Pan-African integrated digital payments and commerce company, Interswitch has announced its partnership with Microsoft to launch its innovative blockchain-based supply chain financing service.
The initiative brings together entrepreneurs, major financial institutions and corporate organisations, all on a single platform to provide end-to-end visibility that will ensure fast and seamless trade financing in supply chain operations.
Announcing the partnership deal, Mitchell Elegbe, Group Managing Director and Chief Executive Officer at Interswitch said the company has experienced the bottlenecks 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.” – Elegbe
Michael Glaros, Principal Programme Manager, Microsoft Azure Blockchain at Microsoft Corporation, said Microsoft is excited about the partnership with Interswitch.
According to Glaros, the partnership will be the first enterprise-grade blockchain service in Nigeria, and only a handful of banks and corporates globally, uses it.
Glaros also said
“Interswitch, in collaboration with Microsoft, has built a platform that will allow anyone to build blockchain-based solutions easily and more cost effectively. It is truly blockchain for everyone with lower costs and shorter time.”
Interswitch is an Africa-focused integrated digital payments and commerce company that facilitates the electronic circulation of money as well as the exchange of value between individuals and organisations on a timely and consistent basis.
The company started operations in 2002 as a transaction switching and electronic payments processing company that builds and manages payment infrastructure as well as deliver innovative payment products and transactional services throughout the African continent.