By Cynthia Alo
Multigate, a licensed financial services platform, has announced its qualification as a SWIFT Lite2 for business application provider.
In a statement made available to Vanguard, the firm said that the certification validates its business application and provides connectivity for its customers to thousands of financial institutions globally.
Co-Founder and CEO of Multigate, Eghosa Nehikhare, stated that with the certification Multigate will address the treasury and cash management needs of African corporates both regionally and globally.
According to him, Multigate which was founded in 2017 is also focused on enabling seamless processes for consolidating accounts for local or international payouts from any bank.
He stated: “Our goal as a company is to advance the African economy by enabling seamless and instant transactions for our customers and by simplifying the complexities of managing multiple banking portals onto a single platform.
“By leveraging the SWIFT network as a certified connectivity provider, we provide a secure treasury and liquidity management experience through our innovative digital platform governed by the highest regulatory standards”
Also speaking, Head of Corporate, Middle East, Turkey, and Africa at SWIFT, Michael Thomas, stated: “Having Multigate certified as the first L2BA provider in Africa is key for the adoption of SWIFT connectivity by the corporates within Africa. It also allows the Corporates to benefit from the Added Value of SWIFT fully.
He explained that to qualify as a SWIFT Lite2 for Business Applications provider, the company has successfully met all legal, financial, security, operational and Business requirements by SWIFT.