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Tag: Interswitch

  • Interswitch, Visa partner on mobile money

    Visa Incorporated and  Interswitch have partnered to deepen  mobile payment adoption across Africa.

    The partnership will see the two payment firms upgrade the digital banking applications of leading banks to include mVisa, as well as enable more merchants to accept mVisa payments.

    mVisa is an innovative mobile payments solution that allows consumers to pay for goods from any type of phone by either scanning a QR code , or entering a merchant number. Payment goes straight from the consumer’s account into the merchant’s account and provides real-time notification to both parties. mVisa is completely interoperable, meaning that the consumer and the merchant do not need to be customers of the same bank.  It can also be used to enable consumers who use different mobile phones and services to interact.  This brings a versatile and secure mobile money solution, powered by Visa, to consumers everywhere.

    Consumers will experience the same look, feel and familiarity of their banking app but now they will have the option of making an mVisa payment in an easy-to-understand way. The solution is expected to be rolled out to Nigerian consumers before the end of this year.

    The partnership will also enable more merchants to accept mVisa, which will benefit the millions of local merchants and small medium enterprises (SMEs) who represent up to 60 percent of Nigeria’s economy. The mVisa solution will allow informal traders to accept electronic payments in a cost-effective way, without the need for investing in point of sale terminals.  Merchants are able to receive payments directly into their bank account within minutes of a consumer making a payment.

    Unlike other mobile payment solutions, mVisa supports well-established processes to handle refunds and chargebacks for consumers.

  • Interswitch delays IPO over dollar scarcity

    Interswitch Ltd., which processes payments for banks and owns a brand of debit cards in Nigeria, suspended plans to raise as much as $1 billion in an initial public offering as investors fret over further potential weakness in the naira and a shortage of foreign currency.

    The company, which operates in five African countries, said last year it met with banks including Bank of America Corp., Barclays Plc and Standard Bank Group Ltd. about a potential 2016 share sale in Lagos and London. The IPO would have enabled London-based private equity group Helios Investment Partners LLP, a shareholder, to return some money to investors, Interswitch Chief Executive Officer Mitchell Elegbe said.

    “The macroeconomic situation in Nigeria is the determining factor’’ in delaying the plans, Elegbe, 45, said at the company’s offices in Lagos, the commercial hub. Potential investors are “jittery’’ about the naira exchange rate and whether they will be able to buy foreign-exchange to get their money out of the West African country, he said.

    Nigeria imposed a peg on the naira in early 2015 to protect the currency and conserve reserves in response to the plunging price of oil. The move starved lenders of foreign exchange, and prevented companies from accessing enough dollars to import raw materials and repatriate profit. The naira has slumped 36 percent since the peg was ended six months ago, still more than 30 percent stronger than the black-market rate against the dollar.

  • Interswitch honours FirstBank

    Interswitch honours FirstBank

    First Bank of Nigeria Limited has been recognised by Interswitch Group, Africa’s leading integrated payment and transaction processing company, as the first financial institution in the country to achieve sustained transaction volumes of 100 million transactions, first in December last year and again in May this year. This re-enactment consolidates FirstBank’s position as an industry leader in electronic transactions.

    The record transaction volumes represent the total transactions processed by FirstBank’s Front End Processor running on the Interswitch transaction switching platform which seamlessly links all financial institutions in Nigeria to facilitate better and quicker transactions across all platforms.

    Managing Director, FirstBank, Dr. Adesola Adeduntan, noted that the bank will continue to employ novel approaches in providing secure and convenient banking services to its customers and promised to drive innovation and extend its leadership of the financial sector services with specialized and technology-driven products and services.

  • SlimTrader launches Hotel PC-POS, makes Interswitch partner

    Hotels across Nigeria are set to enjoy a reprieve from some of the major accounting and reconciliation challenges they face with the roll out of a new innovative ‘Personal Computer-Point of Sale’ (PC-POS) feature on SlimTrader’s ‘MoBiashara for Hotels’ (MFH) platform.

    Many hotels across Nigeria are faced with the challenge of accurately consolidating payments made on their hotel Point of Sale (POS) terminals with hotel records and room inventory, resorting to manual reconciliation. With SlimTrader’s new PC-POS solution all POS terminals and PCs within a hotel can be networked.

    This was revealed at the official  launch of the solution last month  by SlimTrader, Sub-Sahara Africa’s leading turn-key ecommerce solution provider for businesses. It was at the launch that Interswitch  was disclosed as the partner for the solution. Interswitch, it was also revealed, has adapted its POS terminals to work seamlessly with the solution.

    The new feature allows hotels to link their hotel computers to POS terminals, such that hotel room payments are immediately reflected in the hotel’s computer and online records. When hotels, which subscribed to SlimTrader’s MFH solution generate reservations on their hotel PCs, the transaction is sent to the hotels POS terminals for the customer to effect payment. Once this is done, the records are automatically reconciled, thereby enabling hotels to manage their inventory more efficiently.

