patterns will shift. But the commitment remains: to document not just who is building, but what their work reveals about the system taking shape.

Africa’s technology ecosystem is firmly in its endurance era

Temitayo Jaiyeola, Senior Reporter and Lead Curator, The Builders’ List