Nigerian fintech unicorn, Interswitch is planning to launch its new business payments solution Kenya, Uganda, two unnamed West African countries and its home base.
Interswitch’s head of payments processing, Akeem Lawal disclosed to The Africa Report that the Quickteller Business solution will be launched in Kenya and Uganda in April or May after starting this week in Nigeria.
Founded in 2002, Interswitch already has a physical presence in Kenya and Ugand, but the West African markets will be new for the company, Akeem said. Down the line, the company plans to leverage it partnership with Visa to spread across the continent, he added.
As much as 48 percent of GDP is generated by Nigerian small and medium-sized enterprises (SMEs), but many of them lack digital transaction tools. Many small businesses in Nigeria have suffered from not being able to turn social media attention into customers during the Covid-19 pandemic, Lawal says.
Quickteller Company offers a web page for retailers that they can share with customers and allows them to accept online or offline payments. The service also helps potential business clients, associates and suppliers to be sought by merchants.
The solution can pave the path to recovery from the impact of COVID-19. Businesses in Kenya and Uganda will receive the three months of free transactions which will also be available in Nigeria.
Small businesses who sign up will gain access to Interswitch’s current portfolio of 5 million customers.
- According to Lawal, the work of building consumer profiles to align merchants with the most likely individual customers is in progress.
- Using Interswitch, customers and businesses are able to pay taxes to 36 Nigerian states and to the federal government.
- The company is working on the addition of instruments to allow companies to control their inventory and accounting.
- A collaboration with Credit Bank in Kenya was agreed by Interswitch in December to create a multi-currency prepaid card which can be funded with mobile money.
- The company also has a Kenyan partnership with China’s UnionPay.
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