Connect with us

E-Financial

Interswitch, Visa to Drive Digital Payments Across Africa

Published

on

Kindly share this post

Visa Inc., the global leader in payments, and Interswitch, Africa’s leading integrated payments and transaction solutions company, have announced that they will partner to accelerate mobile payments adoption across the region.

The partnership will see Visa and Interswitch upgrade the digital banking applications of leading banks to include mVisa, as well as enable more merchants to accept mVisa payments.

mVisa is an innovative mobile payments solution that allows consumers to pay for goods from any type of phone by either scanning a QR code, or entering a merchant number.

Payment goes straight from the consumer’s account into the merchant’s account and provides real-time notification to both parties.

mVisa is completely interoperable, meaning that the consumer and the merchant do not need to be customers of the same bank.  It can also be used to enable consumers who use different mobile phones and services to interact.  This brings a versatile and secure mobile money solution, powered by Visa, to consumers everywhere.

Consumers will experience the same look, feel and familiarity of their banking app but now they will have the option of making an mVisa payment in an easy-to-understand way. The solution is expected to be rolled out to Nigerian consumers before the end of 2017.

The partnership will also enable more merchants to accept mVisa, which will benefit the millions of local merchants and SMEs who represent up to 60 percent of Nigeria’s economy.

The mVisa solution will allow informal traders to accept electronic payments in a cost-effective way, without the need for investing in point of sale terminals. 

Merchants are able to receive payments directly into their bank account within minutes of a consumer making a payment. Unlike other mobile payment solutions, mVisa supports well-established processes to handle refunds and chargebacks for consumers.

Interswitch will work very closely with Visa in selected African markets across West and East Africa to develop a Merchant Management Platform to receive Original Credit Transactions (OCT) from Visa as well as app-based merchant enrolment solutions, which enable minimum Static QR code functionality.

“We are excited by the prospects of mVisa for Nigeria as a mobile payment solution which brings real benefits to drive digital transformation”, said Emezino Afiegbe, Country Manager for Visa West Africa.

“Essentially, mVisa allows merchants to accept Visa payments without having to invest in costly point of sale hardware, and thereby gives Nigerian consumers a reliable, secure and convenient mobile payment option.”

Akeem Lawal, Divisional CEO for the Switching and Processing Business at Interswitch Group enthused that “this partnership with Visa was a result of a shared passion for promoting digital payments as a way for all merchants to be able to accept payments without expensive infrastructure. There was an alignment of objectives from the start that made this an easy relationship, like having an interoperable platform”


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

Published

on

Kindly share this post

“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


Kindly share this post
Continue Reading

E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

Published

on

Kindly share this post

Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

CBN Urges Banks to Expedite Action on Recapitalisation

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


Kindly share this post
Continue Reading

Trending