Tag: Interswitch

  • Beyond core academics…

    Time management, entrepreneurship, building trust and learning a second language may be as important as making straight ‘A’s, some top science pupils have learnt. Kofoworola Belo-Osagie reports on the vital skills they must learn to stay ahead.

    After excelling in a highly competitive National Qualifying Examination to emerge among the top 81 contenders in the TV quiz and innovation challenge stage of the InterswitchSpak 2.0 competition, the winners were told on Monday that good grades were not enough for success in life.

    Interswitch Managing Director, Mr Mitchell Elegbe; Flying Doctors Nigeria CEO, Dr Ola Orekunrin, and Senior Special Assistant to the President on Trade and Industry, Dr Jumoke Oduwole traded places with science teachers during a Masterclass held at Just Media Studios, Ogba, Ikeja, Lagos to enlighten the teenagers about the need to be innovative, think critically, experiment with businesses while in school, build networks, learn second languages, and personal finance, among others.

    Sharing things she wished she knew as a young adult growing up in London, Orekurin spoke about optimal time management, relationship building, money management and values in discussing the topic: “Entrepreneurship- Creating sustainable impact by solving social problems.”

    Orekunrin, who said money was tight for her family while growing up, shared how learning Japanese while in school earned her a $100,000 scholarship to study Medicine in Japan after her medical training in the U.K.  However, she said she believed she would have made better use of her free time to achieve even more.

    “I was focused on my course but did not take up other opportunities.  I did not use my time well. In the university you have a lot of spare time.

    “Do as much as you can in terms of learning foreign languages and building small businesses to help your family.  I started learning Japanese in Year one because my Pastor could speak and at the end I got a $100,000 scholarship to study Medicine in Japanese.  I was the first black woman to be offered that scholarship,” she said, underscoring the importance of critical thinking, communication skills.

    Orekunrin also spoke of how she started selling shoes and earning money as a student, and what she missed not building on the relationship with people around her as a student.

    “A lot of people I went to the university with are now politicians in parliarment. When people get to a position, they go back to their university people. Build relationships strategically,” she said.

    On values, which she said was the most important thing to have,  Orekunrin said young people should learn to focus on what matters more than being popular.

    On his part, Elegbe, whose firm, Interswitch, is sponsoring the contest, underscored the importance of building trust with family, teachers, friends and the community.

    Sharing the formula for his trust equation, Elegbe said trust equals credibility plus reliability plus intimacy divided by self-orientation.  He said self must reduce and other ingredients increase for young people to gain the trust of people around them. Elegbe also gave the equation for Trustworthy as :Ability (professional competence) x Integrity (extent to which you walk the talk) x Benevolence (concern for others) equals Trustworthy.

    Elegbe also spoke of equality versus equity, saying the pupils should learn to promote equity.

    “Equality only works if we all have equal strengths and abilities.  Sometimes people that do not have have no right to ask you.  It is you that has got excess that should take the decision to give to those that do not have,” he said.

    Since poverty can cause people to be corrupt, Elegbe said the pupils should learn to eliminate poverty by sharing with those in need so they are not forced to become corrupt.

    “As youths of this country, if you want change, you need to aspire to other things beyond science subjects.  Do not be deceived because you are extremely smart, and have high IQ your future is setfor you.  It will be very painful if you have all these and cannot be trusted,” he said.

    Speaking on “A Collaborative Approach to Social Innovation”, Dr Oduwole, represented by Mr Ayokunnu Ojeniyi, told the pupils to begin thinking about social innovations to challenges around them and collaborate with like-minded people to  bring their ideas to pass.

    “Learn to take personal responsiblity.  Don’t complain about what you can fix,” she said.

    Speaking on the value of the Masterclass, some of the participants said it was a useful time to learn what they were not taught in the classroom.

    Mezisashe Ojuba of Loyola Jesuit College, Abuja, who got the highest score of 91 in the qualifying exam, said: “I have learnt that it is very important for me not just to be smart or intelligent in terms of books but also develop my abilities and try my hands on new things.  I have learnt I can start businesses while in school.  On a normal day in class we don’t really learn these things.”

