By Peter Egwuatu

A subsidiary of Chams Holding PLC, ChamsSwitch Limited, has entered into  a strategic partnership agreement with Wema Bank PLC to issue Alat UnionPay cards for enhanced cross-border payment system.

UnionPay, known for its robust international payment standards, has issued over 180 million cards in 75 countries, making it a leader in card issuance and transaction volume worldwide.

This partnership aligns with the strategic goals of both organizations to enhance financial services and drive digital innovation in Nigeria.

By this partnership, ChamsSwitch, a leading fintech company and Wema Bank,  will leverage  UnionPay’s extensive global network and innovative payment solutions to provide seamless and secure card services to Nigerian customers.

Speaking at the launch event, Tunde Mabawonku, Wema Bank’s Executive Director, Digital Bank, expressed optimism, that the Alat UnionPay as an initiative was more than just a product, but reinforces the bank’s commitment to excellent service delivery.

Responding to a question from the audience, the Chief Digital Officer, Wema Bank PLC, Olusegun Adeniyi, explained  that Alat UnionPay,  was denominated in domiciliary accounts and could be issued to personal and corporate account holders alike.

In his welcome address, the Managing Director, ChamsSwitch Limited, Dumebi Obodo, stated that the launch was indeed a proud moment for him and the entire ChamsSwitch stakeholders.

According to him, the company prides itself on its history of creating innovative solutions for the enhancement of digital financial services, saying: what better bank to partner with on this journey than one with a shared vision.

In his contribution, UnionPay International Senior Business Development Manager, Africa, Herman Botes, noted that considering the humongous trade volumes between Nigeria and China, this partnership was long overdue. He expressed confidence that with the calibre of partners that UnionPay was working with on this project, users would be rest assured of a delightful experience.

This collaboration marks a significant milestone in advancing financial digitalization and enhancing the e-payment ecosystem in Nigeria. The partnership is poised to deliver a comprehensive and efficient payment solution in Nigeria and thereby contribute  to the country’s economic development and financial inclusion objectives.

ChamsSwitch   plays a pivotal role in the partnership by leveraging its local expertise, payment infrastructure, and processing capabilities to facilitate the integration and deployment of UnionPay’s payment solutions in Nigeria. These will enhance the overall payment experience for Nigerian consumers and businesses.

UnionPay is a global payment network and financial services corporation headquartered in Shanghai, China. It is the largest card payment organization in the world,  based on the total value of transactions processed.