Fintech company Interswitch Group launches new payments and e-commerce platform

NIGERIAInterswitch Group, a technology-driven company focused on the digitization of payments in Africa, has announced the launch of a new payments and ecommerce platform, Quickteller Business.

Quickteller Business is aimed at supporting the growth of the SME sector across Africa and broadens Interswitch’s existing suite of payment solutions. It is also focused on empowering businesses of all sizes facilitate payments and manage transactions from anywhere in the world, through one, simple integrated platform.

Complementing Interswitch’s existing Quickteller platform, Quickteller Business will broaden its payment management capabilities to businesses and merchants of all sizes, allowing them to access a wide range of integrated payment offerings, ranging from disbursements to value financing.

“The SME sector is a potential game-changer for economic growth and development in Africa.”

Akeem Lawal – DCEO, Interswitch Group

The addition of Quickteller Business to the existing consumer platform, creates a unique, differentiated offering with potential to accelerate value creation for large corporates, MSMEs and consumers, leveraging Quickteller’s significant existing consumer base, with over five million consumers already using Quickteller for a variety of retail payments in countries such as Nigeria, Kenya, and Gambia.

“The SME sector is a potential game-changer for economic growth and development in Africa. Interswitch has been at the forefront of digital payment innovation across the continent, enabling individuals, businesses, and governments to transact more efficiently over the last 17 years,” Akeem Lawal, Divisional Chief Executive Officer, Payments Processing at Interswitch Group, said.

“The evolution of our payment and ecommerce offerings into Quickteller Business, represents a significant long-term shift in both our business and merchant operating model.

“Through the integrated platform, SMEs, financial services agents, and large corporates, can better navigate the challenges around payments collections, allowing them to focus on their core business, with their diverse transaction needs taken care of through the versatility of the new Quickteller Business offering.”

The launch of Quickteller Business further expands the reach of Interswitch’s popular ecommerce solution to a broader audience of business users, helping to facilitate growth in the burgeoning SME sector across Africa.

“The platform offers a comprehensive, integrated, payment solution that allows businesses to receive and track payments, generate e-invoices, as well as dispute management,” Lawal added.

“It is an innovative and exciting payment solution that will benefit all business owners. Through this new offering, we are continuing our mission to make payments a seamless part of our everyday lives.”

According to FinExtra, Nigeria’s vast SME sector has contributed as much as 48% to national GDP, on average, in the last five years – according to a PwC survey1 – and accounts for about 50% of industrial jobs and almost 90% of activities in the manufacturing sector.

With one of the fastest growing emerging middle classes in the world, Nigeria represents a significant growth opportunity, however almost 40% of the population remain financially excluded. Furthering access to electronic payment systems for businesses has the potential to increase the contribution of SME commercial activity in economies across the continent.

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