  • Smile, Interswitch: collaboration key to deepening financial inclusion

    Smile, the 4G LTE broadband telecoms service provider,  and Interswitch Financial Inclusion Services Limited (IFIS) have stressed the need for collaboration among stakeholders to deepen financial inclusion in the country.

    The two firms have collaborated to make Smile’s products and services easily accessible via Quickteller Paypoint agent locations spread across the country.

    This unique collaboration provides ease and flexibility of payment for everyone to have access to the superFast, quality, reliable and affordable internet and voice services from Smile.

    Smile’s General Manager, Sales and Distribution, Onamari Horsfall, said the firm was happy to sign the collaboration to expand its retail footprint across the country, which has a combination of making the firm’s products and services available and address customer’s travel time to purchase a device or airtime. He added that the collaboration offers thousands of Smile’s customers’ another means of making purchases.

    Speaking on the development, the Divisional Chief Executive Officer of IFIS, Titilola Shogaolu, said: “At Interswitch Financial Inclusion Service, we are not only committed to reducing the financial exclusion gap, we are continuously working to provide convenient services and this latest collaboration is just one of the many ways through which we are achieving this.”

    This latest collaboration with IFIS further underscores Smile’s unending quest to best serve its customers. Smile launched the first 4G LTE network in West Africa in Nigeria in 2014 revolutionising the way people access the internet. Customers in Lagos, Abuja, Port Harcourt, Ibadan, Benin City, Kaduna, Onitsha and Asaba, can experience the country’s most reliable, SuperFast 4G LTE mobile broadband services, and also enjoy SuperClear voice calls, video calls and SMSs from their one SmileData bundle.

    Smile was the first to launch VoLTE on its network and has continued with its innovation, having introduced SmileVoice, which is a free mobile app that enables customers with any Android or Apple handset, including those which are not VoLTE-enabled, to make supper clear voice calls over Smile’s 4G LTE networks.

    Interswitch Financial Inclusion Services Limited, trading as Quickteller Paypoint, has been positioned by Interswitch Group to serve as the interconnect point and infrastructure for integrating and delivering financial, non-financial, retail and social services to the unbanked, under-banked and banked. IFIS collaborates with financial service providers, merchants, billers and other organisations that aim to increase their efficiency and outreach through our network of human service interfaces nationwide.

  • Interswitch to bankroll ‘One Africa Music Fest’

    ONE Africa Music Fest has announced its first ever headline sponsorship with Africa’s leading integrated digital payments and commerce platform, Interswitch, highlighting a shared commitment of taking the best of Africa to the world.

    The multi-faceted partnership between the two organizations was solidified on Wednesday, 13th February 2019. One Africa Music Fest and Interswitch have come together to engage customers through entertainment and lifestyle.

    According to Mitchell Elegbe, Group CEO of Interswitch, “Africa is a youthful population and we are extremely proud of the renaissance that has been witnessed, notably in the entertainment sector, particularly with our music, which has boomed and garnered global acclaim in recent years on the strength of sheer resilience and a spirit of enterprise. This is mirrored by the growing influence of the One Africa Music platform, and as an integrated payment brand focused on enabling commerce and wealth-creation in African markets, we remain relentless in our quest to actively engage and reward our consumers across the continent, leveraging platforms that best resonate with their identified passion-points, such as the One Africa Music Fest.”

    For Paul Okoye, CEO, One Africa Global/One Africa Music Fest, “It’s been my life’s mission to showcase Africa to the World, I am excited and equally proud to announce this partnership! As two proudly African brands united by a common vision to showcase the very best of what Africa has got to offer, we are on a journey to take Africa to the world and I am happy it is with Interswitch and its flagship consumer brand, Quickteller”

    This year, the Interswitch One Africa Music Fest will take place in New York on the 10th of August at The Ford Amphitheatre, in London on the 24th of August at The SSE Arena, Wembley, and in Dubai on the 15th of November at the Festival Arena, Festival city Dubai.

