By Babajide Komolafe
As the barriers that hitherto separated countries have crumbled,companies located in different regions are giving credence to this borderless world through forging strategic business alliances.
Some ofthese alliances include the partnership between Interswitch and MasterCard Worldwide as well as between FinBank Plc and 3Line Card Management.
These collaborations have been listed as part of the “Top 10 Collabo that Shape e-Transactions in Africa” in the last 15 months by the prime African publications that focus on technology that enabled financial services, financialtechnology magazine.
According to the Editor-in-Chief of the magazine, Mr. Sola Fanawopo,financial institutions, telcos, payment card companies and technology integrators are teaming with one another to create products and services in order to get competitive advantage through access to a partner’s resources, including markets, technologies, capital and people.
He further explained that the reasons for these collaborations vary from one company to another. For instance, some of these companies are using the alliances to access benefit from more-established channels of distribution, marketing, or brand reputation of bigger, better-known players. “Businesses that are more traditional go into the alliances for reasons such as geographic expansion, cost reduction, manufacturing, and other supply-chain synergies”, he said.
Specifically, such collaborations have led to the co-branding between Interswitch and MasterCard Worldwide, which birth the MasterCard Verve Debit Card, a payment card that rides on the strong Nigerian local attributes of Verve debit card and international acceptance of MasterCard payment system.
Likewise, the partnership between FinBank and 3Line led to the introduction of FlashWallet card. Through this collaboration, 3Line has provided a platform through which FinBank’s mobile platform (mobile monitor system) and its banking host are integrated into 3Line’s platform. The result is the arrival of the FlashWallet, a 72k