In recent developments, popular digital payment platform in Nigeria “Interswitch” in partnership with widely known technology giants “Microsoft” launches an innovative blockchain-based supply chain financing service in Nigeria.
This new development that involves different entrepreneurs, top financial institutions and corporate organizations collectively is well developed platform that will ensure alternating and coherent financial trading in supply chain operations.
This Interswitch Blockchain platform known as the Supply Chain Finance Module was set up and hosted on the Microsoft Azure Blockchain technology server. It features an advanced compliance and scalable cloud platform of high and reliable security that will help in the development and progression of the next generation of blockchain technology.
The Group Managing Director and Chief Executive Officer of Interswitch, Mitchell Elegbe while speaking said “In over 15 years of us operating, we have come across different issues as a result of the current corporate-based financing infrastructure in Nigeria. For this reason, we are happy to partner with Microsoft, by making use of the advanced technology of the Microsoft Azure Blockchain, to show that it is possible to build a distributed ledger that is practical, viable and can be used to handle some of Nigeria’s most difficult financial and logistic issues.”
He notably stated that the launching of the Interswitch Blockchain Service – Supply Chain Finance Module – will aid both small and medium scale business organization have access to more funding in a shorter time frame from any of the participating banks which includes; Guaranty Trust Bank Plc (GTB), United Bank for Africa Plc (UBA), and Zenith Bank Plc. Also, they enjoy a rise in sales cycles from it through participating corporations like the Dangote Group.
He as well made it known that despite the fact that the blockchain technology is normally in association with cryptocurrency, the newly launched Interswitch Blockchain service are not going to implement the use of cryptocurrency in its own platform. He made further explanation that business transactions and verification’s being carried out would be treated by authorized officials from the different participating parties, without stimulating any Cryptocurrency.
Principal Program Manager of the Microsoft Azure Blockchain at Microsoft Corporation, Michael Glaros also said “We are very excited about partnering with Interswitch. This blockchain service will be the first ever enterprise-grade blockchain service in Nigeria, and one out of the many blockchain applications that will be used by banks and corporate organizations globally. The blockchain technology is yet to be fully developed and accepted in Nigeria so we are happy to be paving the way for its deployment by going into partnership with Interswitch, an innovative and revolutionary company which has improved its business around financial technology”
He mentioned that the Interswitch Blockchain Service will give Nigerian lenders and suppliers the access to meet and develop business connections with top business entrepreneurs in the country and it will help create more job opportunity whilst bringing in heavy income and boosting the country’s economy and that of Africa in general.