    Interswitch, through its consumer brands specifically Quickteller, an ecommerce and electronic payment platform, will be running promotional campaigns for new customers to stand a chance to win an all-expense paid trip to any of the Interswitch One Africa Music Fest events happening in New York, London and Dubai.

  • Interswitch, Microsoft okay blockchain technology for SMEs

    With innovative blockchain technology supply and financing service for Small and Medium Enterprises in Nigeria will be seamless, Interswitch and Microsoft have said.

    The finance solution and digital technology driven companies made this known in Lagos stating that all values chains in the supply industries and across Small Medium Enterprises (SMEs) ecosystem can drive economic value with the solution.

    As gathered, Interswitch Blockchain Service (Supply Chain Finance Module), is built and hosted using the Microsoft Azure Blockchain technology which is considered as secured with scalable cloud solutions that accelerate and support the next generation of blockchain applications.

    According to Group Managing Director and Chief Executive Officer at Interswitch, Mitchell Elegbe, the Interswitch Blockchain Service has been introduced in Nigeria to bring together entrepreneurs, major financial institutions and corporates organisations to foster end-to-end visibility for fast and seamless trade financing in supply chain operations.

    “In our 15 years of operation, we have experienced the bottle necks associated with the existing corporate-based financing infrastructure in Nigeria.

    “This is why we are happy to partner with Microsoft, by leveraging the advanced technology of the Microsoft Azure Blockchain, to prove the possibility of building a distributed ledger that is practical, viable and has the propensity to solve some of Nigeria’s most difficult financial and logistic problems,” he said.

    With the launch of the Interswitch Blockchain Service (Supply Chain Finance Module), small to middle-sized businesses can access more funding in a shorter time (up to three weeks) from participating banks such as United Bank for Africa Plc (UBA), Guaranty Trust Bank Plc (GTB) and Zenith Bank Plc and enjoy increased sales cycles from participating corporations such as the Dangote Group.

    While the application of blockchain is usually associated with cryptocurrency, the Interswitch Blockchain service does not deploy the use of cryptocurrency in its application. Transaction enquiries and verifications will be handled by authorized officials from participating entities, without the incentives of a cryptocurrency.

    Principal Program Manager, Microsoft Azure Blockchain at Microsoft Corporation, Michael Glaros, said; “We are excited about this partnership with Interswitch. This will be the first enterprise-grade blockchain service in Nigeria, and one of only a handful of production blockchain applications in use by banks and corporates globally. The blockchain technology is still in its infancy in Nigeria and we are happy to pioneer its deployment in partnership with Interswitch, an innovative and forward-thinking company which has evolved its business around financial technology”

    The Interswitch Blockchain Service, armed with a single version of the truth across the supply chain, allows Nigerian lenders and suppliers to identify and build relationships with high performing entrepreneurs. This will help empower people to create more jobs, more wealth, and a more prosperous Africa.

    “Interswitch, in collaboration with Microsoft, has built a platform that will allow anyone to build blockchain-based solutions easily and more cost effectively. It is truly blockchain for everyone with lower costs and shorter time.” Mitchell concluded.

  • CBN, Interswitch, others for E-PPAN confab

    Representatives of the Central Bank of Nigeria (CBN), Interswitch, PwC and over 250 delegates are set to deliver papers at this year’s E-Payment Providers Association of Nigeria (E-PPAN) 9th Annual Payment Systems Conference scheduled for November 6 at the Civic Centre, Victoria Island, Lagos.

    The annual conference will provide a rallying ground for the industry to focus on how to mitigate fraud-the industry’s most pressing challenge.

    Confirmed to speak at the event include Adedotun Sulaiman, Chairman, Board of Trustees, E-PPAN; Dayo Apata Esq, Solicitor General of the Federation/Permanent Secretary, Federal Ministry of Justice; Agada Apochi, Managing Director/CEO, Unified Payment Services Ltd; Tunde Ogungbade, Managing Director/CEO, Niyi Ajao, Executive Director, NIBSS Plc; and Temitope Akin-Fadeyi, Head, Financial Inclusion Secretariat, CBN.