    Reservations can be made in both local and international currencies and paid for with local or international cards. The system also allows for payment flexibility, accepting cash and payment via other platforms.

    With this integration to the platform, ‘MoBiashara for Hotels (MFH)’ is now positioned to be the ‘one stop solution’ with which hotels get all their personal computers networked with their Point of Sale terminals; with a Property Management System (PMS) to manage check-ins, check-outs and general hotel inventory.

    In addition, the hotels have access to a channel manager that integrates with online travel agencies (OTAs) such as hotelnownow.com or TripAdvisor and so on.

    Speaking on the decision to develop this new feature, the Chief Executive Officer (CEO) of SlimTrader, Mr. Femi Akinde said: “At SlimTrader, our vision is ‘to facilitate effortless transactions for businesses across Sub-Sahara Africa’.

  • Consumersng Awards announce winners

    Consumersng Awards announce winners

    Consumersng has announced Ondo State, GTBank, Jumia, Etisalat among 16 other corporate entities/governmental bodies listed as the 20 Consumer Brands of the year.

    Consumersng is an online platform advocating for a more consumer-centric ambience in Nigeria and to promote a fair play between businesses.

    The winners in the different categories are, E-governance- Ondo’s smartcart (Kaadi Igbe Ayo); Bank of the year- GTBank; Beauty and Cosmetics (Innovations)- Natures Gentle Touch; Real estate site of the year: Lamudi’; Social Enterprise (Impact)- BudgiT; Corporate Finance- Dunn Loren Merrifield; Job creation- Jobberman; Transport (innovation)- Easy Taxi.

    Others are, Online retailer- Jumia; Health service- Flying Doctors Nigeria; Telecoms- Etisalat; Foods/drinks related services- Hellofood; Logistics – Konga Express; New Media (Innovations)- Iroko TV; Printing (Innovation of the year), Printivo; Hospitality/Tourism (Innovations)- Jovago; Education Site of the year- Passng; Car Search site of the year – Carmudi Online payment platform- Interswitch; Agriculture- Nobex Tech.

    Speaking about the awards, Head, Communications, Consumersng, Funsho Williams-A, said that the idea is initiated in recognition of brands who are best adopting high tech/digital initiatives in easing the burden of service delivery which is otherwise encountered between manufacturers and consumers.

    She added: “We commend the dynamic disposition of the 20 winning brands towards the businesses they do, and assure that we will do all in our capacity to position them as models for others to emulate in a country where consumer rights appreciation/people-centered plans are continually on the decline.

    “While this award might not mirror the impressive financial gains of service providers, it is our pride that the idea is based on consumer’s merit and it reflects the reality of services valued.

    “Activities which entails a voting process, which was opened to consumers online for a week, as well as recommendations from other notable industry watchers were all put into consideration in deciding the winning brands of the day in the 20 categories.”

  • Kaymu partners Interswitch for secure online payment

    Kaymu partners Interswitch for secure online payment

    Kaymu.com.ng Nigeria’s number one online marketplace has announced its partnership with Interswitch to provide innovative payment options for its customers.

    Through this deal, customers conducting business transactions via the Kaymu platform are provided with a reliable alternative pre-payment solution.

    Kaymu Head, Sefik Bagdadioglu, said: “Trust is a major issue in e-commerce and we take this very seriously at Kaymu. It is an essential component in every part of the transaction, from honest product descriptions right through to reliable payment options. This necessitated a partnership with Interswitch to promote a secure and enabling environment for people to make pre-payments for products purchased on Kaymu.”

    The pre-payment gateway promotes business transactions across the country via the Kaymu platform. Now, customers can make secure payments for products they desire from the comfort of their homes or offices irrespective of location and sellers encouraged to ship products outside of their states.

    According to Bagdadioglu, the primary focus of this collaboration is to bring even greater convenience to the customer. By partnering with Interswitch to create more accessible payment channels, Kaymu is further opening up the e-commerce space to all consumers.

    “By working with like minded partners, we are offering the Nigerian consumer easy, secure and most importantly free payment options with the aim to continue to pioneer the Nigerian online ecosystem through innovation,” Bagdadioglu added.

  • Interswitch invests $1m in firm

    Interswitch invests $1m in firm

    As part of its quest to support startups within sub-Saharan Africa, Interswitch, one of the leading firms in integrated payment systems has released $1million seed capital to SlimTrader.

    Speaking at a formal ceremony to sign the Memorandum of Understanding, in Lagos, Founder and Group Managing Director of Interswitch, Mitchell Elegbe said the seed money is part of a revolving fund under Interswitch ePayment Growth Fund, valued at $10million.

    The fund which has supported two initiatives thus far, the Interswitch boss emphasised, is to serve as a catalyst for innovative and brilliant business concepts focused primarily on payment systems and ecommerce generally.

