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Firms partner to pioneer blockchain technology in Nigeria

By Moses Nosike

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.

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This novel initiative brings together entrepreneurs, major financial institutions and corporate 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.

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Group Managing Director and Chief Executive Officer, Interswitch, Mitchell Elegbe, said, “In our 15 years of operation, we have experienced the bottle necks 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, small and middle-sized businesses can access more funding in a shorter time 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.

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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 enquiries and verifications will be handled by authorized officials from participating entities, without the incentives of a cryptocurrency.

Principal Programme Manager, Microsoft Azure Blockchain, Michael Glaros, said that 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”

 

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