     

    ; Olayinka David West (Ph.D),Research & Academic Director; Lagos Business School;  Global Accelerex Ltd; Dr. Segun Aina OFR, President, Fintech Association of Nigeria & Past President/Chairman of Council, CIBN; Ernest Uduje, Managing Director/CEO, ITEX Integrated Services Ltd, Ade Atobatele, Founder; Gboza Gbosa Technology Ltd; Mr. Inalegwu Alogwu, Head, Products Strategy & Innovation; Interswitch Ltd.  Wunmi Adetokunbo-Ajayi, Partner, PwC; Pattison Boleigha, Chief Conduct and Compliance Officer, Access Bank Plc.

    Other industry leaders include are Ibrahim Lamorde, Commissioner of Police – Special Fraud Unit, Nigeria Police Force; Ibrahim Magu, Chairman, Economic and Financial Crimes Commission; Stanley Jacob, Chairman, CeBIH; Dr David Isiavwe, Chairman, ISSAN; Yinka Tiamiyu, Chairman, ACAEBIN; Rotimi Adurotelegan, Chairman, ACCOBIN; George-Maria Tyendezwa, Head Cybercrime, Federal Ministry of Justice and Onajite Regha, Executive Secretary/CEO, E-PPAN

    The 2018 conference is sponsored by the Central Bank of Nigeria, Visa International, Committee of EBanking Industry Heads (CeBIH), Nigeria Inter-Bank Settlement System Plc (NIBSS),Unified Payments Ltd, ITEX Integrated Services Ltd, Pagatech Ltd, Global Accelerex Ltd, and NowNow Payment System Ltd; while the media partners are Plus Journal International and E-Payment Review.

    Globally, cybercriminals rake in at least $1.5 trillion every year, which means more than $1m (N305,750,000) is lost every minute to cybercrime, this is according to a research by Michael McGuire, senior lecturer in criminology at Surrey University. It therefore comes as no surprise that industry stakeholders are concerned on how to ensure an effective, swift, and well-orchestrated response to cyber-attacks.

  • Interswitch: innovation key to success

    The Group Managing Director of Interswitch Group, Mitchell Elegbe, has said innovation is key to success. He said although having a high intelligence quotient (IQ) is necessary, it is not enough to succeed in life.

    Speaking to the 81 finalists of the InterswitchSPAK National Science Competition during the InterswitchSPAK Masterclass 1.0, in Lagos he said there are other qualities that would assure success aside high IQ.

    Speaking on: Emotional Intelligence and Leadership Responsibility of Youths’ during the Masterclass, Elegbe said emotional intelligence has become a necessity in today’s world, adding that many people are getting more interested in ‘softer’ skills.

    He said: “Emotional quotient or emotional intelligence is necessary in today’s world.  What this means is that your high scores and academic brilliance might have got you this far but you need a lot more than that to be successful in life.  The reason is that Nigeria continues to churn out highly intelligent people every day, so the only thing that will stand you out in life is that extra quality.  This is where emotional strength, which include attitude, good character and so on, come into play.”

    He urged the students not to set expectations that are too high for themselves and others, explaining that when people fail to meet set expectations, dissatisfaction becomes inevitable.

    Elegbe challenged the students to strive to be the best in their chosen careers, noting that challenges create opportunities for growth, as many innovators in the world today identified problems in the society and then proffered solutions to them.

    He said: “If you come from a poor home, you are in a better position to see problems that need to be solved because those challenges are always around you.  So, my advice is just be focused and be the best you can be.”

    Other speaker at the event was the MD /CEO Stanbic IBTC Holdings Plc, Yinka Sanni who spoke on: ‘Social Innovation – The Power of Transformative Ideas’.  In his presentation, Sanni said most of the wealthiest Nigerians made most of their money right here in the country.