    Interswitch, he said, hopes to collaborate with entrepreneurs and start-up businesses developing innovative products and services aimed at empowering Africans to participate in the emerging payment ecosystems currently transforming business on the continent.

    Justifying the $1million investment, Elegbe said: “SlimTrader is a dynamic and ambitious business dedicated to growing Africa’s ecommerce sector. This makes them an ideal candidate for investment from the Interswitch ePayment Growth Fund.

    “At Interswitch we are committed to encouraging innovative ideas in the digital payments and commerce space in Africa and are excited to be working with SlimTrader to expand MoBiashara services into the hospitality sector.”

    Upbeat, Slim Trader’s founder and CEO, Femi Akinde stated, “We remain committed to our mission of unlocking the potential in African businesses. This funding puts more hotels a click away from their own free property management system, website booking engine and channel manager; connecting them to multiple local and international online booking sites. We see this as transformational to the sub-Saharan Africa hospitality industry.”

    The new funding will allow SlimTrader expand to other African countries championing hospitality by bridging the gap and connecting hotels with their target audience.

    The additional funding provides the clearest sign yet of the power of SlimTrader’s flagship ecommerce platform, MoBiashara as it expands into the hospitality sector.

    With massive potential in the African market, over 1500 hotels across sub-Saharan Africa used SlimTrader’s online hotel management platform – MoBiashara for hotels to increase visibility and sales. The platform allows hotels to manage their offline and online reservation with major exposure through strategic channel partners such as TripAdvisor and hotelnownow.com.

    According to Akinde, SlimTrader though founded in Seattle has major operations in Nigeria, and hopes to be the leading turn-key ecommerce solution provider for businesses in Sub-Saharan Africa.

    “Through our MoBiashara (which literally means “more business”) platform, we provide everything businesses need to setup and sell their products and services directly to consumers worldwide, or via distribution channels. From airlines to FMCG companies and now hotels, we enhance our partners’ capabilities and presence while expanding their market reach with an easy-to-use platform.”

  • ARTISTES CELEBRATE WITH INTERSWITCH

    ARTISTES CELEBRATE WITH INTERSWITCH

    SOME of Nigeria’s finest entertainers, on Tuesday, September 22 at the Eko Hotels & Suites, Victoria Island, Lagos, came together with several corporate personalities and captains of industry to observe the unveiling of the new corporate identities of Nigeria’s leading digital payments and commerce provider, Interswitch.

    Present at the event were superstar musicians Flavour and Darey and comedian Basketmouth. Also present were radio OAP Ebuka, Shuga Band, DJ Xclusive and lots more. In addition to exciting performances, a new product that enables cardless ATM withdrawals called Paycode was unveiled to the rapturous applause of those in attendance.

  • Interswitch unveils new corporate identity

    Interswitch, a leading digital payments and commerce provider focused on Africa, has announced the launch of its new brand identity.

    The refreshed corporate identity was officially announced at an unveil event in Lagos on Tuesday. Giving an insight into the need for a new logo and brand position, CEO Interswitch, Mitchell Elegbe, had this to say:

    “The new Interswitch logo and brand position is a confident statement of our leading position in the market and our vision to continue to push the boundaries of digital payments in Africa.

    We acknowledge that the penetration of electronic payments in Africa is relatively low. We see this as an opportunity to create platforms that will drive commerce and improve the quality of life on the continent.”

     Since launching in 2002, Interswitch has grown rapidly and consistently, resulting in a current transaction volume of 350 million transactions per month and more than NGN6.4 trillion a year across its platforms such as Nigeria’s leading payment card brand, ‘Verve’ and Nigeria’s largest online payment portal ‘Quickteller’.

    Interswitch is now Nigeria’s e-commerce industry market leader, and with revenue growth of 1226% in the last five years, Interswitch is the fastest growing tech company in Africa according to Deloitte and the first company in West Africa to attain CMMI level 3 ratings.

    Interswitch’s flagship brands: Verve and Quickteller, have also unveiled simplified, modernised new identities that are globally competitive.

  • Interswitch Smartgov to boost revenues for Cross River State

    Interswitch Smartgov to boost revenues for Cross River State

    Senator Liyel Imoke, Governor of Cross River State, has announced that his government will continue to expand ways the Smartgov platform, the identity management and e-payment infrastructure for state governments first deployed in Cross River State, can be used to raise new revenues. The announcement was made during the presentation of the 2014 budget to the state assembly.

    Smartgov was developed by Interswitch and deployed in 2011 in partnership with the Cross River State Government (CRSG). The move reflected CRSG’s determination to improve governance, accountability and access to social services for citizens, and Interswitch’s position as the leading provider of e-payment technologies in Nigeria. The initiative was delivered through the joint venture company Smartgov.CRSG Limited.

    By using Smartgov, state governments are able to automate ministries, departments and agencies, identify all citizens and residents, track and monitor usage of social services, enhance internally generated revenue and automate disbursements and payments by government.