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 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.
This will be done 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 e-commerce solution to a broader audience of business
users, helping to facilitate growth in the burgeoning SME sector across Africa.
In the last five years, Nigeria’s vast SME sector has
contributed an average of 48% to national GDP – according to a PwC survey 1 –
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.
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% 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, Akeem Lawal, Divisional
Chief Executive Officer, Payments Processing at Interswitch Group said: “The
SME sector is a potential game-changer for 1 PwC’s MSME Survey 2020, Building
to Last – Nigeria report, July 2020
”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 e-commerce 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 taking 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,” he said.
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