    He said: “I hope you students will accept this challenge to generate ideas that will help the country solve real problems to improve the lives of our country men and women.  This country has real problems and social innovation starts with you seeing a specific problem and finding a solution to it.”

    Speaking on ‘Entrepreneurship – A Tool to creating Impact in Our Society’,  MD Endeavor Nigeria, Eloho Omame,  urged the students to start businesses that will grow and have high impact by providing employment for many people, as this was the only way to grow the economy.

    Also speaking at the Masterclass was Group Product and Marketing Officer, Cherry Eromosele.

     

  • EdoJobs partners First Bank, Interswitch to train 42 new employees

    As part of Governor Godwin Obaseki’s drive to create jobs and improve financial inclusion, the Edo State Government has through Edo Jobs, employed 42 persons as enumerators and partnered with Interswitch Financial Inclusion Services to train the new employees from the three senatorial districts of the state on agency banking.

    The exercise is the first in a series of activities that will roll out over 500 agency bankers in partnership with Firstbank Nigeria and Interswitch.

    The skills development program equips beneficiaries with skills and expertise to become third party agents for the processing of cash deposits, withdrawals and payment of utility bills.

    Read Also:Edo trains 150 youths in Career Kickstarter Programme

    Senior Special Assistant (SSA) to the Governor on Skills Development and Jobs, Mrs. Ukinebo Dare, said that the training is in part, a fulfilment of the Governor Godwin Obaseki’s administration’s promise to create 200,000 jobs in the state.

    She added that the trainees will also serve as enumerators for the EdoJobs programme, as they have been deployed to provide assisted registrations on the EdoJobs portal from all LGAs in Edo.

    Noting that the state government is determined to empower youths to become self-reliant, she said, “At Edo Jobs, we want to address the issue of job creation wholistically. So, we are leaving no stone unturned. Much as we are training people on how to be the best in the workplace, we are also empowering them to be self-reliant with bespoke training packages.”

    On the partnership for agency banking with FirstBank, she said, “As part of its commitment towards the development of Edo State, First Bank of Nigeria is partnering with EdoJobs on training and equipping of 500 small business owners on Agency Banking across all Local Government Areas.”

    She said, “Agent banking is the provision of financial services to customers by a third party (agent) such as cash deposits and withdrawals, payment of utility bills and other banking services. The partner will be branding the business location as well as providing necessary tools to help drive publicity and business profitability.

     

  • Interswitch appoints new chairman

    Interswitch appoints new chairman

    Interswitch, an integrated digital payments and commerce company, has announced the appointment of Kenneth Olisa as its new chairman, succeeding Adedotun Sulaiman.

    According to a statement by the company, the appointment follows the recent minority investment by TA Associates in Interswitch in March of this year. Helios Investment Partners, which invested in the company in 2011, is the majority shareholder of the company.

    Olisa is a British businessman with a career in technology that commenced at IBM and spans well over 40 years. He founded and led the technology merchant bank Interregnum and is also the founder and chairman of Restoration Partners, an independent boutique technology merchant bank, reputed as architects of the virtual technology cluster model.  He is currently a director of Thomson Reuters.

    In 2015, he became the first black Lord-Lieutenant of Greater London having been appointed, by Her Majesty the Queen.

    The Founder and Group Chief Executive Officer, Interswitch, Mitchell Elegbe, was quoted as saying, “Ken’s inspiring business leadership, vast experience and professional expertise will be great assets to Interswitch as he comes on board as chairman at a defining phase in our journey of transformation and international expansion.

     

     

  • UBA wins Interswitch awards

    UBA wins Interswitch awards

    United Bank for Africa (UBA) Plc has emerged best institution in two esteemed categories at the prestigious Interswitch Awards and Gala.

    The bank beat other nominees in its category, taking away the prize for the Fastest Growing Bank Partner given to the bank with the most impressive performance in Verve card issuance and the Payment Innovation Driver for Trade Finance.

    Both awards further lend credence to the banks dominance in the digital banking space. The award which is a recognition of innovative products and services it introduced in recent times to meet customer needs.

