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When it comes to internet penetration and adoption of mobile
payments, most African countries are still very much below the global average.
Even where the internet penetration is improving, the mobile
payments adoption rate is still low, meaning an overall lag. For instance, in
Kenya where mobile payment adoption is the most on the continent, only about
23.1% of the internet users actually use mobile payment methods.
So, even though the internet infrastructure allows business
owners access to a wide market, mostly outside their location, sending and
receiving payments with ease still remains a struggle for many.
However, this is only for businesses that are not taking
advantage of Squad – the newly launched Integrated Payment Solution that is set
to revolutionize digital payments in Africa.
Squad is a payment service that is set to drive the future
of mobile payments in the African Continent. If you have imagined an Africa
where every payment is digital, it is an Africa where every business uses
Squad. The features show that this might be the most online and offline payment
option for merchants.
Squad will be empowering businesses by taking care of their
payment problems and helping to make every payment digital whether it is made
online or offline.
It features offline as well as online payment acquisition
channels like the Payment Gateway and the Soft POS. If you are worried about
getting or handling a POS, the software Point of Sale (Soft POS) allows
merchants and vendors to accept payments directly on their phones or device
without the need for any additional software. And isn’t this what every
merchant needs?
Also, there are several value-added services like the bulk
payment collection, automated reconciliation of offline and online payments,
fraud prevention tools, and instant settlement among others.
There is a need to get on board the use of Squad considering
the need to adopt more cashless based transactions in Africa, growing cases of
transmittable diseases, tightened cash liquidity, and insecurity amongst
others.
The best way to sum it is that Squad is the one-stop payment
solution for every business in Africa.
Squad is that single product that brings technology and user
experience and satisfaction for a meet-and-greet. The features are designed for
and targeted at micro and small business owners like Kiosk owners and petty
traders, medium business owners like digital sellers, online vendors; Tech
talents; and even big enterprises.
It is interesting to note that the adoption of
cashless-based transaction help businesses, especially small and medium scale
enterprises, increase their top line (revenue).
According to a survey by Khatabook, about 45% of SMEs report
a boost in sales after adopting mobile or digital payment services.
A spokesperson for the company revealed that SquadCo becomes
the new payment unit of the holding company structure. SquadCo describes itself
as a product of HabariPay Limited – a subsidiary of Guaranty Trust Holding
Company that provides payment solutions to businesses.
“At Squad, we provide business owners with the tools they
need to thrive in a digital economy while also promoting their business and
introducing them to a market beyond their current reach. We have built a
reliable, secure, and affordable payment platform that will make receiving
in-person and online payments simpler,” the company stated.
Earlier reports in 2021 that GTCO was recruiting talents for
its fintech unit HabariPay. The advertisement described HabariPay as a young
startup on the path to building a truly pan-African payments unicorn.
The team on Squad has been moved from the banking unit,
GTBank to lead the payment company. For example, Eduofon Japhet, the managing
director of HabariPay GTCO Plc was the group head of Business Solutions of
GTBank. Adeyemi Atanda, Chief Marketing Officer of Squad was head, Digital Sales,
GTBank.
SquadCo services include payment, payment gateway, PoS, and
eCommerce. Merchants will be charged a fee of 1 percent on the transaction
amount plus N50. exceptions may apply in respect of travel and entertainment
merchants including but not limited to hotels, restaurants, airlines, etc.