Quickteller Business launches as new payment solution for Nigerian businesses
Interswitch Group has announced the launch of Quickteller Business which will broaden its payment management capabilities to businesses and merchants of all sizes.
The addition of Quickteller Business to the existing consumer platform will allow access to a wide range of integrated payment offerings, ranging from disbursements to value financing. This will be done leveraging Quickteller’s 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 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 – and accounts for about 50% of industrial jobs and almost 90% of activities in the manufacturing sector.
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 economic growth and development in Africa. 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.
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.
With the COVID-19 pandemic causing disruptions to businesses of all sizes around the world, the new platform will help African business owners 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.
“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.,” Lawal said.