• Extend supply chain financing to Nigeria’s growing small entrepreneur community
Interswitch Group, a Pan-African integrated digital payments, and commerce company, in partnership with Microsoft, has announced the launch of its innovative blockchain-based supply chain financing service.
This novel initiative brings together entrepreneurs, major financial institutions and corporates organizations, all on a single platform to provide end-to-end visibility that will ensure fast and seamless trade financing in supply chain operations.
The Interswitch Blockchain Service (Supply Chain Finance Module), built and hosted using the Microsoft Azure Blockchain technology, provides a proven security, compliance and scalable cloud platform that accelerates and supports the next generation of blockchain applications.
Mitchell Elegbe, Group Managing Director and Chief Executive Officer at Interswitch said:
“In our 15 years of operation, we have experienced the bottlenecks associated with the existing corporate-based financing infrastructure in Nigeria. This is why we are happy to partner with Microsoft, by leveraging the advanced technology of the Microsoft Azure Blockchain, to prove the possibility of building a distributed ledger that is practical, viable and has the propensity to solve some of Nigeria’s most difficult financial and logistic problems.”
With the launch of the Interswitch Blockchain Service (Supply Chain Finance Module), small to middle-sized businesses can access more funding in a shorter time (up to three weeks) from participating banks such as United Bank for Africa Plc (UBA), Guaranty Trust Bank Plc (GTB) and Zenith Bank Plc and enjoy increased sales cycles from participating corporations such as the Dangote Group.
While the application of blockchain is usually associated with cryptocurrency, the Interswitch Blockchain service does not deploy the use of cryptocurrency in its application. Transaction inquiries and verifications will be handled by authorized officials from participating entities, without the incentives of a cryptocurrency.
Michael Glaros, Principal Program Manager, Microsoft Azure Blockchain at Microsoft Corporation, said:
“We are excited about this partnership with Interswitch. This will be the first enterprise-grade blockchain service in Nigeria, and one of only a handful of production blockchain applications in use by banks and corporates globally.
The blockchain technology is still in its infancy in Nigeria and we are happy to pioneer its deployment in partnership with Interswitch, an innovative and forward-thinking company which has evolved its business around financial technology”
The Interswitch Blockchain Service, armed with a single version of the truth across the supply chain, allows Nigerian lenders and suppliers to identify and build relationships with high performing entrepreneurs. This will help empower people to create more jobs, more wealth, and a more prosperous Africa.
“Interswitch, in collaboration with Microsoft, has built a platform that will allow anyone to build blockchain-based solutions easily and more cost-effectively. It is truly blockchain for everyone with lower costs and shorter time.” Mitchell concluded.
About Interswitch Group
Interswitch Group is an Africa-focused integrated digital payments and commerce company that facilitates the electronic circulation of money as well as the exchange of value between individuals and organizations on a timely and consistent basis.
The company started operations in 2002 as a transaction switching and electronic payments processing company that builds and manages payment infrastructure as well as deliver innovative payment products and transactional services throughout the African continent.
About Microsoft
Microsoft (Nasdaq "MSFT" @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.
For more information, see http://customers.microsoft.
No comments