    The UBA had recently also won Finnacle Client Innovation Awards, and Best Bank Awards won by its five subsidiaries across Africa by The Bankers Magazine.

    Receiving the award at a colorful and well attended event, the Group Head, Consumer and  Digital Banking, United Bank for Africa, Yinka Adedeji, appreciated the organiser’s for the recognition noting that UBA’s dedication to hard work and particular emphasis on quality to customer needs  are been acknowledged.  According to him, the award affirms the bank’s strong management and un-matched commitment to service excellence.

    “This only goes to show that our resolve in continuing to deploy innovative solutions that puts customer first by using cutting edge technology for consumer satisfaction and excellent banking experience is important to us. This recognition will further spur us to do more in meeting the needs of our customers with unequalled service hard to find elsewhere”. said Adedeji.

    UBA is one of Africa’s leading banks with operations in 19 African countries including having presence in global financial centers; New York, London and Paris. Adjudged to be at the forefront of innovation and convenience banking, UBA is one of the first financial services institutions on the continent to deploy Finacle 10x, a new information technology platform to boost its services and electronic banking channels. Today, UBA provides banking services to some 11 million customers globally, through diverse channels and several thousand touch points.

  • OVH Energy, Interswitch, others partner on fuel retailing

    The partnership between Interswitch, an integrated payment and transaction switching firm, and EVSL, developers of FuelVoucher, in 2015, has been expanded to include  OVH Energy Marketing and other oil marketing firms.

    The distribution network of the electronic fuel purchasing solution was broadened further with the partnership of three oil marketing firms – OVH Energy Marketing, Forte Oil and RainOil.

    The pacts were signed at an event in Lagos, which involved key executives of Interswitch, EVSL, OVH and Forte Oil.

    At the ceremony, OVH Acting Chief Executive Officer Mrs. Olaposi Williams said: “As a customer-focused organisation, we are excited about this initiative as we are constantly seeking new opportunities to provide innovative solutions that offer convenience, flexibility and security for our consumers. With the fuel voucher, our consumers can make purchases with ease at key Oando filling stations nationwide.”

    Interswitch’s Divisional Chief Executive Officer for Industry Vertical Markets, Chinyere Don-Okhuofu, explained the rationale driving Interswitch’s partnership with Fuelvoucher, and the tremendous potential for accelerating distribution of the service offered by the alignment with leading downstream marketing organisations in Nigeria.

    According to her, as a business focused on providing products and services that are highly tailored to the African market, ‘’Interswitch has partnered with EVSL to launch this initiative in line with our desire to develop innovative payment products and services, facilitate transactions and strengthen the Central Bank of Nigeria (CBN) cashless initiative’’.

    Following this alliance, FuelVoucher’s online and mobile fuel purchasing systems have been integrated with PoS terminals deployed by Interswitch to service stations across the country, she added.

    “This initiative will allow consumers to make payments for petroleum products on all Interswitch payment channels including Quickteller, ATMs and Mobile, and vouchers can be redeemed at every petrol station with the Interswitch PoS. As a result, anybody can easily buy fuel, gas or kerosene on-the-go via the FuelVoucher mobile app at any time of the day and FuelVouchers can be remotely sent to friends, family, domestic staff or drivers with ease,” Don-Okhuofu added.

    Essentially, the solution will also enable petrol stations around the country run overnight by mopping up cash and accept Fuel Vouchers thereby eliminating cash handling costs and risks. Because everything is automated and electronic, establishments no longer need to print paper vouchers with associated costs and reconciliation headaches.

    Corporate customers can also broaden their loyalty point’s redemption options to include fuel vouchers, and they can also easily manage and control fuel purchase with analytical insights to help in fleet management.

    This partnership further buttresses the industry leading position of Interswitch on the attainment of a cashless Nigeria through the innovative use of technology. The fuelvoucher solution is currently available across OVH and Forte Oil stations in Lagos, with aggressive plans for national coverage before the end of the year.