Interswitch unveils IT solution to bolster Africa SMEs’ growth

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Africa’s technology-company, Interswitch Group, has launched Quickteller Business, a new comprehensive corporate solution focused on empowering businesses of all sizes, facilitating payments and managing transactions.
Complementing Interswitch’s existing Quickteller platform, Quickteller Business aims to 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 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 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.
Nigeria’s vast SME sector has contributed as much as 48 percent to national GDP, on average, in the last five years – according to a PwC survey1 – and accounts for about 50 percent of industrial jobs and almost 90 percent 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 percent 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.
According to a survey conducted by the National Bureau of Statistics and the SME Development Agency of Nigeria (SMEDAN) in 2018, over 41.5 million MSME businesses operate in Nigeria. 55 percent of this 41.5 million are retail and wholesalers which make up the market we are targeting
With the COVID-19 pandemic causing disruptions to businesses of all sizes around the world, the new platform will help African business owners prosper, by enabling access to effective and convenient digital payment and transaction solutions and technologies. Quickteller Business will also offer a three-month zero transaction fee incentive for SMEs that sign up now, as part of its launch offer.
On the launch of the new platform, recently, Divisional Chief Executive Officer, Payments Processing at Interswitch Group, Akeem Lawal, said: “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.
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 platform offers a comprehensive, integrated, payment solution that allows businesses to receive and track payments, generate e-invoices, as well as dispute management. 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.”

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